Chris Garten
- Republican
- Senator
- District 45
Incorporates into Indiana's Uniform Commercial Code (UCC) the Amendments to the Uniform Commercial Code (2022) approved and recommended for enactment in all states by the Uniform Law Commission (ULC) to address emerging technologies. Makes conforming amendments to general provisions and definitions that apply throughout the UCC. Makes conforming amendments to chapters of the UCC governing the following: (1) Sales. (2) Leases. (3) Negotiable instruments. (4) Fund transfers. (5) Letters of credit. (6) Documents of title. (7) Investment securities. (8) Secured transactions. Repeals the chapter in the UCC governing controllable electronic records. Amends the definition of "money" for purposes of Indiana's Uniform Commercial Code (UCC) to specify that money: (1) is a medium of exchange that is not in an electronic form; and (2) does not include a central bank digital currency that is currently adopted, or that may be adopted, by the United States government, a foreign government, a foreign reserve, or a foreign sanctioned central bank. Establishes a new chapter in the UCC that: (1) governs controllable electronic records; and (2) incorporates the provisions of the ULC's amendments governing controllable electronic records. Provides that a "controllable electronic record" does not include 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. Establishes a new chapter in the UCC that: (1) addresses the validity, enforceability, and perfection of certain commercial transactions, including secured transactions, entered into before the effective date of the amendments on July 1, 2023; and (2) establishes July 1, 2025, as an "adjustment date" on or after which certain transactions must conform to the requirements of the amendments to remain valid, enforceable, or perfected. Adds language to incorporate into Indiana's UCC the Amendments to Uniform Commercial Code Article 9 (2018), as approved by the American Law Institute and the National Conference of Commissioners of Uniform State Laws. Provides, through the incorporation of these amendments, that the provisions in the UCC providing that restrictions on the transfer of property pledged as collateral are ineffective do not apply in the case of a security interest in an ownership interest in a general partnership, limited partnership, or limited liability company.
Public Law 199
Signed by the Governor
Signed by the Speaker
Signed by the President of the Senate
Signed by the President Pro Tempore
Motion to concur filed
Senate concurred in House amendments; Roll Call 464: yeas 46, nays 0
Returned to the Senate with amendments
Third reading: passed; Roll Call 361: yeas 95, nays 2
Second reading: amended, ordered engrossed
Amendment #1 (Judy) prevailed; voice vote
Committee report: amend do pass, adopted
Representative Judy added as cosponsor
First reading: referred to Committee on Financial Institutions
Referred to the House
Cosponsor: Representative Steuerwald
House sponsor: Representative Jeter
Third reading: passed; Roll Call 95: yeas 48, nays 1
Amendment #1 (Young M) prevailed; voice vote
Second reading: amended, ordered engrossed
Committee report: amend do pass, adopted
Senator Randolph added as coauthor
Senator Glick added as coauthor
Senator Freeman added as coauthor
Senators Charbonneau, Brown L, Pol added as coauthors
Authored by Senators Garten, Koch, Taylor G
Bill Text Versions | Format |
---|---|
Introduced Senate Bill (S) | |
Senate Bill (S) | |
Engrossed Senate Bill (S) | |
Senate Bill (H) | |
Engrossed Senate Bill (H) | |
Enrolled Senate Bill (S) |
Document | Format |
---|---|
Fiscal Note: SB0468.06.ENRH.FN001 |
Data on Open States is updated periodically throughout the day from the official website of the Indiana General Assembly.
If you notice any inconsistencies with these official sources, feel free to file an issue.