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Can you summarize IACO 554.9515?
UNIFORM COMMERCIAL CODE > Duration and effectiveness of financing statement effect of lapsed financing statement.
Short Summary
This legal document, governed by the Iowa Code under the Uniform Commercial Code, addresses the duration and effectiveness of financing statements. A filed financing statement is generally effective for a period of five years from the date of filing. However, there are exceptions for initial financing statements filed in connection with public-finance transactions or manufactured-home transactions, which are effective for thirty years. The effectiveness of a financing statement lapses upon expiration, unless a continuation statement is filed within six months before the expiration. If a financing statement lapses, any security interest or agricultural lien that was perfected by the financing statement becomes unperfected, unless the security interest is perfected otherwise. The document also mentions specific provisions for transmitting utility financing statements and records of mortgages filed as fixture filings. Overall, this document provides guidelines for the duration and continuation of financing statements in Iowa.
Whom does it apply to?
Creditors and debtors involved in filing financing statements
What does it govern?
Duration and effectiveness of financing statements
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Iowa