Ask Reggi Your Question Now
Reggi is the free generative AI assistance for regulatory compliance
Can you summarize IACO 554.9333?
UNIFORM COMMERCIAL CODE > Priority of certain liens arising by operation of law.
Short Summary
1.Possessory lien.In this section, possessory lien means an interest, other than a security interest or an agricultural lien: a.which secures payment or performance of an obligation for services or materials furnished with respect to goods by a person in the ordinary course of the persons business; b.which is created by statute or rule of law in favor of the person; and c.whose effectiveness depends on the persons possession of the goods. 2.Priority of possessory lien.A possessory lien on goods has priority over a security interest in the goods unless the lien is created by a statute that expressly provides otherwise. 2000 Acts, ch 1149, 53, 187 Referred to in 554.9109
Jurisdiction
Iowa