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Can you summarize IACO 554.9505?
UNIFORM COMMERCIAL CODE > Filing and compliance with other statutes and treaties for consignments, leases, other bailments, and other transactions.
Short Summary
This legal document, part of the Iowa Code’s Uniform Commercial Code, governs the filing and compliance with other statutes and treaties for consignments, leases, other bailments, and other transactions. It allows consignors, lessors, bailors, licensors, buyers, and other parties involved in these transactions to file a financing statement or comply with relevant statutes or treaties using specific terms such as ‘consignor’, ‘consignee’, ’lessor’, ’lessee’, ‘bailor’, ‘bailee’, ’licensor’, ’licensee’, ‘owner’, ‘registered owner’, ‘buyer’, ‘seller’, or similar terms instead of ‘secured party’ and ‘debtor’. The filing or compliance itself does not determine whether the collateral secures an obligation, but if it is determined for another reason that the collateral does secure an obligation, a security interest held by the mentioned parties is perfected by the filing or compliance.
Whom does it apply to?
Consignors, lessors, bailors, licensors, buyers, and other parties involved in consignments, leases, bailments, and transactions
What does it govern?
Filing and compliance with other statutes and treaties for consignments, leases, other bailments, and other transactions
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Iowa