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Can you summarize IACO 554.9315?
UNIFORM COMMERCIAL CODE > Secured partys rights on disposition of collateral and in proceeds.
Short Summary
This legal document, governed by the Iowa Code, specifically the Uniform Commercial Code, addresses the rights of secured parties and agricultural lienholders in relation to the disposition of collateral and the proceeds derived from such disposition. It states that a security interest or agricultural lien continues in collateral even after its sale, lease, license, exchange, or other disposition, unless the secured party authorized the disposition free of the security interest or agricultural lien. Additionally, a security interest attaches to any identifiable proceeds of collateral. The document also discusses the identification of commingled proceeds and the perfection of security interests in proceeds. It further outlines the conditions under which a perfected security interest in proceeds becomes unperfected. Overall, this document provides guidance on the rights and obligations of secured parties and agricultural lienholders in relation to collateral and its proceeds.
Whom does it apply to?
This legal document applies to secured parties and agricultural lienholders.
What does it govern?
Secured partys rights on disposition of collateral and in proceeds
What are exemptions?
No exemptions are mentioned in this document.
What are the Penalties?
No penalties are mentioned in this document.
Jurisdiction
Iowa