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Can you summarize IACO 554.9308?
UNIFORM COMMERCIAL CODE > When security interest or agricultural lien is perfected continuity of perfection.
Short Summary
This legal document, part of the Iowa Code’s Uniform Commercial Code, governs the perfection of security interests and agricultural liens. It outlines the requirements for perfection and states that a security interest is perfected if it has attached and all applicable requirements have been satisfied. Similarly, an agricultural lien is perfected if it has become effective and all applicable requirements have been satisfied. The document also mentions continuous perfection, where a security interest or agricultural lien can be perfected by different methods without an intermediate period of being unperfected. Additionally, it states that perfection of a security interest in collateral also perfects a security interest in a supporting obligation for the collateral. It further explains that perfection of a security interest in a right to payment or performance also perfects a security interest in a security interest, mortgage, or other lien on personal or real property securing the right. The document also covers the perfection of security interests in securities accounts, commodity accounts, and controllable electronic records. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Creditors and parties involved in security interests and agricultural liens
What does it govern?
Perfection of security interests and agricultural liens
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Iowa