Current through bills signed by governor as of 5/17/2024
Section 554.9611 - Notification before disposition of collateral1.Notification date. In this section, "notification date" means the earlier of the dates on which: a. a secured party sends to the debtor and any secondary obligor a signed notification of disposition; orb. the debtor and any secondary obligor waive the right to notification.2.Notification of disposition required. Except as otherwise provided in subsection 4, a secured party that disposes of collateral under section 554.9610 shall send to the persons specified in subsection 3 a reasonable signed notification of disposition.3.Persons to be notified. To comply with subsection 2, the secured party shall send a signed notification of disposition to: b. any secondary obligor; andc. if the collateral is other than consumer goods: (1) any other person from which the secured party has received, before the notification date, a signed notification of a claim of an interest in the collateral;(2) any other secured party or lienholder that, ten days before the notification date, held a security interest in or other lien on the collateral perfected by the filing of a financing statement that: (a) identified the collateral;(b) was indexed under the debtor's name as of that date; and(c) was filed in the office in which to file a financing statement against the debtor covering the collateral as of that date; and(3) any other secured party that, ten days before the notification date, held a security interest in the collateral perfected by compliance with a statute, regulation, or treaty described in section 554.9311, subsection 1.4.Subsection 2 inapplicable - perishable collateral - recognized market. Subsection 2 does not apply if the collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market.5.Compliance with subsection 3, paragraph "c", subparagraph (2). A secured party complies with the requirement for notification prescribed by subsection 3, paragraph "c", subparagraph (2), if: a. not later than twenty days or earlier than thirty days before the notification date, the secured party requests, in a commercially reasonable manner, information concerning financing statements indexed under the debtor's name in the office indicated in subsection 3, paragraph "c", subparagraph (2); andb. before the notification date, the secured party:(1) did not receive a response to the request for information; or(2) received a response to the request for information and sent a signed notification of disposition to each secured party or other lienholder named in that response whose financing statement covered the collateral.Amended by 2024 Iowa, ch Chapter 1023,s 89, eff. 7/1/2024.Amended by 2024 Iowa, ch Chapter 1023,s 88, eff. 7/1/2024.Amended by 2024 Iowa, ch Chapter 1023,s 87, eff. 7/1/2024.2000 Acts, ch 1149, §109, 187Referred to in §554.9602, 554.9624