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Can you summarize IACO 554.9310?
UNIFORM COMMERCIAL CODE > When filing required to perfect security interest or agricultural lien security interests and agricultural liens to which filing provisions do not apply.
Short Summary
This legal document, part of the Iowa Code’s Uniform Commercial Code, governs the filing requirements to perfect security interests and agricultural liens. In general, a financing statement must be filed to perfect these interests. However, there are exceptions where filing is not necessary, such as when the security interest is perfected under specific sections, in certain types of property, in goods in possession of a bailee, in certificated securities, documents, goods, or instruments, in collateral in the secured party’s possession, in a certificated security perfected by delivery, in controllable accounts, electronic records, payment intangibles, deposit accounts, chattel paper, electronic documents, investment property, or letter-of-credit rights perfected by control, in proceeds, or when otherwise specified in section 554.9316. The document does not mention any specific penalties for non-compliance or violation of its provisions.
Whom does it apply to?
Creditors and secured parties
What does it govern?
Security interests and agricultural liens
What are exemptions?
There are several exemptions where filing a financing statement is not necessary to perfect a security interest, including when the security interest is perfected under specific sections, in certain types of property, in goods in possession of a bailee, in certificated securities, documents, goods, or instruments, in collateral in the secured party's possession, in a certificated security perfected by delivery, in controllable accounts, electronic records, payment intangibles, deposit accounts, chattel paper, electronic documents, investment property, or letter-of-credit rights perfected by control, in proceeds, or when otherwise specified in section 554.9316.
What are the Penalties?
No penalties are mentioned in this document.
Jurisdiction
Iowa