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Can you summarize IACO 554.9307?
UNIFORM COMMERCIAL CODE > Location of debtor.
Short Summary
This legal document provides rules for determining the location of a debtor. The document defines ‘place of business’ as a place where a debtor conducts its affairs. It states that an individual debtor is located at their principal residence, while an organization debtor with only one place of business is located at that place of business. If an organization debtor has multiple places of business, it is located at its chief executive office. The document also specifies that if a debtor’s residence, place of business, or chief executive office is located in a jurisdiction that requires information about nonpossessory security interests to be made available in a filing system, then the debtor is located in that jurisdiction. Otherwise, the debtor is located in the District of Columbia. The document further addresses the location of registered organizations organized under state or federal law, as well as the continuation of location in case of changes in status. It concludes by stating that this section applies only for purposes of this part of the law.
Whom does it apply to?
Debtors and creditors
What does it govern?
Location of debtor
What are exemptions?
None mentioned
What are the Penalties?
None mentioned
Jurisdiction
Iowa