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Can you summarize IACO 554.9503?
UNIFORM COMMERCIAL CODE > Name of debtor and secured party.
Short Summary
This legal document, governed by the Iowa Code under the Uniform Commercial Code, addresses the sufficiency of the debtor’s name in a financing statement. It provides guidelines for determining whether a financing statement sufficiently provides the name of the debtor based on different scenarios. These scenarios include registered organizations, trusts, individuals with driver’s licenses, individuals without driver’s licenses, and cases where the debtor does not have a name. The document also clarifies that the absence of a trade name or other names of the debtor does not render a financing statement ineffective. Additionally, it allows for multiple debtors and secured parties to be named in a financing statement. The document further defines the name of the settlor or testator in the context of a trust. Overall, this legal document establishes the requirements for accurately identifying the debtor in a financing statement.
Whom does it apply to?
Creditors and debtors involved in financing statements
What does it govern?
Sufficiency of debtor's name in a financing statement
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Iowa