Terms Used In Indiana Code > Title 26 > Article 2 - Commercial Transactions

• Agreement: means the bargain of the parties in fact, as found in their language or inferred from other circumstances and from rules, regulations, and procedures given the effect of agreements under laws otherwise applicable to a particular transaction. See Indiana Code 26-2-8-102
• Automated transaction: means a transaction conducted or performed, in whole or in part, by electronic means or electronic records in which the acts or records of one (1) or both parties are not reviewed by an individual in the ordinary course in forming a contract, performing under an existing contract, or fulfilling an obligation required by the transaction. See Indiana Code 26-2-8-102
• Business entity: means a corporation, nonprofit corporation, limited liability company, limited liability partnership, limited partnership, business trust, real estate investment trust, or any other entity that is formed under the requirements of applicable Indiana law. See Indiana Code 26-2-8-102
• Charity: An agency, institution, or organization in existence and operating for the benefit of an indefinite number of persons and conducted for educational, religious, scientific, medical, or other beneficent purposes.
• check: includes a draft. See Indiana Code 26-2-7-1
• Computer program: means a set of statements or instructions to be used directly or indirectly in an information processing system in order to bring about a certain result. See Indiana Code 26-2-8-102
• Constituent: means a person who holds a position defined in the business entity's organic law that permits the person, directly or indirectly, to own, manage, or operate a business entity either alone or with others. See Indiana Code 26-2-8-102
• Contract: means the total legal obligation resulting from the parties' agreement as affected by this chapter and other applicable law. See Indiana Code 26-2-8-102
• credit agreement: means an agreement to:

  Indiana Code 26-2-9-1

• creditor: means :

  Indiana Code 26-2-9-2

• debtor: means a person who:

  Indiana Code 26-2-9-3

• Electronic: means relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities. See Indiana Code 26-2-8-102
• Electronic agent: means a computer program or an electronic or other automated means used to initiate an action or respond to electronic records or performances in whole or in part without review by an individual at the time of the action or response. See Indiana Code 26-2-8-102
• Electronic record: means a record created, generated, sent, communicated, received, or stored by electronic means. See Indiana Code 26-2-8-102
• Electronic signature: means an electronic sound, symbol, or process attached to or logically associated with an electronic record and executed or adopted by a person with the intent to sign the electronic record. See Indiana Code 26-2-8-102
• financial institution: refers to a financial institution (as defined in IC 28-1-1-3). See Indiana Code 26-2-7-2
• Governing documents: means the publicly filed and nonpublicly filed organic documents of a business entity. See Indiana Code 26-2-8-102
• Governmental agency: means an executive, legislative, or judicial agency, department, board, commission, authority, institution, instrumentality, or other political subdivision of the state. See Indiana Code 26-2-8-102
• Information: means data, text, images, sounds, codes, computer programs, software, databases, or the like. See Indiana Code 26-2-8-102
• Information processing system: means an electronic system for creating, generating, sending, receiving, storing, displaying, or processing information. See Indiana Code 26-2-8-102
• Mortgagee: The person to whom property is mortgaged and who has loaned the money.
• Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
• motor vehicle: means a vehicle that is self-propelled. See Indiana Code 26-2-10-1
• motor vehicle repossession agent: means a person who physically repossesses a motor vehicle or watercraft on behalf of another person or on the person's own behalf. See Indiana Code 26-2-10-2
• Organic actions: means actions, notices, consents, and signatures relating to the operation of a business entity that are undertaken among constituents of that business entity or among constituents of a business entity and that business entity. See Indiana Code 26-2-8-102
• Person: means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, governmental agency, public corporation, or any other legal or commercial entity. See Indiana Code 26-2-8-102
• Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See Indiana Code 26-2-8-102
• repossesses: means to take possession of personal property used as collateral under Indiana Code 26-2-10-3
• Security procedure: means a procedure employed for the purpose of verifying that an electronic signature, record, or performance is that of a specific person or for detecting changes or errors in the information in an electronic record. See Indiana Code 26-2-8-102
• Service of process: The service of writs or summonses to the appropriate party.
• Sheriff: means the sheriff of the county or another person authorized to perform sheriff's duties. See Indiana Code 1-1-4-5
• Subpoena: A command to a witness to appear and give testimony.
• Summons: Another word for subpoena used by the criminal justice system.
• Testify: Answer questions in court.
• Transaction: means an action or set of actions relating to the conduct of business, commercial, or governmental affairs and occurring between two (2) or more persons. See Indiana Code 26-2-8-102
• Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
• watercraft: has the meaning set forth in Indiana Code 26-2-10-5