Can you summarize IACO 554.9327?

Short Summary

The following rules govern priority among conflicting security interests in the same deposit account: 1.A security interest held by a secured party having control of the deposit account under section 554.9104 has priority over a conflicting security interest held by a secured party that does not have control. 2.Except as otherwise provided in subsections 3 and 4, security interests perfected by control under section 554.9314 rank according to priority in time of obtaining control. 3.Except as otherwise provided in subsection 4, a security interest held by the bank with which the deposit account is maintained has priority over a conflicting security interest held by another secured party. 4.A security interest perfected by control under section 554.9104, subsection 1, paragraph c, has priority over a security interest held by the bank with which the deposit account is maintained. 2000 Acts, ch 1149, 47, 187 Referred to in 554.9322, 554.9324, 554.9330

Jurisdiction

Iowa

Source

• Banking