Ask Reggi Your Question Now
Can you summarize IACO 554.9625?
UNIFORM COMMERCIAL CODE > Remedies for secured partys failure to comply with Article.
Short Summary
This legal document, governed by the Iowa Code, specifically the Uniform Commercial Code, outlines the remedies available when a secured party fails to comply with the provisions of the Article. It states that a court may order or restrain collection, enforcement, or disposition of collateral if a secured party is not proceeding in accordance with the Article. The document also establishes liability for damages caused by noncompliance, including loss resulting from the debtor’s inability to obtain alternative financing. Additionally, it specifies that statutory damages of $500 can be recovered for noncompliance with certain provisions. The document applies to secured parties, debtors, obligors, and persons with security interests or liens on collateral. There are no exemptions mentioned in the document.
Whom does it apply to?
Secured parties, debtors, obligors, persons with security interests or liens on collateral
What does it govern?
Remedies for secured partys failure to comply with Article
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Damages in the amount of any loss caused by noncompliance, including loss resulting from the debtor's inability to obtain alternative financing. Statutory damages of $500 for specific noncompliance.
Jurisdiction
Iowa