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Can you summarize IACO 554.9324?
UNIFORM COMMERCIAL CODE > Priority of purchase-money security interests.
Short Summary
This legal document, part of the Iowa Code’s Uniform Commercial Code, establishes the priority of purchase-money security interests in various types of goods. A purchase-money security interest refers to a security interest taken by a seller or lender to secure the purchase price or loan used to acquire the collateral. The document outlines the general rule that a perfected purchase-money security interest in goods, other than inventory or livestock, has priority over a conflicting security interest in the same goods. It also provides rules for inventory purchase-money priority, livestock purchase-money priority, and software purchase-money priority. The document specifies the requirements for perfection and notification to maintain priority. Additionally, it addresses conflicting purchase-money security interests and establishes the order of priority based on the nature of the obligations secured. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Creditors and debtors involved in purchase-money security interests
What does it govern?
Priority of purchase-money security interests
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Iowa