Iowa Code 554.9308 – When security interest or agricultural lien is perfected — continuity of perfection
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Terms Used In Iowa Code 554.9308
- Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
- Contract: A legal written agreement that becomes binding when signed.
- Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
554.9308 When security interest or agricultural lien is perfected — continuity of perfection.
1. Perfection of security interest. Except as otherwise provided in this section and § 554.9309, a security interest is perfected if it has attached and all of the applicable requirements for perfection in sections 554.9310, 554.9311, 554.9312, 554.9313, 554.9314,
554.9315, and 554.9316 have been satisfied. A security interest is perfected when it attaches if the applicable requirements are satisfied before the security interest attaches.
2. Perfection of agricultural lien. An agricultural lien is perfected if it has become
effective and all of the applicable requirements for perfection in § 554.9310 have been satisfied. An agricultural lien is perfected when it becomes effective if the applicable requirements are satisfied before the agricultural lien becomes effective.
3. Continuous perfection — perfection by different methods. A security interest or
agricultural lien is perfected continuously if it is originally perfected by one method under this Article and is later perfected by another method under this Article, without an intermediate period when it was unperfected.
4. Supporting obligation. Perfection of a security interest in collateral also perfects a
security interest in a supporting obligation for the collateral.
5. Lien securing right to payment. Perfection of a security interest in a right to payment or performance also perfects a security interest in a security interest, mortgage, or other lien on personal or real property securing the right.
6. Security entitlement carried in securities account. Perfection of a security interest in a securities account also perfects a security interest in the security entitlements carried in the securities account.
7. Commodity contract carried in commodity account. Perfection of a security interest in a commodity account also perfects a security interest in the commodity contracts carried in the commodity account.
8. Controllable account or payment intangible. Perfection of a security interest in a controllable electronic record that evidences a controllable account or controllable payment intangible also perfects a security interest in the controllable account or controllable payment intangible.
2000 Acts, ch 1149, §28, 185, 187; 2022 Acts, ch 1117, §25
Referred to in §554.9109, 554.9306, 554.9310, 554.9312, 570.1, 570A.4, 571.3, 579A.2, 579B.4, 581.3, 717.4
Effectiveness, attachment, and enforceability of security interests, see §554.9201 – 554.9206
1. Perfection of security interest. Except as otherwise provided in this section and § 554.9309, a security interest is perfected if it has attached and all of the applicable requirements for perfection in sections 554.9310, 554.9311, 554.9312, 554.9313, 554.9314,
554.9315, and 554.9316 have been satisfied. A security interest is perfected when it attaches if the applicable requirements are satisfied before the security interest attaches.
2. Perfection of agricultural lien. An agricultural lien is perfected if it has become
effective and all of the applicable requirements for perfection in § 554.9310 have been satisfied. An agricultural lien is perfected when it becomes effective if the applicable requirements are satisfied before the agricultural lien becomes effective.
3. Continuous perfection — perfection by different methods. A security interest or
agricultural lien is perfected continuously if it is originally perfected by one method under this Article and is later perfected by another method under this Article, without an intermediate period when it was unperfected.
4. Supporting obligation. Perfection of a security interest in collateral also perfects a
security interest in a supporting obligation for the collateral.
5. Lien securing right to payment. Perfection of a security interest in a right to payment or performance also perfects a security interest in a security interest, mortgage, or other lien on personal or real property securing the right.
6. Security entitlement carried in securities account. Perfection of a security interest in a securities account also perfects a security interest in the security entitlements carried in the securities account.
7. Commodity contract carried in commodity account. Perfection of a security interest in a commodity account also perfects a security interest in the commodity contracts carried in the commodity account.
8. Controllable account or payment intangible. Perfection of a security interest in a controllable electronic record that evidences a controllable account or controllable payment intangible also perfects a security interest in the controllable account or controllable payment intangible.
2000 Acts, ch 1149, §28, 185, 187; 2022 Acts, ch 1117, §25
Referred to in §554.9109, 554.9306, 554.9310, 554.9312, 570.1, 570A.4, 571.3, 579A.2, 579B.4, 581.3, 717.4
Effectiveness, attachment, and enforceability of security interests, see §554.9201 – 554.9206