Iowa Code 579A.2 – Establishment of lien — priority
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Terms Used In Iowa Code 579A.2
- Contract: A legal written agreement that becomes binding when signed.
- 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
- 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
- year: means twelve consecutive months. See Iowa Code 4.1
579A.2 Establishment of lien — priority.
1. A custom cattle feedlot lien is created. The lien is an agricultural lien as provided in § 554.9302.
2. A custom cattle feedlot operator shall have a lien upon the cattle and the identifiable cash proceeds from the sale of the cattle for the amount of the contract price for the feed and care of the cattle at the custom cattle feedlot pursuant to a written or oral agreement by the custom cattle feedlot operator and the person who owns the cattle, which may be enforced as provided in § 579A.3. The custom cattle feedlot operator is a secured party and the owner of the cattle is a debtor for purposes of chapter 554, article 9.
3. A custom cattle feedlot lien becomes effective at the time the cattle arrive at the custom cattle feedlot. In order to perfect the lien, the custom cattle feedlot operator must file a financing statement in the office of the secretary of state as provided in § 554.9308 within twenty days after the cattle arrive at the custom cattle feedlot.
a. The financing statement shall substantially meet the requirements of § 554.9502, subsection 1, and include all applicable information described in § 554.9516.
b. The lien terminates one year after the cattle have left the custom cattle feedlot. The lien may be terminated by the custom cattle feedlot operator who files a termination statement as provided in chapter 554, article 9.
4. Filing a financing statement as provided in this section substantially satisfies all requirements for perfection of an agricultural lien as provided in chapter 554, article 9.
5. a. A custom cattle feedlot lien that is perfected under this section is superior to and shall have priority over a conflicting lien or security interest in the cattle, including a lien or security interest that was perfected prior to the perfection of the custom cattle feedlot lien.
b. Notwithstanding paragraph “”a””, a custom cattle feedlot lien shall not be superior to a court-ordered lien provided in § 717.4 or a veterinarian’s lien created under chapter
581, if such lien is perfected as an agricultural lien as provided in chapter 554, article 9.
c. A custom cattle feedlot lien that is effective but not perfected under this section has priority as provided in § 554.9322.
95 Acts, ch 59, §3; 99 Acts, ch 169, §9 – 11, 22, 24; 2001 Acts, ch 25, §3; 2005 Acts, ch 136,
§38; 2005 Acts, ch 179, §74; 2011 Acts, ch 81, §2
Referred to in §579A.1, 579A.3
1. A custom cattle feedlot lien is created. The lien is an agricultural lien as provided in § 554.9302.
2. A custom cattle feedlot operator shall have a lien upon the cattle and the identifiable cash proceeds from the sale of the cattle for the amount of the contract price for the feed and care of the cattle at the custom cattle feedlot pursuant to a written or oral agreement by the custom cattle feedlot operator and the person who owns the cattle, which may be enforced as provided in § 579A.3. The custom cattle feedlot operator is a secured party and the owner of the cattle is a debtor for purposes of chapter 554, article 9.
3. A custom cattle feedlot lien becomes effective at the time the cattle arrive at the custom cattle feedlot. In order to perfect the lien, the custom cattle feedlot operator must file a financing statement in the office of the secretary of state as provided in § 554.9308 within twenty days after the cattle arrive at the custom cattle feedlot.
a. The financing statement shall substantially meet the requirements of § 554.9502, subsection 1, and include all applicable information described in § 554.9516.
b. The lien terminates one year after the cattle have left the custom cattle feedlot. The lien may be terminated by the custom cattle feedlot operator who files a termination statement as provided in chapter 554, article 9.
4. Filing a financing statement as provided in this section substantially satisfies all requirements for perfection of an agricultural lien as provided in chapter 554, article 9.
5. a. A custom cattle feedlot lien that is perfected under this section is superior to and shall have priority over a conflicting lien or security interest in the cattle, including a lien or security interest that was perfected prior to the perfection of the custom cattle feedlot lien.
b. Notwithstanding paragraph “”a””, a custom cattle feedlot lien shall not be superior to a court-ordered lien provided in § 717.4 or a veterinarian’s lien created under chapter
581, if such lien is perfected as an agricultural lien as provided in chapter 554, article 9.
c. A custom cattle feedlot lien that is effective but not perfected under this section has priority as provided in § 554.9322.
95 Acts, ch 59, §3; 99 Acts, ch 169, §9 – 11, 22, 24; 2001 Acts, ch 25, §3; 2005 Acts, ch 136,
§38; 2005 Acts, ch 179, §74; 2011 Acts, ch 81, §2
Referred to in §579A.1, 579A.3