Iowa Code 684.6 – When transfer is made or obligation is incurred
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For the purposes of this chapter:
1. A transfer is made under either of the following circumstances:
a. With respect to an asset that is real property other than a fixture, but including the interest of a seller or purchaser under a contract for the sale of the asset, when the transfer is so far perfected that a good-faith purchaser of the asset from the debtor against which applicable law permits the transfer to be perfected cannot acquire an interest in the asset that is superior to the interest of the transferee.
b. With respect to an asset that is not real property or that is a fixture, when the transfer is so far perfected that a creditor on a simple contract cannot acquire a judicial lien otherwise than under this chapter that is superior to the interest of the transferee.
Terms Used In Iowa Code 684.6
- Asset: means property of a debtor, but does not include any of the following:a. See Iowa Code 684.1
- Contract: A legal written agreement that becomes binding when signed.
- Creditor: means a person that has a claim. See Iowa Code 684.1
- Debtor: means a person that is liable on a claim. See Iowa Code 684.1
- 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
- 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.
- Property: means anything that may be the subject of ownership. See Iowa Code 684.1
- Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See Iowa Code 684.1
- Transfer: means every mode, direct or indirect, absolute or conditional, voluntary or involuntary, of disposing of or parting with an asset or an interest in an asset, and includes payment of money, release, lease, license, and creation of a lien or other encumbrance. See Iowa Code 684.1
2. If applicable law permits the transfer to be perfected as provided in subsection 1 and the transfer is not so perfected before the commencement of an action for relief under this chapter, the transfer is deemed made immediately before the commencement of the action.3. If applicable law does not permit the transfer to be perfected as provided in subsection 1, the transfer is made when it becomes effective between the debtor and the transferee.4. A transfer is not made until the debtor has acquired rights in the asset transferred.5. An obligation is incurred under either of the following circumstances:a. If oral, when it becomes effective between the parties.b. If evidenced by a record, when the record signed by the obligor is delivered to or for the benefit of the obligee.