1.

 Perfection by control.

 A security interest in controllable accounts, controllable electronic records, controllable payment intangibles, deposit accounts, electronic chattel paper, electronic documents, electronic money, investment property, or letter-of-credit rights may be perfected by control of the collateral under section 554.7106, 554.9104, 554.9105, 554.9105A, 554.9106, 554.9107, or 554.9107A.

Terms Used In Iowa Code 554.9314

  • Chattel paper: means the same as defined in section 554. See Iowa Code 554E.1
  • Electronic: means the same as defined in section 554D. See Iowa Code 554E.1
  • Electronic chattel paper: means the same as defined in section 554. 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
  • Money: means the same as defined in section 554. See Iowa Code 554E.1
  • property: includes personal and real property. See Iowa Code 4.1
 2.

 Specified collateral – time of perfection by control – continuation of perfection.

 A security interest in controllable accounts, controllable electronic records, controllable payment intangibles, deposit accounts, electronic chattel paper, electronic documents, electronic money, or letter-of-credit rights is perfected by control under section 554.7106, 554.9104, 554.9105, 554.9105A, 554.9107, or 554.9107A when the secured party obtains control and remains perfected by control only while the secured party retains control.

 3.

 Investment property – time of perfection by control – continuation of perfection.

 A security interest in investment property is perfected by control under section 554.9106 from the time the secured party obtains control and remains perfected by control until:

 a. the secured party does not have control; and
 b. one of the following occurs:

 (1) if the collateral is a certificated security, the debtor has or acquires possession of the security certificate;
 (2) if the collateral is an uncertificated security, the issuer has registered or registers the debtor as the registered owner; or
 (3) if the collateral is a security entitlement, the debtor is or becomes the entitlement holder.
  Previous section
Next section  
 Chapter 554 Contents