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Can you summarize IACO 554.9611?
UNIFORM COMMERCIAL CODE > Notification before disposition of collateral.
Short Summary
This legal document, governed by the Iowa Code under the Uniform Commercial Code, pertains to the notification requirements before the disposition of collateral. It applies to secured parties, debtors, secondary obligors, and other persons with an interest in the collateral. The document defines the ’notification date’ and requires a secured party to send an authenticated notification of disposition to the debtor, any secondary obligor, and other specified parties. However, there are exemptions to the notification requirement for perishable collateral, collateral that threatens to decline speedily in value, or collateral of a type customarily sold on a recognized market. The document also outlines the compliance requirements for notifying other secured parties or lienholders. The penalties for non-compliance are not specified in the provided document.
Whom does it apply to?
Secured parties, debtors, secondary obligors, other persons with an interest in the collateral
What does it govern?
Notification before disposition of collateral
What are exemptions?
The notification requirement does not apply if the collateral is perishable, threatens to decline speedily in value, or is of a type customarily sold on a recognized market.
What are the Penalties?
Penalties for non-compliance are not specified in the provided document.
Jurisdiction
Iowa