S.E.A. 351, P.L. 110
Effective: July 1, 2022
- Adds a new chapter to the Uniform Commercial Code (UCC) that governs transactions involving controllable electronic records and that does the following:
- Defines “controllable electronic records”.
- Establishes the following: (A) The extent to which a purchaser acquires rights and interests in controllable electronic records. (B) The circumstances under which a qualifying purchaser acquires rights in a controllable electronic record free of any adverse claim. (C) The conditions that must be satisfied for a person to be considered to have control over controllable electronic records.
- Amends certain sections in the UCC chapter concerning secured transactions to reference controllable electronic records and to provide for the perfection of a security interest in controllable electronic records by: (1) control; or (2) the filing of a financing statement.
- Amends the Indiana statute concerning unclaimed personal property to: (1) add a definition of “controllable electronic record” in that statute; and (2) authorize (rather than require, as specified in current law) the attorney general to adopt rules regarding virtual currency, controllable electronic records, and digital assets, to the extent such rules are consistent with, and not otherwise covered by the bill’s provisions or any other Indiana law concerning virtual currency, controllable electronic records, or digital assets.
Read the bill at: http://iga.in.gov/legislative/2022/bills/senate/351