1.

 Attachment.

 A security interest attaches to collateral when it becomes enforceable against the debtor with respect to the collateral, unless an agreement expressly postpones the time of attachment.

Terms Used In Iowa Code 554.9203

  • Account: means the same as defined in section 554. See Iowa Code 554E.1
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
  • Chattel paper: means the same as defined in section 554. See Iowa Code 554E.1
  • Controllable account: means an account evidenced by a controllable electronic record that provides that the account debtor undertakes to pay a person that under the uniform commercial code has control of the controllable electronic record. See Iowa Code 554E.1
  • Controllable electronic record: means an electronic record that can be subjected to control under any applicable article of the uniform commercial code. See Iowa Code 554E.1
  • Controllable payment intangible: means a payment intangible evidenced by a controllable electronic record that provides that the account debtor undertakes to pay a person that under any applicable article of the uniform commercial code has control of the controllable electronic record. See Iowa Code 554E.1
  • Electronic: means the same as defined in section 554D. See Iowa Code 554E.1
  • Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
  • 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
  • Investment property: means the same as defined in section 554. See Iowa Code 554E.1
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Money: means the same as defined in section 554. See Iowa Code 554E.1
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • 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
 2.

 Enforceability.

 Except as otherwise provided in subsections 3 through 10, a security interest is enforceable against the debtor and third parties with respect to the collateral only if:

 a. value has been given;
 b. the debtor has rights in the collateral or the power to transfer rights in the collateral to a secured party; and
 c. one of the following conditions is met:

 (1) the debtor has authenticated a security agreement that provides a description of the collateral and, if the security interest covers timber to be cut, a description of the land concerned;
 (2) the collateral is not a certificated security and is in the possession of the secured party under section 554.9313 pursuant to the debtor’s security agreement;
 (3) the collateral is a certificated security in registered form and the security certificate has been delivered to the secured party under section 554.8301 pursuant to the debtor’s security agreement; or
 (4) the collateral is controllable accounts, controllable electronic records, controllable payment intangibles, deposit accounts, electronic chattel paper, electronic documents, electronic money, investment property, or letter-of-credit rights, and the secured party has control under section 554.7106, 554.9104, 554.9105, 554.9105A, 554.9106, 554.9107, or 554.9107A pursuant to the debtor’s security agreement.
 3.

 Other UCC provisions.

 Subsection 2 is subject to section 554.4210 on the security interest of a collecting bank, section 554.5118 on the security interest of a letter-of-credit issuer or nominated person, section 554.9110 on a security interest arising under Article 2 or 13, and section 554.9206 on security interests in investment property.

 4.

 When person becomes bound by another person’s security agreement.

 A person becomes bound as debtor by a security agreement entered into by another person if, by operation of law other than this Article or by contract:

 a. the security agreement becomes effective to create a security interest in the person’s property; or
 b. the person becomes generally obligated for the obligations of the other person, including the obligation secured under the security agreement, and acquires or succeeds to all or substantially all of the assets of the other person.
 5.

 Effect of new debtor becoming bound.

 If a new debtor becomes bound as debtor by a security agreement entered into by another person:

 a. the agreement satisfies subsection 2, paragraph “c”, with respect to existing or after-acquired property of the new debtor to the extent the property is described in the agreement; and
 b. another agreement is not necessary to make a security interest in the property enforceable.
 6.

 Proceeds and supporting obligations.

 The attachment of a security interest in collateral gives the secured party the rights to proceeds provided by section 554.9315 and is also attachment of a security interest in a supporting obligation for the collateral.

 7.

 Lien securing right to payment.

 The attachment of a security interest in a right to payment or performance secured by a security interest or other lien on personal or real property is also attachment of a security interest in the security interest, mortgage, or other lien.

 8.

 Security entitlement carried in securities account.

 The attachment of a security interest in a securities account is also attachment of a security interest in the security entitlements carried in the securities account.

 9.

 Commodity contracts carried in commodity account.

 The attachment of a security interest in a commodity account is also attachment of a security interest in the commodity contracts carried in the commodity account.

 10.

 Controllable account or controllable payment intangible.

 The attachment of a security interest in a controllable electronic record that evidences a controllable account or controllable payment intangible is also attachment of a security interest in the controllable account or controllable payment intangible.

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