Iowa Code 554.9301 – Law governing perfection and priority of security interests
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Terms Used In Iowa Code 554.9301
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
554.9301 Law governing perfection and priority of security interests.
Except as otherwise provided in sections 554.9303, 554.9304, 554.9305, and 554.9306,
the following rules determine the law governing perfection, the effect of perfection or nonperfection, and the priority of a security interest in collateral:
1. Except as otherwise provided in this section, while a debtor is located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in collateral.
2. While collateral is located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a possessory security interest in that collateral.
3. Except as otherwise provided in subsection 4, while tangible negotiable documents, goods, instruments, tangible money, or tangible chattel paper is located in a jurisdiction, the local law of that jurisdiction governs:
a. perfection of a security interest in the goods by filing a fixture filing;
b. perfection of a security interest in timber to be cut; and
c. the effect of perfection or nonperfection and the priority of a nonpossessory security interest in the collateral.
4. The local law of the jurisdiction in which the wellhead or minehead is located governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in as-extracted collateral.
2000 Acts, ch 1149, §21, 185, 187; 2007 Acts, ch 30, §45, 46, 69; 2022 Acts, ch 1117, §23
Referred to in §554.1301, 554.9316
Except as otherwise provided in sections 554.9303, 554.9304, 554.9305, and 554.9306,
the following rules determine the law governing perfection, the effect of perfection or nonperfection, and the priority of a security interest in collateral:
1. Except as otherwise provided in this section, while a debtor is located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in collateral.
2. While collateral is located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a possessory security interest in that collateral.
3. Except as otherwise provided in subsection 4, while tangible negotiable documents, goods, instruments, tangible money, or tangible chattel paper is located in a jurisdiction, the local law of that jurisdiction governs:
a. perfection of a security interest in the goods by filing a fixture filing;
b. perfection of a security interest in timber to be cut; and
c. the effect of perfection or nonperfection and the priority of a nonpossessory security interest in the collateral.
4. The local law of the jurisdiction in which the wellhead or minehead is located governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in as-extracted collateral.
2000 Acts, ch 1149, §21, 185, 187; 2007 Acts, ch 30, §45, 46, 69; 2022 Acts, ch 1117, §23
Referred to in §554.1301, 554.9316