Ask Reggi Your Question Now
Can you summarize IACO 554.9323?
UNIFORM COMMERCIAL CODE > Future advances.
Short Summary
This legal document pertains to the priority of security interests and advances under the Uniform Commercial Code in Iowa. It establishes rules for determining the priority of a perfected security interest based on the time of advance. The document outlines conditions under which a security interest is subordinate to the rights of a lien creditor. It also provides exceptions for security interests held by buyers of certain types of assets and consignors. Additionally, the document addresses the priority of a buyer of goods and a lessee of goods in relation to security interests. No specific penalties are mentioned in the provided content.
Whom does it apply to?
Secured parties, lien creditors, buyers of receivables, buyers of goods, and lessees of goods
What does it govern?
Uniform Commercial Code provisions related to priority of security interests and advances
What are exemptions?
Security interests held by buyers of accounts, chattel paper, payment intangibles, promissory notes, or consignors are exempt from certain provisions
What are the Penalties?
No penalties mentioned in the provided document
Jurisdiction
Iowa