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Can you summarize IACO 554.9627?
UNIFORM COMMERCIAL CODE > Determination of whether conduct was commercially reasonable.
Short Summary
This legal document, found in the Iowa Code under the Commerce section and the Uniform Commercial Code, discusses the determination of whether conduct was commercially reasonable. It provides guidelines for secured parties, creditors, and assignees for the benefit of creditors to establish that their collection, enforcement, disposition, or acceptance of collateral was made in a commercially reasonable manner. The document states that the fact that a greater amount could have been obtained by a different method or at a different time does not preclude the secured party from proving commercial reasonableness. It also outlines the criteria for a disposition of collateral to be considered commercially reasonable, such as being made in the usual manner on a recognized market or at the current market price. Additionally, it mentions that approval by a court, bona fide creditors’ committee, representative of creditors, or assignee for the benefit of creditors can establish commercial reasonableness, but such approval is not necessary and lack of approval does not invalidate the commercial reasonableness. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Secured parties, creditors, and assignees for the benefit of creditors
What does it govern?
Conduct being commercially reasonable
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Iowa