SB 468

  • Indiana Senate Bill
  • 2023 Regular Session
  • Introduced in Senate
  • Passed Senate Feb 09, 2023
  • House
  • Governor

Uniform Commercial Code amendments.


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 is a medium of exchange that is not in an electronic form. 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.

Bill Sponsors (12)



Mar 30, 2023


Committee report: amend do pass, adopted

Mar 20, 2023


Representative Judy added as cosponsor

Feb 28, 2023


First reading: referred to Committee on Financial Institutions

  • Reading-1
  • Referral-Committee
financial institutions

Feb 10, 2023


Referred to the House

Feb 09, 2023


Third reading: passed; Roll Call 95: yeas 48, nays 1


Cosponsor: Representative Steuerwald


House sponsor: Representative Jeter

Feb 07, 2023


Second reading: amended, ordered engrossed


Amendment #1 (Young M) prevailed; voice vote

Feb 02, 2023


Committee report: amend do pass, adopted

Jan 31, 2023


Senator Randolph added as coauthor

Jan 30, 2023


Senator Glick added as coauthor

Jan 23, 2023


Senator Freeman added as coauthor


Senators Charbonneau, Brown L, Pol added as coauthors

Jan 19, 2023


Authored by Senators Garten, Koch, Taylor G


First reading: referred to Committee on Judiciary

  • Reading-1
  • Referral-Committee

Bill Text

Bill Text Versions Format
Introduced Senate Bill (S) PDF
Senate Bill (S) PDF
Engrossed Senate Bill (S) PDF
Senate Bill (H) PDF

Related Documents

Document Format
Fiscal Note: SB0468.04.COMH.FN001 PDF


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