Ask Reggi Your Question Now
Can you summarize IACO 554.9304?
UNIFORM COMMERCIAL CODE > Law governing perfection and priority of security interests in deposit accounts.
Short Summary
This legal document governs the perfection and priority of security interests in deposit accounts. It specifies that the local law of a bank’s jurisdiction determines the perfection, effect, and priority of a security interest in a deposit account maintained with that bank. The document outlines rules to determine a bank’s jurisdiction, such as agreements between the bank and the debtor/customer, the location of the office serving the customer’s account, or the chief executive office of the bank. The document does not mention any exemptions or penalties. Overall, it provides guidance on the applicable law and jurisdiction for security interests in deposit accounts.
Whom does it apply to?
Banks and debtors with deposit accounts
What does it govern?
Perfection and priority of security interests in deposit accounts
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Iowa