Indiana § 37-2-3-17 - Security interests
Full text of Indiana Indiana Code § 37-2-3-17 — Security interests, with citation guidance and answers to common questions.
§ 37-2-3-17. Security interests
Sec. 17. (a) With respect to a consumer credit sale, a seller may take a security interest in the property sold. In addition, a seller may take a security interest in goods upon which services are performed or in which goods sold are installed or to which they are annexed, or in land to which the goods are affixed or which is maintained, repaired, or improved as a result of the sale of the goods or services, if, in the case of a subordinate lien mortgage transaction, the debt secured is four thousand dollars ($4,000) or more, or, in the case of a security interest in goods the debt secured is three hundred dollars ($300) or more. Except as provided with respect to cross-collateral in section 19 of this chapter, a seller may not otherwise take a security interest in property of the buyer to secure the debt arising from a consumer credit sale.
(b) With respect to a consumer lease, a lessor may not take a security interest in property of the lessee to secure the debt arising from the lease.
(c) A security interest taken in violation of this section is void.
(d) The amounts of four thousand dollars ($4,000) and three hundred dollars ($300) in subsection (a) are subject to change pursuant to the provisions on adjustment of dollar amounts in IC 37-2-1-5. However, notwithstanding IC 37-2-1-5(a), the Reference Base Index to be used with respect to the amount of:
(1) three hundred dollars ($300) is the Index for October 1992; and
(2) four thousand dollars ($4,000) is the Index for October 2012.
[Pre-2026 Revision Citation: 24-4.5-2-407.]
As added by P.L.115-2026, SEC.97.
Frequently Asked Questions About Indiana § 37-2-3-17
What does Indiana Code § 37-2-3-17 cover?
Section 37-2-3-17 ("Security interests") is part of the Indiana Code, the codified statutory law of Indiana. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Indiana § 37-2-3-17?
A common citation format is "Indiana Code § 37-2-3-17" (Indiana). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Indiana law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Indiana official source linked on this page or consult a licensed Indiana attorney.
How does Indiana § 37-2-3-17 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Indiana can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Indiana.