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Can you summarize IACO 554.9331?
UNIFORM COMMERCIAL CODE > Priority of rights of purchasers of controllable accounts, controllable records, controllable payment intangibles, documents, instruments, and securities under other Articles priority of interests in financial assets and security entitlements and protections against assertions of claims under Articles 8 and 14.
Short Summary
This legal document addresses the priority of rights of purchasers of various assets, such as controllable accounts, controllable records, controllable payment intangibles, documents, instruments, and securities. It specifies that holders in due course of negotiable instruments, holders of negotiable documents of title, protected purchasers of securities, and qualifying purchasers of controllable accounts, controllable electronic records, or controllable payment intangibles take priority over earlier security interests, even if perfected, as provided in Articles 3, 7, 8, and 14. The document also clarifies that it does not limit the rights or impose liability on a person protected against the assertion of a claim under Article 8 or 14. Additionally, it states that filing under this Article does not constitute notice of a claim or defense to the holders, purchasers, or persons described in subsections 1 and 2.
Whom does it apply to?
Holders in due course of negotiable instruments, holders of negotiable documents of title, protected purchasers of securities, and qualifying purchasers of controllable accounts, controllable electronic records, or controllable payment intangibles
What does it govern?
Priority of rights of purchasers of controllable accounts, controllable records, controllable payment intangibles, documents, instruments, and securities under other Articles
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Iowa