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Can you summarize IACO 554.9514?
UNIFORM COMMERCIAL CODE > Assignment of powers of secured party of record.
Short Summary
This legal document governs the assignment of powers of a secured party of record. It outlines the procedures for assigning the power to authorize an amendment to a financing statement. An initial financing statement may reflect an assignment by providing the name and mailing address of the assignee. A secured party of record may assign its power by filing an amendment of the financing statement, which must identify the initial financing statement, provide the name of the assignor, and provide the name and mailing address of the assignee. However, an assignment of record of a security interest in a fixture covered by a record of a mortgage must be made through an assignment of record of the mortgage as provided by the state’s law. The document does not mention any specific exemptions or penalties.
Whom does it apply to?
Secured parties of record
What does it govern?
Assignment of powers of secured party of record
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Iowa