Iowa Code 554.9311 – Perfection of security interests in property subject to certain statutes, regulations, and treaties
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Terms Used In Iowa Code 554.9311
- 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.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Lien: A claim against real or personal property in satisfaction of a debt.
- person: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
- property: includes personal and real property. See Iowa Code 4.1
- Statute: A law passed by a legislature.
554.9311 Perfection of security interests in property subject to certain statutes, regulations, and treaties.
1. Security interest subject to other law. Except as otherwise provided in subsection 4,
the filing of a financing statement is not necessary or effective to perfect a security interest in property subject to:
a. a statute, regulation, or treaty of the United States whose requirements for a security
interest’s obtaining priority over the rights of a lien creditor with respect to the property preempt § 554.9310, subsection 1;
b. any certificate-of-title statute, including as provided in chapter 321, covering
automobiles, trailers, mobile homes, boats, farm tractors, or the like, which provides for a security interest to be indicated on a certificate of title as a condition or result of perfection; or
c. a statute of another jurisdiction which provides for a security interest to be indicated
on a certificate of title as a condition or result of the security interest’s obtaining priority over the rights of a lien creditor with respect to the property.
2. Compliance with other law. Compliance with the requirements of a statute,
regulation, or treaty described in subsection 1 for obtaining priority over the rights of a lien creditor is equivalent to the filing of a financing statement under this Article. Except as otherwise provided in subsection 4 and sections 554.9313 and 554.9316, subsections 4 and 5, for goods covered by a certificate of title, a security interest in property subject to a statute, regulation, or treaty described in subsection 1 may be perfected only by compliance with those requirements, and a security interest so perfected remains perfected notwithstanding a change in the use or transfer of possession of the collateral.
3. Duration and renewal of perfection. Except as otherwise provided in subsection 4 and
section 554.9316, subsections 4 and 5, duration and renewal of perfection of a security interest perfected by compliance with the requirements prescribed by a statute, regulation, or treaty described in subsection 1 are governed by the statute, regulation, or treaty. In other respects, the security interest is subject to this Article.
4. Inapplicability to certain inventory. During any period in which collateral subject to a
statute specified in subsection 1, paragraph “”b”” is inventory held for sale or lease by a person or leased by that person as lessor and that person is in the business of selling goods of that kind, this section does not apply to a security interest in that collateral created by that person.
2000 Acts, ch 1149, §31, 185, 187; 2012 Acts, ch 1052, §6, 37
Referred to in §554.9308, 554.9309, 554.9310, 554.9316, 554.9334, 554.9335, 554.9337, 554.9505, 554.9611, 554.9621
1. Security interest subject to other law. Except as otherwise provided in subsection 4,
the filing of a financing statement is not necessary or effective to perfect a security interest in property subject to:
a. a statute, regulation, or treaty of the United States whose requirements for a security
interest’s obtaining priority over the rights of a lien creditor with respect to the property preempt § 554.9310, subsection 1;
b. any certificate-of-title statute, including as provided in chapter 321, covering
automobiles, trailers, mobile homes, boats, farm tractors, or the like, which provides for a security interest to be indicated on a certificate of title as a condition or result of perfection; or
c. a statute of another jurisdiction which provides for a security interest to be indicated
on a certificate of title as a condition or result of the security interest’s obtaining priority over the rights of a lien creditor with respect to the property.
2. Compliance with other law. Compliance with the requirements of a statute,
regulation, or treaty described in subsection 1 for obtaining priority over the rights of a lien creditor is equivalent to the filing of a financing statement under this Article. Except as otherwise provided in subsection 4 and sections 554.9313 and 554.9316, subsections 4 and 5, for goods covered by a certificate of title, a security interest in property subject to a statute, regulation, or treaty described in subsection 1 may be perfected only by compliance with those requirements, and a security interest so perfected remains perfected notwithstanding a change in the use or transfer of possession of the collateral.
3. Duration and renewal of perfection. Except as otherwise provided in subsection 4 and
section 554.9316, subsections 4 and 5, duration and renewal of perfection of a security interest perfected by compliance with the requirements prescribed by a statute, regulation, or treaty described in subsection 1 are governed by the statute, regulation, or treaty. In other respects, the security interest is subject to this Article.
4. Inapplicability to certain inventory. During any period in which collateral subject to a
statute specified in subsection 1, paragraph “”b”” is inventory held for sale or lease by a person or leased by that person as lessor and that person is in the business of selling goods of that kind, this section does not apply to a security interest in that collateral created by that person.
2000 Acts, ch 1149, §31, 185, 187; 2012 Acts, ch 1052, §6, 37
Referred to in §554.9308, 554.9309, 554.9310, 554.9316, 554.9334, 554.9335, 554.9337, 554.9505, 554.9611, 554.9621