1.

 General scope of Article.

 Except as otherwise provided in subsections 3 and 4, this Article applies to:

 a. a transaction, regardless of its form, that creates a security interest in personal property or fixtures by contract;
 b. an agricultural lien;
 c. a sale of accounts, chattel paper, payment intangibles, or promissory notes;
 d. a consignment;
 e. a security interest arising under section 554.2401, 554.2505, 554.2711, subsection 3, or section 554.13508, subsection 5, as provided in section 554.9110; and
 f. a security interest arising under section 554.4210 or 554.5118.

Terms Used In Iowa Code 554.9109

  • Account: means the same as defined in section 554. See Iowa Code 554E.1
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Chattel paper: means the same as defined in section 554. See Iowa Code 554E.1
  • Contract: means the same as defined in section 554D. See Iowa Code 554E.1
  • Contract: A legal written agreement that becomes binding when signed.
  • Deposit account: means the same as defined in section 554. See Iowa Code 554E.1
  • 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
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Payment intangible: means the same as defined in section 554. See Iowa Code 554E.1
  • 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
  • property: includes personal and real property. See Iowa Code 4.1
  • real property: include lands, tenements, hereditaments, and all rights thereto and interests therein, equitable as well as legal. See Iowa Code 4.1
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Rule: includes "regulation". See Iowa Code 4.1
  • Sale: means any sale, offer for sale, or attempt to sell or lease any land, to the public in this state, for cash or on credit. See Iowa Code 543C.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
  • Statute: A law passed by a legislature.
  • Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
  • Transaction: means a sale, trade, exchange, transfer, payment, or conversion of a digital asset or any other property or any other action or set of actions occurring between two or more persons relating to the conduct of business, commercial, or governmental affairs. See Iowa Code 554E.1
  • United States: includes all the states. See Iowa Code 4.1
 2.

 Security interest in secured obligation.

 The application of this Article to a security interest in a secured obligation is not affected by the fact that the obligation is itself secured by a transaction or interest to which this Article does not apply.

 3.

 Extent to which Article does not apply.

 This Article does not apply to the extent that:

 a. a statute, regulation, or treaty of the United States preempts this Article;
 b. another statute of this state expressly governs the creation, perfection, priority, or enforcement of a security interest created by this state or a governmental unit of this state;
 c. a statute of another state, a foreign country, or a governmental unit of another state or a foreign country, other than a statute generally applicable to security interests, expressly governs creation, perfection, priority, or enforcement of a security interest created by the state, country, or governmental unit; or
 d. the rights of a transferee beneficiary or nominated person under a letter of credit are independent and superior under section 554.5114.
 4.

 Inapplicability of Article.

 This Article does not apply to:

 a. a landlord’s lien, other than an agricultural lien;
 b. a lien, other than an agricultural lien, given by statute or other rule of law for services or materials, but section 554.9333 applies with respect to priority of the lien;
 c. an assignment of a claim for wages, salary, or other compensation of an employee;
 d. a sale of accounts, chattel paper, payment intangibles, or promissory notes as part of a sale of the business out of which they arose;
 e. an assignment of accounts, chattel paper, payment intangibles, or promissory notes which is for the purpose of collection only;
 f. an assignment of a right to payment under a contract to an assignee that is also obligated to perform under the contract;
 g. an assignment of a single account, payment intangible, or promissory note to an assignee in full or partial satisfaction of a preexisting indebtedness;
 h. a transfer of an interest in or an assignment of a claim under a policy of insurance, other than an assignment by or to a health care provider of a health care insurance receivable and any subsequent assignment of the right to payment, but sections 554.9315 and 554.9322 apply with respect to proceeds and priorities in proceeds;
 i. an assignment of a right represented by a judgment, other than a judgment taken on a right to payment that was collateral;
 j. a right of recoupment or setoff, but:

 (1) section 554.9340 applies with respect to the effectiveness of rights of recoupment or setoff against deposit accounts; and
 (2) section 554.9404 applies with respect to defenses or claims of an account debtor;
 k. the creation or transfer of an interest in or lien on real property, including a lease or rents thereunder, except to the extent that provision is made for:

 (1) liens on real property in sections 554.9203 and 554.9308;
 (2) fixtures in section 554.9334;
 (3) fixture filings in sections 554.9501, 554.9502, 554.9512, 554.9516, and 554.9519; and
 (4) security agreements covering personal and real property in section 554.9604;
 l. an assignment of a claim arising in tort, other than a commercial tort claim, but sections 554.9315 and 554.9322 apply with respect to proceeds and priorities in proceeds;
 m. an assignment of a deposit account in a consumer transaction, but sections 554.9315 and 554.9322 apply with respect to proceeds and priorities in proceeds;
 n. a transfer, other than a transfer pursuant to chapter 419, by this state or a governmental unit within this state in connection with a public-finance transaction or a transaction that would be a public-finance transaction but for failure to meet the criterion set forth in section 554.9102, subsection 1, paragraph “bs”, subparagraph (2); or
 o. an assignment of a claim or right to receive any of the following:

 (1) compensation for injuries or sickness as provided in 26 U.S.C. § 104(a)(1) or (2).
 (2) benefits under a special needs trust as provided in 42 U.S.C. § 1396p(d)(4).
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