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Can you summarize IACO 554.9314?
UNIFORM COMMERCIAL CODE > Perfection by control.
Short Summary
This legal document, part of the Iowa Code’s Uniform Commercial Code, governs the perfection of security interests through control. It specifies that security interests in various types of collateral, such as controllable accounts, electronic records, payment intangibles, deposit accounts, chattel paper, documents, money, investment property, or letter-of-credit rights, can be perfected by control under specific sections of the code. The document also outlines the time of perfection by control and the continuation of perfection for different types of collateral. For investment property, perfection by control remains until the secured party loses control and certain conditions are met. The document references other sections of the code and has been amended in the past. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Secured parties and debtors involved in security interests in controllable accounts, controllable electronic records, controllable payment intangibles, deposit accounts, electronic chattel paper, electronic documents, electronic money, investment property, or letter-of-credit rights
What does it govern?
Perfection by control
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Iowa