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Can you summarize IACO 554.9108?
UNIFORM COMMERCIAL CODE > Sufficiency of description.
Short Summary
This legal document pertains to the sufficiency of description in commercial transactions governed by the Uniform Commercial Code in the state of Iowa. It establishes that a description of personal or real property is considered sufficient if it reasonably identifies what is described, unless otherwise provided in subsections 3, 4, and 5. The document provides examples of reasonable identification, such as specific listing, category, type of collateral defined in the chapter, quantity, computational or allocational formula or procedure, or any other method that objectively determines the identity of the collateral. However, supergeneric descriptions like ‘all the debtor’s assets’ or ‘all the debtor’s personal property’ are not considered sufficient. Additionally, it specifies that a description of investment property, such as a security entitlement, securities account, or commodity account, is sufficient if it describes the collateral by those terms or as investment property, or by specifying the underlying financial asset or commodity contract. However, a description only by type of collateral defined in this chapter is insufficient for a commercial tort claim or, in a consumer transaction, for consumer goods, a security entitlement, a securities account, or a commodity account.
Whom does it apply to?
Applicable to individuals or entities involved in commercial transactions governed by the Uniform Commercial Code in the state of Iowa
What does it govern?
Sufficiency of description
What are exemptions?
Subsections 3, 4, and 5 provide exceptions to the general rule of sufficiency of description
What are the Penalties?
No penalties mentioned in the document
Jurisdiction
Iowa