Title 26, COMMERCIAL LAW

forum Sec. 116. (a) The liability of an issuer, nominated person, or adviser for action or omission is governed by the law of the jurisdiction chosen by an agreement in the form of a record signed by the affected parties or by a provision in the person's letter of credit, confirm…

Sec. 117. (a) An issuer that honors a beneficiary's presentation is subrogated to the rights of the beneficiary to the same extent as if the issuer were a secondary obligor of the underlying obligation owed to the beneficiary and of the applicant to the same extent as if the issu…

Sec. 118. (a) An issuer or nominated person has a security interest in a document presented under a letter of credit to the extent that the issuer or nominated person honors or gives value for the presentation. (b) So long as and to the extent that an issuer or nominated person h…

Sec. 1. Rights and obligations that arose under IC 26-1-6.1 before its repeal by P.L.77-2007 remain valid and may be enforced as though IC 26-1-6.1 had not been repealed. As added by P.L.16-2009, SEC.27.

Sec. 1. As used in this chapter, "agency" refers to the Indiana grain buyers and warehouse licensing agency. As added by P.L.114-2025, SEC.43.

Sec. 2. As used in this chapter, "director" means the director of the Indiana grain buyers and warehouse licensing agency. As added by P.L.114-2025, SEC.43.

Sec. 3. The director or the director's designated representative shall, at least one (1) time each year, inspect and test all equipment used to test the moisture content of grain purchased from producers. As added by P.L.114-2025, SEC.43.

Sec. 4. Each piece of equipment that is tested under this chapter and found to be accurate according to rules or standards prescribed by the United States Department of Agriculture and the agency must bear a seal issued by the office of the director that contains the following in…

Sec. 5. If an inspection facilitated by the agency results in a failure in a moisture meter, the inspected entity must take the following actions: (1) Have the failed meter calibrated by an entity accepted by the agency. (2) File a receipt with the agency showing the inspected en…

Sec. 6. (a) The director or the director's designated representative shall charge each inspection site a two hundred dollar ($200) fee for each moisture testing device inspected at the inspection site under this chapter. (b) All fees collected under this section must be deposited…

Sec. 7. The agency may: (1) employ persons; (2) make expenditures; (3) require reports and records; (4) make investigations; and (5) take other action; that the agency considers necessary or suitable for the proper administration of this chapter. As added by P.L.114-2025, SEC.43.…

Sec. 8. (a) The agency may adopt rules under IC 4-22-2 to administer this chapter. (b) A copy of this chapter and the rules adopted under this chapter must be posted in a conspicuous manner at every commercial grain buying site. As added by P.L.114-2025, SEC.43.

Sec. 9. A person who recklessly uses equipment: (1) to ascertain the moisture of grain in the process of commercial buying or selling of grain; and (2) that does not bear the seal required by section 4 of this chapter; commits a Class B misdemeanor. As added by P.L.114-2025, SEC.…

Sec. 0.1. The addition of this chapter by P.L.247-1995 does not affect an action or a proceeding commenced before July 1, 1996. As added by P.L.220-2011, SEC.417.

Sec. 0.3. If a security interest in a security is perfected before July 1, 1996, and the action by which the security interest was perfected would suffice to perfect a security interest under this chapter, as added by P.L.247-1995, no further action is required to continue perfec…

Sec. 101. IC 26-1-8.1 may be cited as Uniform Commercial Code)Investment Securities. As added by P.L.247-1995, SEC.10.

Sec. 102. (a) In IC 26-1-8.1: (1) "Adverse claim" means a claim that a claimant has a property interest in a financial asset and that it is a violation of the rights of the claimant for another person to hold, transfer, or deal with the financial asset. (2) "Bearer form", as appl…

Sec. 103. (a) A share or similar equity interest issued by a corporation, business trust, joint stock company, or similar entity is a security. (b) An "investment company security" is a security. "Investment company security" means a share or similar equity interest issued by an …

Sec. 104. (a) A person acquires a security or an interest therein, under IC 26-1-8.1, if: (1) the person is a purchaser to whom a security is delivered under IC 26-1-8.1-301; or (2) the person acquires a security entitlement to the security under IC 26-1-8.1-501. (b) A person acq…

Sec. 105. (a) A person has notice of an adverse claim if: (1) the person knows of the adverse claim; (2) the person is aware of facts sufficient to indicate that there is a significant probability that the adverse claim exists and deliberately avoids information that would establ…

Sec. 106. (a) A purchaser has "control" of a certificated security in bearer form if the certificated security is delivered to the purchaser. (b) A purchaser has "control" of a certificated security in registered form if the certificated security is delivered to the purchaser, an…

Sec. 107. (a) "Appropriate person" means: (1) with respect to an endorsement, the person specified by a security certificate or by an effective special endorsement to be entitled to the security; (2) with respect to an instruction, the registered owner of an uncertificated securi…

Sec. 108. (a) A person who transfers a certificated security to a purchaser for value warrants to the purchaser, and an endorser, if the transfer is by endorsement, warrants to any subsequent purchaser, that: (1) the certificate is genuine and has not been materially altered; (2)…

