Ask Reggi Your Question Now
Can you summarize IACO 554.9301?
UNIFORM COMMERCIAL CODE > Law governing perfection and priority of security interests.
Short Summary
This legal document pertains to the perfection and priority of security interests in collateral. It establishes the rules governing the law of perfection, the effect of perfection or nonperfection, and the priority of security interests in collateral. The document specifies that the local law of the jurisdiction where the debtor is located determines perfection, effect, and priority, unless otherwise provided. It also states that the local law of the jurisdiction where the collateral is located governs the perfection, effect, and priority of a possessory security interest in that collateral. Additionally, the document outlines specific rules for the perfection and priority of security interests in tangible negotiable documents, goods, instruments, tangible money, tangible chattel paper, timber to be cut, and as-extracted collateral. It is important to note that certain exceptions are provided in sections 554.9303, 554.9304, 554.9305, and 554.9306. This document does not mention any specific penalties for non-compliance or violation of its provisions.
Whom does it apply to?
Creditors and debtors involved in security interests in collateral
What does it govern?
Perfection and priority of security interests
What are exemptions?
Sections 554.9303, 554.9304, 554.9305, and 554.9306 provide exceptions to the rules governing perfection, effect, and priority of security interests
What are the Penalties?
No penalties are mentioned in this document.
Jurisdiction
Iowa