Ask Reggi Your Question Now
Can you summarize IACO 554.9322?
UNIFORM COMMERCIAL CODE > Priorities among conflicting security interests in and agricultural liens on same collateral.
Short Summary
This legal document, part of the Iowa Code’s Uniform Commercial Code, establishes the rules for determining priority among conflicting security interests and agricultural liens on the same collateral. The general priority rules state that conflicting perfected security interests and agricultural liens rank according to the time of filing or perfection. A perfected security interest or agricultural lien takes priority over a conflicting unperfected security interest or agricultural lien. The first security interest or agricultural lien to attach or become effective has priority if conflicting security interests and agricultural liens are unperfected. The document also provides rules for determining priority in specific cases, such as proceeds and supporting obligations. It is important to note that this document is subject to other provisions of the Iowa Code and may be overridden by specific statutes creating agricultural liens. No penalties are mentioned in this document.
Whom does it apply to?
Creditors with conflicting security interests and agricultural liens on the same collateral
What does it govern?
Priorities among conflicting security interests and agricultural liens on the same collateral
What are exemptions?
No exemptions are mentioned
What are the Penalties?
No penalties are mentioned
Jurisdiction
Iowa