Sec. 109. (a) A person who originates an entitlement order to a securities intermediary warrants to the securities intermediary that: (1) the entitlement order is made by an appropriate person, or if the entitlement order is by an agent, the agent has actual authority to act on b…

Sec. 110. (a) The local law of the issuer's jurisdiction, as specified in subsection (d), governs: (1) the validity of a security; (2) the rights and duties of the issuer with respect to registration of transfer; (3) the effectiveness of registration of transfer by the issuer; (4…

Sec. 111. A rule adopted by a clearing corporation governing rights and obligations among the clearing corporation and its participants in the clearing corporation is effective even if the rule conflicts with IC 26-1-8.1 and affects another party who does not consent to the rule.…

Sec. 112. (a) The interest of a debtor in a certificated security may be reached by a creditor only by actual seizure of the security certificate by the officer making the attachment or levy, except as otherwise provided in subsection (d). However, a certificated security for whi…

Sec. 113. A contract or modification of a contract for the sale or purchase of a security is enforceable whether or not there is a writing signed or record authenticated by a party against whom enforcement is sought, even if the contract or modification is not capable of performa…

Sec. 114. The following rules apply in an action on a certificated security against the issuer: (1) Unless specifically denied in the pleadings, each signature on a security certificate or in a necessary endorsement is admitted. (2) If the effectiveness of a signature is put in i…

Sec. 115. A securities intermediary that has transferred a financial asset under an effective entitlement order, or a broker or other agent or bailee that has dealt with a financial asset at the direction of its customer or principal, is not liable to a person having an adverse c…

Sec. 116. A securities intermediary that receives a financial asset and establishes a security entitlement to the financial asset in favor of an entitlement holder is a purchaser for value of the financial asset. A securities intermediary that acquires a security entitlement to a…

Sec. 201. (a) With respect to an obligation on or a defense to a security, an "issuer" includes a person that: (1) places or authorizes the placing of its name on a security certificate, other than as authenticating trustee, registrar, transfer agent, or the like, to evidence a s…

Sec. 202. (a) Even against a purchaser for value and without notice, the terms of a certificated security include terms stated on the certificate and terms made part of the security by reference on the certificate to another instrument, indenture, or document or to a constitution…

Sec. 203. After an act or event, other than a call that has been revoked, creating a right to immediate performance of the principal obligation represented by a certificated security or setting a date on or after which the security is to be presented or surrendered for redemption…

Sec. 204. A restriction on transfer of a security imposed by the issuer, even if otherwise lawful, is ineffective against a person without knowledge of the restriction unless: (1) the security is certificated and the restriction is noted conspicuously on the security certificate;…

Sec. 205. An unauthorized signature placed on a security certificate before or in the course of issue is ineffective, but the signature is effective in favor of a purchaser for value of the certificated security if the purchaser is without notice of the lack of authority and the …

Sec. 206. (a) If a security certificate contains the signatures necessary to its issue or transfer but is incomplete in any other respect: (1) any person may complete it by filling in the blanks as authorized; and (2) even if the blanks are incorrectly filled in, the security cer…

Sec. 207. (a) Before due presentment for registration of transfer of a certificated security in registered form or of an instruction requesting registration of transfer of an uncertificated security, the issuer or indenture trustee may treat the registered owner as the person exc…

Sec. 208. (a) A person signing a security certificate as authenticating trustee, registrar, transfer agent, or the like, warrants to a purchaser for value of the certificated security, if the purchaser is without notice of a particular defect, that: (1) the certificate is genuine…

Sec. 209. A lien in favor of an issuer upon a certificated security is valid against a purchaser only if the right of the issuer to the lien is noted conspicuously on the security certificate. As added by P.L.247-1995, SEC.10.

Sec. 210. (a) In this section, "overissue" means the issue of securities in excess of the amount the issuer has corporate power to issue, but an overissue does not occur if appropriate action has cured the overissue. (b) Except as otherwise provided in subsections (c) and (d), th…

Sec. 301. (a) Delivery of a certificated security to a purchaser occurs when: (1) the purchaser acquires possession of the security certificate; (2) another person, other than a securities intermediary, either acquires possession of the security certificate on behalf of the purch…

Sec. 302. (a) Except as otherwise provided in subsections (b) and (c), a purchaser of a certificated or uncertificated security acquires all rights in the security that the transferor had or had power to transfer. (b) A purchaser of a limited interest acquires rights only to the …

Sec. 303. (a) "Protected purchaser" means a purchaser of a certificated or uncertificated security, or of an interest therein, who: (1) gives value; (2) does not have notice of any adverse claim to the security; and (3) obtains control of the certificated or uncertificated securi…

Sec. 304. (a) An endorsement may be in blank or special. An endorsement in blank includes an endorsement to bearer. A special endorsement specifies to whom a security is to be transferred or who has power to transfer it. A holder may convert a blank endorsement to a special endor…

Sec. 305. (a) If an instruction has been originated by an appropriate person but is incomplete in any other respect, any person may complete it as authorized and the issuer may rely on it as completed, even though it has been completed incorrectly. (b) Unless otherwise agreed, a …