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Can you summarize IACO 554.9312?
UNIFORM COMMERCIAL CODE > Perfection of security interests in controllable accounts, controllable electronic records, controllable payment intangibles, chattel paper, deposit accounts, documents, goods covered by documents, instruments, investment property, letter-of-credit rights, and money perfection by permissive filing temporary perfection without filing or transfer of possession.
Short Summary
This legal document, part of the Iowa Code’s Uniform Commercial Code, governs the perfection of security interests in various types of collateral. It allows for the perfection of security interests in controllable accounts, controllable electronic records, controllable payment intangibles, chattel paper, deposit accounts, documents, goods covered by documents, instruments, investment property, letter-of-credit rights, and money through filing. However, for certain types of collateral such as deposit accounts, letter-of-credit rights, tangible money, and electronic money, perfection can only be achieved through control or possession. The document also outlines the temporary perfection of security interests in certificated securities, negotiable documents, and instruments for a period of twenty days without filing or taking possession or control, under specific circumstances. After the twenty-day period, compliance with the provisions of this document is required for perfection. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Secured parties, bailees, and debtors involved in transactions related to the mentioned types of collateral
What does it govern?
Perfection of security interests in controllable accounts, controllable electronic records, controllable payment intangibles, chattel paper, deposit accounts, documents, goods covered by documents, instruments, investment property, letter-of-credit rights, and money
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Iowa