Transitional Provisions for Uniform Commercial Code

Indiana · Commercial Law · §§ 26-1-12.5-101 to 26-1-12.5-306 · 9 sections

Overview

This act governs the transition from prior law to a revised version of the Uniform Commercial Code, addressing how the new rules apply to transactions, security interests, and steps already taken before the revision took effect. Its central mechanism is a set of savings clauses that preserve the validity of pre-existing transactions and prior actions, together with rules determining whether a security interest perfected — or left unperfected — under the earlier law retains that status going forward. It also establishes priority rules for competing claims, including claims falling outside the reach of the secured transactions article's own priority scheme.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.

Sections covered

Ind. Code § 26-1-12.5-101Citation of statute
Ind. Code § 26-1-12.5-102Definitions; applicability of definitions concerning secured transactions; applicability of general definitions and principles of construction and interpretation
Ind. Code § 26-1-12.5-201Validity of transactions entered into before July 1, 2023
Ind. Code § 26-1-12.5-301Transaction, lien, or interest entered into, created, or acquired before July 1, 2023; validity; applicability of act; existing actions, cases, or proceedings not affected
Ind. Code § 26-1-12.5-302Security interest enforceable and perfected on June 30, 2023; conditions and time frame for continued enforceability and perfection after June 30, 2023
Ind. Code § 26-1-12.5-303Security interest enforceable but unperfected on June 30, 2023; conditions and time frame for continued enforceability; conditions and effective date for perfection
Ind. Code § 26-1-12.5-304Action other than filing taken before July 1, 2023, to perfect security interest; perfection effective until adjustment date; conditions for effectiveness of financing statement filed before July 1, 2023, to perfect security interest; sufficiency of action taken before July 1, 2023, with respect to enforceability
Ind. Code § 26-1-12.5-305Determination of priority of conflicting claims to collateral
Ind. Code § 26-1-12.5-306Determination of priority of conflicting claims to controllable accounts, controllable electronic records, and controllable payment intangibles

Enacted in other states

Alabama, California, Colorado, Delaware, Hawaii, Iowa, Illinois, Kentucky, Louisiana, Montana, North Dakota, New Mexico, South Dakota, Utah

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