Ask Reggi Your Question Now
Can you summarize IACO 554.9616?
UNIFORM COMMERCIAL CODE > Explanation of calculation of surplus or deficiency.
Short Summary
This legal document, part of the Iowa Code’s Uniform Commercial Code, governs the calculation of surplus or deficiency in consumer-goods transactions. It applies to secured parties, debtors, and consumer obligors involved in such transactions. The document defines ‘Explanation’ as a writing that states the amount of the surplus or deficiency, provides an explanation of how it was calculated, mentions the possibility of future debits, credits, charges, and provides contact information for additional transaction-related information. ‘Request’ is defined as a record authenticated by a debtor or consumer obligor, requesting an explanation after the disposition of collateral. The document outlines the requirements for providing an explanation, including information about the obligations secured by the security interest, proceeds of the disposition, expenses, credits, and the surplus or deficiency amount. It also mentions that substantial compliance is sufficient and allows charges for additional responses. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Secured parties, debtors, and consumer obligors involved in consumer-goods transactions
What does it govern?
Calculation of surplus or deficiency in consumer-goods transactions
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Iowa