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Can you summarize IACO 554.9607?
UNIFORM COMMERCIAL CODE > Collection and enforcement by secured party.
Short Summary
This section of the Iowa Code, specifically under the Uniform Commercial Code, governs the collection and enforcement actions that a secured party can take. It outlines the various actions that a secured party can undertake, such as notifying an account debtor or other obligated person to make payment or perform obligations for the benefit of the secured party. The section also allows the secured party to enforce the obligations of the account debtor or other obligated person and exercise the rights of the debtor with respect to the obligation and any collateral securing it. Additionally, it provides provisions for nonjudicial enforcement of mortgages and commercially reasonable collection and enforcement practices. The section also allows the secured party to deduct reasonable expenses, including attorney’s fees and legal expenses, from collections made. It is important to note that this section does not determine the duties owed by account debtors, banks, or other persons obligated on collateral to the secured party.
Whom does it apply to?
Secured parties, account debtors, other persons obligated on collateral
What does it govern?
Collection and enforcement by secured party
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Iowa