Iowa Code 570A.5 – Priority of lien
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Terms Used In Iowa Code 570A.5
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- 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
- Lien: A claim against real or personal property in satisfaction of a debt.
- Livestock: includes but is not limited to an animal classified as an ostrich, rhea, or emu. See Iowa Code 4.1
570A.5 Priority of lien.
Except as provided in this section, an agricultural supply dealer lien that is effective or
perfected as provided in § 570A.4 shall be subject to the rules of priority as provided in § 554.9322. For an agricultural supply dealer lien that is perfected under section
570A.4, all of the following shall apply:
1. The lien shall have priority over a lien or security interest that applies subsequent to the time that the agricultural supply dealer lien is perfected.
2. Except as provided in § 570A.2, subsection 3, the lien shall have equal priority to a lien or security interest which is perfected prior to the time that the agricultural supply dealer lien is perfected. However, a landlord’s lien that is perfected pursuant to § 570.1 shall have priority over a conflicting agricultural supply dealer lien as provided in section
570.1, and a harvester’s lien that is perfected pursuant to § 571.3 shall have priority over a conflicting agricultural supply dealer lien as provided in § 571.3A.
3. A lien in livestock feed shall have priority over an earlier perfected lien or security interest to the extent of the difference between the acquisition price of the livestock and the fair market value of the livestock at the time the lien attaches or the sale price of the livestock, whichever is greater.
84 Acts, ch 1072, §5; 2003 Acts, ch 82, §6; 2004 Acts, ch 1086, §92, 93
Except as provided in this section, an agricultural supply dealer lien that is effective or
perfected as provided in § 570A.4 shall be subject to the rules of priority as provided in § 554.9322. For an agricultural supply dealer lien that is perfected under section
570A.4, all of the following shall apply:
1. The lien shall have priority over a lien or security interest that applies subsequent to the time that the agricultural supply dealer lien is perfected.
2. Except as provided in § 570A.2, subsection 3, the lien shall have equal priority to a lien or security interest which is perfected prior to the time that the agricultural supply dealer lien is perfected. However, a landlord’s lien that is perfected pursuant to § 570.1 shall have priority over a conflicting agricultural supply dealer lien as provided in section
570.1, and a harvester’s lien that is perfected pursuant to § 571.3 shall have priority over a conflicting agricultural supply dealer lien as provided in § 571.3A.
3. A lien in livestock feed shall have priority over an earlier perfected lien or security interest to the extent of the difference between the acquisition price of the livestock and the fair market value of the livestock at the time the lien attaches or the sale price of the livestock, whichever is greater.
84 Acts, ch 1072, §5; 2003 Acts, ch 82, §6; 2004 Acts, ch 1086, §92, 93