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Can you summarize IACO 554.9316?
UNIFORM COMMERCIAL CODE > Effect of change in governing law.
Short Summary
This legal document discusses the effect of a change in governing law on security interests. It provides rules for determining the continued perfection of security interests in different scenarios. The document covers the general rule for the effect on perfection of a change in governing law, the impact on security interests perfected or unperfected under the law of a new jurisdiction, the continuous perfection of possessory security interests in collateral moved to a new jurisdiction, the effect on goods covered by a certificate of title from another state, the change in jurisdiction of banks, issuers, nominated persons, securities intermediaries, or commodity intermediaries, the effect on filed financing statements of a change in governing law, and the effect of a change in governing law on financing statements filed against the original debtor. The document provides detailed provisions and conditions for each scenario, ensuring the proper understanding and application of the law in relation to security interests.
Whom does it apply to?
Creditors and debtors involved in security interests
What does it govern?
Effect of change in governing law on security interests
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Iowa