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Can you summarize IACO 554.9621?
UNIFORM COMMERCIAL CODE > Notification of proposal to accept collateral.
Short Summary
This legal document, governed by the Iowa Code under the Uniform Commercial Code, outlines the requirements for accepting collateral in full or partial satisfaction of an obligation secured by a secured party. The document specifies the persons to whom the proposal to accept collateral must be sent, including those who have previously claimed an interest in the collateral, other secured parties or lienholders with a security interest or lien on the collateral, and other secured parties who have complied with specific statutes, regulations, or treaties. Additionally, if the collateral is being accepted in partial satisfaction of the obligation, the proposal must also be sent to any secondary obligor. The document does not mention any exemptions or penalties. Overall, this legal document provides guidance on the proper procedures for accepting collateral in satisfaction of secured obligations.
Whom does it apply to?
Secured parties, debtors, persons with an interest in the collateral, secondary obligors
What does it govern?
Acceptance of collateral in full or partial satisfaction of an obligation secured by a secured party
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Iowa