INDIANA ELIMINATES REQUIREMENT FOR DELIVERY OF FINANCING STATEMENTS
For many years, Indiana’s version of the Uniform Commercial Code included a provision not contained in the Ohio, Illinois or Kentucky versions of revised Article 9. This provision in Indiana required the delivery of the initial UCC financing statement to the debtor within thirty days after the financing statement was filed. The statute was silent regarding the details of a creditor’s compliance. As a result, financial institutions and other creditors were often unclear about the steps required for compliance and how their compliance should be documented.
Indiana has now eliminated the requirement for the delivery of a financing statement to the debtor within 30 days following filing. The result is that Indiana’s provision is now in line with the uniform rule found in most other US states.