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LAWDOG is intended to assist in the understanding of basic concepts. See Terms of Use. Always obtain legal advice from legal professionals. Secured Transactions: The State of Indiana generally adopts the provisions of the Uniform Commercial Code in secured transactions. A creditor generally is entitled to recover possession of collateral upon the default of a debtor on a secured transaction. In obtaining possession of collateral, a creditor may do so without judicial process if it can be done without breach of the peace or by judicial action. (Indiana Code 26-1-9-503.) After a debtor's default, a secured creditor may sell, lease or otherwise dispose of the collateral in a commercially reasonable manner. (Indiana Code 26-1-9-504.) Any time before the disposition of the collateral, a debtor may have a right to redeem the collateral by tendering full payment of the obligation owed and all reasonable expenses incurred by the creditor. (Indiana Code 26-1-9-506.) The disposition of the collateral may be conducted by public or private sale.
Reasonable notice of the time and place of the sale is generally required to be given to
other secured creditors and the debtor. (Indiana Code 26-1-9-504(3).) A creditor must
account to the debtor any surplus, and unless otherwise agreed, the debtor may be liable
for any deficiency. (Indiana Code |
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