Iowa Code 554.9331 – Priority of rights of purchasers of controllable accounts, controllable records, controllable payment intangibles, documents, instruments, and securities under other Articles — priority of interests in financial assets and secur…
This Article does not limit the rights of a holder in due course of a negotiable instrument, a holder to which a negotiable document of title has been duly negotiated, a protected purchaser of a security, or a qualifying purchaser of a controllable account, controllable electronic record, or controllable payment intangible. These holders or purchasers take priority over an earlier security interest, even if perfected, to the extent provided in Articles 3, 7, 8, and 14.
Terms Used In Iowa Code 554.9331
- Account: means the same as defined in section 554. 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
- 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
This Article does not limit the rights of or impose liability on a person to the extent that the person is protected against the assertion of a claim under Article 8 or 14.
Filing under this Article does not constitute notice of a claim or defense to the holders, purchasers, or persons described in subsections 1 and 2.