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Can you summarize IACO 554.9321?
UNIFORM COMMERCIAL CODE > Licensee of general intangible and lessee of goods in ordinary course of business.
Short Summary
This legal document, governed by the Iowa Code under the Uniform Commercial Code, pertains to licensees of general intangibles and lessees of goods in the ordinary course of business. A ’licensee in ordinary course of business’ refers to a person who becomes a licensee of a general intangible in good faith, without knowledge that the license violates the rights of another person in the general intangible, and in the ordinary course from a person in the business of licensing general intangibles of that kind. A ’lessee in ordinary course of business’ refers to a person who becomes a lessee of goods in the ordinary course of business. The document outlines the rights of licensees and lessees in the ordinary course of business, stating that they take their rights under a nonexclusive license or leasehold interest free of any security interest in the general intangible or goods, even if the security interest is perfected and the licensee or lessee knows of its existence. The document also references other sections of the Iowa Code where these rights are further discussed.
Whom does it apply to?
Licensees of general intangibles and lessees of goods in the ordinary course of business
What does it govern?
General intangibles and goods in the ordinary course of business
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Iowa