Ask Reggi Your Question Now
Can you summarize IACO 554.9203?
UNIFORM COMMERCIAL CODE > Attachment and enforceability of security interest proceeds supporting obligations formal requisites.
Short Summary
This legal document, part of the Iowa Code’s Uniform Commercial Code, governs the attachment and enforceability of security interests, proceeds, supporting obligations, and formal requisites. It outlines the conditions under which a security interest becomes enforceable against the debtor and third parties, including the requirement of value given and the debtor’s rights or power to transfer rights in the collateral. The document also specifies the formal requisites for attachment, such as the authentication of a security agreement or the possession of collateral by the secured party. Additionally, it addresses the attachment of security interests in proceeds, supporting obligations, and various types of accounts and contracts. The document refers to other UCC provisions related to security interests and outlines the circumstances under which a person becomes bound by another person’s security agreement. Overall, this document provides the legal framework for the attachment and enforceability of security interests in Iowa.
Whom does it apply to?
Debtors and third parties involved in security interests
What does it govern?
Attachment and enforceability of security interest, proceeds, supporting obligations, formal requisites
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Iowa