Iowa Code 554.9337 – Priority of security interests in goods covered by certificate of title
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Iowa Code 554.9337
- 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.
- 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
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
554.9337 Priority of security interests in goods covered by certificate of title.
If, while a security interest in goods is perfected by any method under the law of another jurisdiction, this state issues a certificate of title that does not show that the goods are subject to the security interest or contain a statement that they may be subject to security interests not shown on the certificate:
1. a buyer of the goods, other than a person in the business of selling goods of that kind, takes free of the security interest if the buyer gives value and receives delivery of the goods after issuance of the certificate and without knowledge of the security interest; and
2. the security interest is subordinate to a conflicting security interest in the goods that attaches, and is perfected under § 554.9311, subsection 2, after issuance of the certificate and without the conflicting secured party’s knowledge of the security interest.
2000 Acts, ch 1149, §57, 187
If, while a security interest in goods is perfected by any method under the law of another jurisdiction, this state issues a certificate of title that does not show that the goods are subject to the security interest or contain a statement that they may be subject to security interests not shown on the certificate:
1. a buyer of the goods, other than a person in the business of selling goods of that kind, takes free of the security interest if the buyer gives value and receives delivery of the goods after issuance of the certificate and without knowledge of the security interest; and
2. the security interest is subordinate to a conflicting security interest in the goods that attaches, and is perfected under § 554.9311, subsection 2, after issuance of the certificate and without the conflicting secured party’s knowledge of the security interest.
2000 Acts, ch 1149, §57, 187