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Can you summarize IACO 554.9601?
UNIFORM COMMERCIAL CODE > Rights after default judicial enforcement consignor or buyer of accounts, chattel paper, payment intangibles, or promissory notes.
Short Summary
This legal document, part of the Iowa Code’s Uniform Commercial Code, governs the rights and actions of secured parties, debtors, obligors, consignors, and buyers of accounts, chattel paper, payment intangibles, or promissory notes after default. It grants secured parties the right to enforce their claims through judicial procedures and allows them to proceed either as to the documents or as to the goods they cover if the collateral is documents. Secured parties in possession or control of collateral have specific rights and duties. The rights provided in subsections 1 and 2 are cumulative and can be exercised simultaneously. Debtors and obligors also have rights after default, as provided in this part and by agreement of the parties. The document also addresses the lien of levy after judgment, execution sales, and the exemptions for consignors or buyers of certain rights to payment. No specific penalties are mentioned in this document.
Whom does it apply to?
Secured parties, debtors, obligors, consignors, buyers of accounts, chattel paper, payment intangibles, or promissory notes
What does it govern?
Rights after default judicial enforcement consignor or buyer of accounts, chattel paper, payment intangibles, or promissory notes
What are exemptions?
No duties are imposed upon a secured party that is a consignor or a buyer of accounts, chattel paper, payment intangibles, or promissory notes, except as otherwise provided in section 554.9607, subsection 3
What are the Penalties?
No specific penalties mentioned
Jurisdiction
Iowa