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26-1-9.1-333. Priority of certain liens arising by operation of law

IN Code § 26-1-9.1-333 (2019) (N/A)
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Sec. 333. (a) In this section, "possessory lien" means an interest, other than a security interest or an agricultural lien:

(1) that secures payment or performance of an obligation for services or materials furnished with respect to goods by a person in the ordinary course of the person's business;

(2) that is created by statute or rule of law in favor of the person; and

(3) whose effectiveness depends on the person's possession of the goods.

(b) A possessory lien on goods has priority over a security interest in the goods unless the lien is created by a statute that expressly provides otherwise.

As added by P.L.57-2000, SEC.45.

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