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Indiana Code Title 8. Utilities and Transportation § 8-1-40.5-14

Current as of January 02, 2024 | Updated by Findlaw Staff

Sec. 14. (a) If an agreement by an electric utility or an assignee to transfer securitization property expressly states that the transfer is a sale or is otherwise an absolute transfer:

(1) the resulting transaction:

(A) is a true sale;  and

(B) is not a secured transaction;  and

(2) title, both legal and equitable, passes to the person to which the securitization property is transferred.

(b) A transaction resulting from an agreement described in subsection (a) is a true sale regardless of:

(1) whether the purchaser has any recourse against the seller;  or

(2) any other term of the agreement, including the following:

(A) The seller's retention of an equity interest in the securitization property.

(B) The fact that the electric utility acts as a collector of securitization charges relating to the securitization property.

(C) The treatment of the transfer as a financing for tax, financial reporting, or other purposes.

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Cite this article: FindLaw.com - Indiana Code Title 8. Utilities and Transportation § 8-1-40.5-14 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-8-utilities-and-transportation/in-code-sect-8-1-40-5-14/

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