Can you summarize IACO 554.9325?

Short Summary

1.Subordination of security interest in transferred collateral.Except as otherwise provided in subsection 2, a security interest created by a debtor is subordinate to a security interest in the same collateral created by another person if: a.the debtor acquired the collateral subject to the security interest created by the other person; b.the security interest created by the other person was perfected when the debtor acquired the collateral; and c.there is no period thereafter when the security interest is unperfected. 2.Limitation of subsection 1 subordination.Subsection 1 subordinates a security interest only if the security interest: a.otherwise would have priority solely under section 554.9322, subsection 1, or section 554.9324; or b.arose solely under section 554.2711, subsection 3, or section 554.13508, subsection 5. 2000 Acts, ch 1149, 45, 187

Jurisdiction

Iowa

Source

• Banking