Iowa Code 462A.83 – Security interest in vessels — exemptions
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1. A lien given by statute or rule of law to a supplier of services or materials for a vessel.
Terms Used In Iowa Code 462A.83
- Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
- Certificate: means a certificate of title. See Iowa Code 462A.2
- Dealer: means a person who engages in whole or in part in the business of buying, selling, or exchanging vessels either outright or on conditional sale, bailment, lease, security interest, or otherwise, and who has an established place of business for sale, trade, and display of vessels. See Iowa Code 462A.2
- 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.
- Manufacturer: means a person engaged in the business of manufacturing or importing new and unused vessels, or new and unused outboard motors, for the purpose of sale or trade. See Iowa Code 462A.2
- Proceeds: includes whatever is received when collateral or proceeds are sold, exchanged, collected, or otherwise disposed of. See Iowa Code 462A.2
- Rule: includes "regulation". See Iowa Code 4.1
- Security interest: means an interest which is reserved or created by an agreement which secures payment or performance of an obligation and is valid against third parties generally. See Iowa Code 462A.2
- 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
- Statute: A law passed by a legislature.
- United States: includes all the states. See Iowa Code 4.1
- Vessel: means every description of watercraft, other than a seaplane, used or capable of being used as a means of transportation on water or ice. See Iowa Code 462A.2
2. A lien given by statute to the United States, this state, or any political subdivision of this state.
3. A security interest in a vessel created by a manufacturer or dealer who holds the vessel for sale, but a buyer in the ordinary course of trade from the manufacturer or dealer takes free of the security interest.
4. A lien arising out of an attachment of a vessel.
5. A security interest claimed on proceeds if the original security interest did not have to be noted on the certificate of title in order to be perfected.
6. A vessel for which a certificate of title is not required under this chapter.
7. A security interest perfected under chapter 554 before January 1, 1988.