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Can you summarize IACO 554.9628?
UNIFORM COMMERCIAL CODE > Nonliability and limitation on liability of secured party liability of secondary obligor.
Short Summary
This legal document governs the nonliability and limitation on liability of a secured party, specifically regarding the liability of a secondary obligor. It outlines the circumstances under which a secured party is not liable for failure to comply with the provisions of this Article. The document also specifies that a secured party’s failure to comply does not affect the liability of the person for a deficiency. It further discusses the limitation of liability based on the secured party’s knowledge of the debtor or obligor’s identity and how to communicate with them. Additionally, the document addresses the limitation of liability if the secured party has a reasonable belief that a transaction is not a consumer-goods transaction or a consumer transaction. It also mentions the limitation of liability for statutory damages and multiple liability for statutory damages. Finally, the document states that a secured party owes a duty to a debtor if the nature of the collateral or the recording system prevents the secured party from acquiring certain knowledge. Overall, this document provides clarity on the liability of secured parties and secondary obligors in various scenarios.
Whom does it apply to?
Secured parties, debtors, obligors, secured parties or lienholders that have filed a financing statement against a person
What does it govern?
Nonliability and limitation on liability of secured party liability of secondary obligor
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Iowa