Ask Reggi Your Question Now
Can you summarize IACO 554.9328?
UNIFORM COMMERCIAL CODE > Priority of security interests in investment property.
Short Summary
This legal document, governed by the Iowa Code under the Uniform Commercial Code, establishes rules for determining the priority of conflicting security interests in investment property. The document states that a secured party with control of the investment property has priority over a secured party without control. Conflicting security interests held by secured parties with control rank according to the time of obtaining control. The document also specifies that a security interest held by a securities intermediary or a commodity intermediary has priority over conflicting security interests held by other secured parties. Additionally, it mentions that a security interest in a certificated security in registered form, perfected by taking delivery, has priority over a conflicting security interest perfected by a different method. Conflicting security interests created by brokers, securities intermediaries, or commodity intermediaries without control rank equally. In all other cases, priority among conflicting security interests in investment property is governed by specific sections mentioned in the document.
Whom does it apply to?
Secured parties with conflicting security interests in investment property
What does it govern?
Priority of security interests in investment property
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Iowa