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Can you summarize IACO 554.9615?
UNIFORM COMMERCIAL CODE > Application of proceeds of disposition liability for deficiency and right to surplus.
Short Summary
This legal document, part of the Iowa Code’s Uniform Commercial Code, governs the application of proceeds of disposition, liability for deficiency, and the right to surplus in secured transactions. It outlines the order in which cash proceeds from disposition should be applied, including expenses, satisfaction of obligations secured by the security interest or agricultural lien, and satisfaction of obligations secured by subordinate security interests or liens. The document also addresses the application of noncash proceeds, surplus or deficiency in dispositions, and the calculation of surplus or deficiency in dispositions to related parties. Additionally, it discusses the treatment of cash proceeds received by junior secured parties. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Secured parties, holders of subordinate security interests or other liens, debtors, obligors
What does it govern?
Application of proceeds of disposition liability for deficiency and right to surplus
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Iowa