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Can you summarize IACO 554.9335?
UNIFORM COMMERCIAL CODE > Accessions.
Short Summary
This legal document, part of the Iowa Code’s Uniform Commercial Code, governs the creation, perfection, priority, removal, and reimbursement of security interests in accessions. It states that a security interest may be created in an accession and continues in collateral that becomes an accession. If a security interest is perfected when the collateral becomes an accession, the security interest remains perfected in the collateral. The priority of a security interest in an accession is determined by the provisions of this part, except when a security interest in the whole is perfected by compliance with a certificate-of-title statute. After default, a secured party may remove an accession from other goods if the security interest in the accession has priority over the claims of every person having an interest in the whole. The secured party must promptly reimburse any holder of a security interest or other lien on the whole or other goods for the cost of repair of any physical injury to the whole or the other goods. However, the secured party is not required to reimburse for any diminution in value caused by the absence of the accession or the necessity for replacing it. This document does not mention any specific exemptions or penalties.
Whom does it apply to?
Creditors and secured parties
What does it govern?
Security interests in accessions and their creation, perfection, priority, removal, and reimbursement
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Iowa