Ask Reggi Your Question Now
Can you summarize IACO 554.9502?
UNIFORM COMMERCIAL CODE > Contents of financing statement record of mortgage as financing statement time of filing financing statement.
Short Summary
This legal document pertains to the sufficiency of financing statements and the record of mortgages as financing statements. It outlines the requirements for a financing statement to be considered sufficient, including providing the name of the debtor, the name of the secured party, and indicating the collateral covered. Additionally, it specifies the requirements for real-property-related financing statements, such as covering as-extracted collateral or timber to be cut, or being filed as a fixture filing for goods that are or will become fixtures. The document also discusses the effectiveness of a record of a mortgage as a financing statement, as long as it indicates the goods or accounts it covers, satisfies the requirements for a financing statement, and is duly recorded. It concludes by stating that a financing statement may be filed before a security agreement is made or a security interest attaches.
Whom does it apply to?
Creditors and debtors involved in financing transactions
What does it govern?
Financing statements and record of mortgages as financing statements
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Iowa