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Can you summarize IACO 554.9506?
UNIFORM COMMERCIAL CODE > Effect of errors or omissions.
Short Summary
This legal document, part of the Iowa Code’s Uniform Commercial Code, governs the effectiveness of financing statements. It states that a financing statement that substantially satisfies the requirements of this part is effective, even if it has minor errors or omissions, unless those errors or omissions make the financing statement seriously misleading. However, a financing statement that fails to provide the name of the debtor in accordance with section 554.9503, subsection 1, is considered seriously misleading, unless a search of the filing office’s records under the debtor’s correct name would disclose the financing statement. The document also defines the ‘debtor’s correct name’ for the purposes of section 554.9508, subsection 2. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Parties involved in filing financing statements
What does it govern?
Financing statements
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Iowa