Ask Reggi Your Question Now
Can you summarize IACO 554.9207?
UNIFORM COMMERCIAL CODE > Rights and duties of secured party having possession or control of collateral.
Short Summary
This legal document, part of the Iowa Code’s Uniform Commercial Code, governs the rights and duties of a secured party who has possession or control of collateral. It establishes that a secured party must exercise reasonable care in the custody and preservation of the collateral. The document outlines the expenses, risks, duties, and rights of a secured party in possession of collateral, including the ability to use or operate the collateral for preservation purposes or as agreed upon with the debtor. It also addresses the duties and rights of a secured party who has possession or control of collateral, such as holding proceeds as additional security and applying money received from the collateral to reduce the secured obligation. The document includes an exemption for buyers of certain rights to payment. Overall, this document provides guidelines and regulations for secured parties and debtors involved in commercial transactions.
Whom does it apply to?
Secured parties and debtors involved in commercial transactions
What does it govern?
Rights and duties of secured party having possession or control of collateral
What are exemptions?
Buyers of certain rights to payment are exempt from subsections 2 and 3
What are the Penalties?
No specific penalties mentioned
Jurisdiction
Iowa