Ask Reggi Your Question Now
Can you summarize IACO 554.9313?
UNIFORM COMMERCIAL CODE > When possession by or delivery to secured party perfects security interest without filing.
Short Summary
This section of the Iowa Code, which falls under the Uniform Commercial Code, governs the perfection of security interests in various types of collateral, including tangible negotiable documents, goods, instruments, tangible money, tangible chattel paper, and certificated securities. It outlines the methods by which a secured party can perfect their security interest, such as taking possession of the collateral or taking delivery of certificated securities. The section also specifies that perfection by possession or delivery occurs at the time the secured party takes possession or delivery and continues only while they retain possession. Additionally, it clarifies that a person in possession of collateral for the secured party’s benefit is not required to acknowledge their possession. The document applies to secured parties and debtors involved in commercial transactions in Iowa. No specific exemptions or penalties are mentioned in the provided content.
Whom does it apply to?
Secured parties and debtors involved in commercial transactions in Iowa
What does it govern?
Perfection of security interests in tangible negotiable documents, goods, instruments, tangible money, tangible chattel paper, and certificated securities
What are exemptions?
No specific exemptions are mentioned in the provided document
What are the Penalties?
No penalties are mentioned in the provided document
Jurisdiction
Iowa