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Can you summarize IACO 554.9311?
UNIFORM COMMERCIAL CODE > Perfection of security interests in property subject to certain statutes, regulations, and treaties.
Short Summary
This legal document pertains to the perfection of security interests in property that is subject to specific statutes, regulations, and treaties. It states that filing a financing statement is not necessary or effective to perfect a security interest in property subject to certain laws. Compliance with the requirements of the relevant statutes, regulations, or treaties is equivalent to filing a financing statement. For goods covered by a certificate of title, a security interest can only be perfected by complying with the requirements of the applicable law, and such perfection remains even if there is a change in the use or possession of the collateral. The duration and renewal of perfection are governed by the relevant law, while other aspects of the security interest are subject to this document. There is an exemption for certain inventory held for sale or lease by a person in the business of selling goods of that kind. No specific penalties are mentioned in this document.
Whom does it apply to?
Creditors with security interests in property subject to specified statutes, regulations, and treaties
What does it govern?
Perfection of security interests in property subject to certain statutes, regulations, and treaties
What are exemptions?
This document does not apply to certain inventory held for sale or lease by a person in the business of selling goods of that kind
What are the Penalties?
No penalties are mentioned in this document
Jurisdiction
Iowa