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Can you summarize IACO 554.9520?
UNIFORM COMMERCIAL CODE > Acceptance and refusal to accept record.
Short Summary
This legal document governs the refusal to accept records for filing in a filing office. It applies to filing offices and persons presenting records for filing. The document states that a filing office shall refuse to accept a record for filing if it falls under the reasons set forth in section 554.9516, subsection 2. The filing office must communicate the refusal and the reason to the person who presented the record within two business days. However, a filed financing statement satisfying certain requirements is still effective, even if the filing office is required to refuse it. This document also clarifies that if a record provides information related to multiple debtors, the rules apply to each debtor separately. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Filing offices and persons presenting records for filing
What does it govern?
Refusal to accept records for filing in a filing office
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Iowa