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Can you summarize IACO 554.9507?
UNIFORM COMMERCIAL CODE > Effect of certain events on effectiveness of financing statement.
Short Summary
This legal document, found in the Iowa Code under the Uniform Commercial Code, addresses the effect of certain events on the effectiveness of a financing statement. It states that a filed financing statement remains effective even if the collateral is sold, exchanged, leased, licensed, or otherwise disposed of, as long as a security interest or agricultural lien continues. Additionally, the document explains that a financing statement is not rendered ineffective if the information provided in the financing statement becomes seriously misleading, except as provided in subsection 3 and section 554.9508. Furthermore, if the name of the debtor provided in the financing statement becomes insufficient and seriously misleading, the financing statement is effective to perfect a security interest in collateral acquired by the debtor before or within four months after the financing statement becomes seriously misleading. However, it is not effective for collateral acquired more than four months after becoming seriously misleading, unless an amendment is filed within four months to correct the misleading information. The document does not mention any specific exemptions or penalties.
Whom does it apply to?
Secured parties, debtors, and agricultural lienholders
What does it govern?
Effect of certain events on the effectiveness of a financing statement
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Iowa