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Can you summarize IACO 554.9509?
UNIFORM COMMERCIAL CODE > Persons entitled to file a record.
Short Summary
This legal document governs the filing of initial financing statements, amendments that add collateral or debtors to financing statements, and termination statements. It specifies the conditions under which a person is entitled to file such records. The document outlines that a person may file an initial financing statement, amendment, or termination statement if the debtor authorizes the filing or if the person holds an agricultural lien that has become effective. It also states that by authenticating or becoming bound as a debtor by a security agreement, a debtor authorizes the filing of an initial financing statement and an amendment. Additionally, the document explains that by acquiring collateral in which a security interest or agricultural lien continues, a debtor authorizes the filing of an initial financing statement and an amendment. The document further mentions that a person may file certain amendments if the secured party of record authorizes the filing or if the amendment is a termination statement for a financing statement where the secured party of record has failed to file or send a termination statement as required. It concludes by stating that if there is more than one secured party of record for a financing statement, each secured party of record may authorize the filing of an amendment.
Whom does it apply to?
Persons who wish to file an initial financing statement, amendment, or termination statement
What does it govern?
Filing of initial financing statements, amendments, and termination statements
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Iowa