§ 554.14107 — Governing law

Iowa § 554.14107

• Jurisdiction: Iowa
• Title XIII: COMMERCE
• Ch. 554: UNIFORM COMMERCIAL CODE

Text

1. Governing law: general rule. Except as provided in subsection 2, the local law of a
controllable electronic record’s jurisdiction governs a matter covered by this Article.
2. Governing law: section 554.14106. For a controllable electronic record that evidences
a controllable account or controllable payment intangible, the local law of the controllable
electronic record’s jurisdiction governs a matter covered by section 554.14106 unless an
effective agreement determines that the local law of another jurisdiction governs.
3. Controllable electronic record’s jurisdiction. The following rules determine a
controllable electronic record’s jurisdiction under this section:
a. if the controllable electronic record, or a record attached to or logically associated with
the controllable electronic record and readily available for review, expressly provides that a
particular jurisdiction is the controllable electronic record’s jurisdiction for purposes of this
section,Article,orchapter,thatjurisdictionisthecontrollableelectronicrecord’sjurisdiction.
b. if paragraph “a” does not apply and the rules of the system in which the controllable
electronic record is recorded are readily available for review and expressly provide that a
particular jurisdiction is the controllable electronic record’s jurisdiction for purposes of this
section,Article,orchapter,thatjurisdictionisthecontrollableelectronicrecord’sjurisdiction.
c. ifparagraphs“a”and“b”donotapplyandthecontrollableelectronicrecord,orarecord
attachedtoorlogicallyassociatedwiththecontrollableelectronicrecordandreadilyavailable
forreview, expresslyprovidesthatthecontrollableelectronicrecordisgovernedbythelawof
a particular jurisdiction, that jurisdiction is the controllable electronic record’s jurisdiction.
d. if paragraphs “a”, “b”, and “c” do not apply and the rules of the system in which the
controllable electronic record is recorded are readily available for review and expressly
provide that the controllable electronic record or the system is governed by the law of a
particular jurisdiction, that jurisdiction is the controllable electronic record’s jurisdiction.
e. if paragraphs “a” through “d” do not apply, the controllable electronic record’s
jurisdiction is the District of Columbia.
4. Applicability of Article 12. If subsection 3, paragraph “e”, applies and Article 12 is not
in effect in the District of Columbia without material modification, the governing law for a
matter covered by this Article is the law of the District of Columbia as though Article 12
were in effect in the District of Columbia without material modification. In this subsection,
“Article 12” means Article 12 of Uniform Commercial Code Amendments (2022) approved by
the uniform law commission at its annual meeting in July 2022.
5. Relation of matter or transaction to controllable electronic record’s jurisdiction not
necessary. To the extent subsections 1 and 2 provide that the local law of the controllable
electronic record’s jurisdiction governs a matter covered by this Article, that law governs
even if the matter or a transaction to which the matter relates does not bear any relation to
the controllable electronic record’s jurisdiction.
6. Rights of purchasers determined at time of purchase. The rights acquired under
section 554.14104 by a purchaser or qualifying purchaser are governed by the law applicable
under this section at the time of purchase.