1.

 Rights of secured party after default.

 After default, a secured party has the rights provided in this part and, except as otherwise provided in section 554.9602, those provided by agreement of the parties. A secured party:

 a. may reduce a claim to judgment, foreclose, or otherwise enforce the claim, security interest, or agricultural lien by any available judicial procedure; and
 b. if the collateral is documents, may proceed either as to the documents or as to the goods they cover.

Terms Used In Iowa Code 554.9601

  • Chattel paper: means the same as defined in section 554. See Iowa Code 554E.1
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • 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
  • Statute: A law passed by a legislature.
 2.

 Rights and duties of secured party in possession or control.

 A secured party in possession of collateral or control of collateral under section 554.7106, 554.9104, 554.9105, 554.9105A, 554.9106, 554.9107, or 554.9107A has the rights and duties provided in section 554.9207.

 3.

 Rights cumulative – simultaneous exercise.

 The rights under subsections 1 and 2 are cumulative and may be exercised simultaneously.

 4.

 Rights of debtor and obligor.

 Except as otherwise provided in subsection 7 and section 554.9605, after default, a debtor and an obligor have the rights provided in this part and by agreement of the parties.

 5.

 Lien of levy after judgment.

 If a secured party has reduced its claim to judgment, the lien of any levy that may be made upon the collateral by virtue of an execution based upon the judgment relates back to the earliest of:

 a. the date of perfection of the security interest or agricultural lien in the collateral;
 b. the date of filing a financing statement covering the collateral; or
 c. any date specified in a statute under which the agricultural lien was created.
 6.

 Execution sale.

 A sale pursuant to an execution is a foreclosure of the security interest or agricultural lien by judicial procedure within the meaning of this section. A secured party may purchase at the sale and thereafter hold the collateral free of any other requirements of this Article.

 7.

 Consignor or buyer of certain rights to payment.

 Except as otherwise provided in section 554.9607, subsection 3, this part imposes no duties upon a secured party that is a consignor or is a buyer of accounts, chattel paper, payment intangibles, or promissory notes.

  Previous section
Next section  
 Chapter 554 Contents