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Can you summarize IACO 554.9201?
UNIFORM COMMERCIAL CODE > General effectiveness of security agreement.
Short Summary
This legal document pertains to security agreements and their general effectiveness. According to the document, a security agreement is effective according to its terms between the parties involved, against purchasers of the collateral, and against creditors. The document also states that transactions subject to this Article are subject to any applicable consumer laws that establish different rules for consumers. In case of conflict between this Article and a rule of law, statute, or regulation, the latter controls. However, failure to comply with a statute or regulation specified in subsection 2 only has the effect specified by that statute or regulation. The document further clarifies that it does not validate any rate, charge, agreement, or practice that violates applicable laws, nor does it extend the application of such laws to transactions not otherwise subject to them.
Whom does it apply to?
Parties to the security agreement, purchasers of the collateral, and creditors
What does it govern?
Security agreements
What are exemptions?
None mentioned
What are the Penalties?
Not specified
Jurisdiction
Iowa