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Can you summarize IACO 554.9610?
UNIFORM COMMERCIAL CODE > Disposition of collateral after default.
Short Summary
This legal document, governed by the Iowa Code under the Uniform Commercial Code, addresses the disposition of collateral after default. It grants secured parties the authority to sell, lease, license, or otherwise dispose of the collateral in its present condition or after reasonable preparation or processing. The disposition must be commercially reasonable, considering factors such as method, manner, time, place, and terms. The secured party can choose public or private proceedings, one or more contracts, and sell the collateral as a unit or in parcels. The secured party may purchase the collateral at a public disposition or a private disposition if the collateral is customarily sold on a recognized market or has widely distributed standard price quotations. The document also includes warranties on the disposition, such as title, possession, and quiet enjoyment, which accompany voluntary dispositions. However, the secured party has the option to disclaim or modify these warranties through effective communication or by providing a record with an express disclaimer or modification. The document specifies the sufficiency of a record to disclaim warranties. Overall, this document provides guidelines and provisions for the disposition of collateral after default in a commercially reasonable manner.
Whom does it apply to?
Secured parties and purchasers of collateral
What does it govern?
Disposition of collateral after default
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Iowa