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Can you summarize IACO 554.9626?
UNIFORM COMMERCIAL CODE > Action in which deficiency or surplus is in issue.
Short Summary
This legal document, found in the Iowa Code under the Uniform Commercial Code, pertains to actions arising from transactions where the amount of deficiency or surplus is in issue. It applies to transactions other than consumer transactions. The document outlines the rules that apply in such cases. It states that a secured party does not need to prove compliance with certain provisions unless their compliance is placed in issue by the debtor or a secondary obligor. If compliance is placed in issue, the secured party has the burden of establishing that the collection, enforcement, disposition, or acceptance was conducted in accordance with the relevant provisions. If the secured party fails to prove compliance, the liability of the debtor or secondary obligor for a deficiency is limited to the excess of the secured obligation, expenses, and attorney’s fees over the proceeds of the collection, enforcement, disposition, or acceptance, or the amount that would have been realized if the noncomplying secured party had proceeded in accordance with the relevant provisions. The document also addresses the burden of proof for calculating a deficiency or surplus under specific circumstances. It clarifies that the rules mentioned apply to transactions other than consumer transactions, and the determination of proper rules in consumer transactions is left to the court’s discretion. Established approaches may continue to be applied in consumer transactions.
Whom does it apply to?
Parties involved in a transaction other than a consumer transaction
What does it govern?
Deficiency or surplus in issue in an action arising from a transaction
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Iowa