Iowa Code 554.9333 – Priority of certain liens arising by operation of law
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1.
Possessory lien.
In this section, “possessory lien” means an interest, other than a security interest or an agricultural lien:
a. which secures payment or performance of an obligation for services or materials furnished with respect to goods by a person in the ordinary course of the person’s business;
b. which is created by statute or rule of law in favor of the person; and
c. whose effectiveness depends on the person’s possession of the goods.
Terms Used In Iowa Code 554.9333
- 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.
- 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
- Rule: includes "regulation". See Iowa Code 4.1
- Statute: A law passed by a legislature.
2.
Priority of possessory lien.
A possessory lien on goods has priority over a security interest in the goods unless the lien is created by a statute that expressly provides otherwise.