Indiana § 26-1-12-102 - Definitions; applicability of definitions concerning secured transactions; applicability of general definitions and principles of construction and interpretation

§ 26-1-12-102. Definitions; applicability of definitions concerning secured transactions; applicability of general definitions and principles of construction and interpretation

Sec. 102. (a) In this chapter the following definitions apply:

(1) "Controllable electronic record" means a record stored in an electronic medium that can be subjected to control under section 105 of this chapter. The term does not include a controllable account, a controllable payment intangible, a deposit account, an electronic copy of a record evidencing chattel paper, an electronic document of title, investment property, a transferable record, or an electronic record that is currently authorized or adopted by a domestic or foreign government and is not a medium of exchange that was recorded and transferable in a system that existed and operated for the medium of exchange before the medium of exchange was authorized or adopted by a government.

(2) "Qualifying purchaser" means a purchaser:

(A) of a controllable electronic record; or

(B) of an interest in a controllable electronic record;

that obtains control of the controllable electronic record for value, in good faith, and without notice of a claim of a property right in the controllable electronic record.

(3) "Transferable record" has the meaning set forth in:

(A) Section 201(a)(1) of the Electronic Signatures in Global and National Commerce Act (15 U.S.C. 7021(a)(1)); or

(B) IC 26-2-8-115(a).

(4) "Value" has the meaning set forth in IC 26-1-3.1-303(a), as if references in IC 26-1-3.1-303(a) to an "instrument" were references to a controllable account, a controllable electronic record, or a controllable payment intangible.

(b) The definitions in IC 26-1-9.1 of "account debtor", "controllable account", "controllable payment intangible", "chattel paper", "deposit account", and "investment property" apply throughout this chapter.

(c) The general definitions and principles of construction and interpretation set forth in IC 26-1-1 apply throughout this chapter.

As added by P.L.199-2023, SEC.90.