LegalFix
Sign In

26-1-9.1-617. Rights of transferee of collateral

IN Code § 26-1-9.1-617 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

Sec. 617. (a) A secured party's disposition of collateral after default:

(1) transfers to a transferee for value all of the debtor's rights in the collateral;

(2) discharges the security interest under which the disposition is made; and

(3) discharges any subordinate security interest or other subordinate lien.

(b) A transferee that acts in good faith takes free of the rights and interests described in subsection (a), even if the secured party fails to comply with IC 26-1-9.1 or the requirements of any judicial proceeding.

(c) If a transferee does not take free of the rights and interests described in subsection (a), the transferee takes the collateral subject to:

(1) the debtor's rights in the collateral;

(2) the security interest or agricultural lien under which the disposition is made; and

(3) any security interest or other lien.

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

Previous Section
26-1-9.1-616. Explanation of calculation of surplus or deficiency
Next Section
26-1-9.1-618. Rights and duties of certain secondary obligors