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Can you summarize IACO 554.9334?
UNIFORM COMMERCIAL CODE > Priority of security interests in fixtures and crops.
Short Summary
This legal document, part of the Iowa Code’s Uniform Commercial Code, governs the priority of security interests in fixtures and crops. It outlines the rules for creating security interests in goods that are fixtures or become fixtures, and clarifies that ordinary building materials incorporated into an improvement on land do not qualify for a security interest. The document also addresses the subordination of security interests in fixtures to conflicting interests of encumbrancers or owners of related real property, except in specific cases. It establishes the priority of a perfected security interest in fixtures over conflicting interests if certain conditions are met, such as being a purchase-money security interest and being perfected by a fixture filing. The document also covers the priority of security interests in fixtures over interests in real property, based on factors such as the debtor’s interest in the real property, the timing of perfection, and the nature of the conflicting interest. Additionally, it discusses the priority of a security interest in fixtures based on consent, disclaimer, or the debtor’s right to remove the goods. The document further addresses the priority of a construction mortgage over a security interest in fixtures, as well as the priority of a security interest in crops growing on real property. It concludes by stating that the provisions regarding agricultural liens prevail over any inconsistent provisions related to security interests in crops.
Whom does it apply to?
Creditors, encumbrancers, owners of real property, debtors
What does it govern?
Priority of security interests in fixtures and crops
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Iowa