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Can you summarize IACO 554.9109?
UNIFORM COMMERCIAL CODE > Scope.
Short Summary
This Article of the Iowa Code, which falls under the Uniform Commercial Code, governs various transactions and security interests in personal property or fixtures. It applies to transactions such as contracts creating security interests, agricultural liens, sales of accounts and promissory notes, consignments, and specific security interests arising under certain sections of the Iowa Code. The Article applies to parties involved in these transactions and security interests. However, there are exemptions to its application, such as when preempted by a United States statute, when another Iowa statute expressly governs the security interest, when a statute of another state or foreign country expressly governs the security interest, or when the rights of a transferee beneficiary or nominated person under a letter of credit are independent and superior. This Article does not specify any penalties for non-compliance or violation of its provisions.
Whom does it apply to?
This Article applies to parties involved in the transactions and security interests mentioned above.
What does it govern?
This Article applies to various transactions and security interests in personal property or fixtures, including contracts creating security interests, agricultural liens, sales of accounts and promissory notes, consignments, and certain security interests arising under specific sections of the Iowa Code.
What are exemptions?
This Article does not apply in certain circumstances, such as when preempted by a United States statute, when another statute of Iowa expressly governs the security interest, when a statute of another state or foreign country expressly governs the security interest, or when the rights of a transferee beneficiary or nominated person under a letter of credit are independent and superior.
What are the Penalties?
No penalties are mentioned in this Article.
Jurisdiction
Iowa