Ask Reggi Your Question Now
Can you summarize IACO 554.9317?
UNIFORM COMMERCIAL CODE > Interests that take priority over or take free of security interest or agricultural lien.
Short Summary
This legal document, governed by the Iowa Code under the Uniform Commercial Code, addresses the priority of interests over security interests or agricultural liens. It states that a security interest or agricultural lien is subordinate to the rights of a person entitled to priority under section 554.9322 and a person that becomes a lien creditor before the security interest or agricultural lien is perfected or certain conditions are met. It also outlines that buyers and lessees who give value and receive delivery of collateral without knowledge of the security interest or agricultural lien and before it is perfected take free of such interests. Additionally, licensees and buyers of certain collateral take free of a security interest if they give value without knowledge of the security interest and before it is perfected. The document also mentions that a purchase-money security interest takes priority over the rights of a buyer, lessee, or lien creditor if a financing statement is filed within twenty days after the debtor receives delivery of the collateral. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Persons with security interests or agricultural liens, buyers, lessees, licensees, and lien creditors
What does it govern?
Interests that take priority over or take free of security interest or agricultural lien
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Iowa