§ 554.9317 — Interests that take priority over or take free of security interest or agricultural lien

Iowa § 554.9317

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

Text

lien.
1. Conflicting security interests and rights of lien creditors. A security interest or
agricultural lien is subordinate to the rights of:
a. a person entitled to priority under section 554.9322; and
b. except as otherwise provided in subsection 5, a person that becomes a lien creditor
before the earlier of the time:
(1) The security interest or agricultural lien is perfected; or
(2) One of the conditions specified in section 554.9203, subsection 2, paragraph “c” is met
and a financing statement covering the collateral is filed.
2. Buyers that receive delivery. Except as otherwise provided in subsection 5, a buyer,
otherthanasecuredparty,ofgoods,instruments,tangibledocuments,orasecuritycertificate
takes free of a security interest or agricultural lien if the buyer gives value and receives
delivery of the collateral without knowledge of the security interest or agricultural lien and
before it is perfected.
3. Lesseesthatreceivedelivery. Except as otherwise provided in subsection 5, a lessee of
goods takes free of a security interest or agricultural lien if the lessee gives value and receives
delivery of the collateral without knowledge of the security interest or agricultural lien and
before it is perfected.
4. Licensees and buyers of certain collateral. Subject to subsections 6 through 9, a
licensee of a general intangible or a buyer, other than a secured party, of collateral other
than electronic money, goods, instruments, tangible documents, or a certificated security
takes free of a security interest if the licensee or buyer gives value without knowledge of the
security interest and before it is perfected.
5. Purchase-money security interest. Except as otherwise provided in sections 554.9320
and 554.9321, if a person files a financing statement with respect to a purchase-money
security interest before or within twenty days after the debtor receives delivery of the
collateral, the security interest takes priority over the rights of a buyer, lessee, or lien creditor
which arise between the time the security interest attaches and the time of filing.
6. Buyersofchattelpaper. Abuyer, otherthanasecuredparty, ofchattelpapertakesfree
of a security interest if, without knowledge of the security interest and before it is perfected,
the buyer gives value and:
a. receivesdeliveryofeachauthoritativetangiblecopyoftherecordevidencingthechattel
paper; and
b. if each authoritative electronic copy of the record evidencing the chattel paper can be
subjected to control under section 554.9105, obtains control of each authoritative electronic
copy.
7. Buyers of electronic documents. A buyer of an electronic document takes free of a
security interest if, without knowledge of the security interest and before it is perfected, the
buyer gives value and, if each authoritative electronic copy of the document can be subjected
to control under section 554.7106, obtains control of each authoritative electronic copy.
8. Buyers of controllable electronic records. A buyer of a controllable electronic record
takes free of a security interest if, without knowledge of the security interest and before it is
perfected, the buyer gives value and obtains control of the controllable electronic record.
9. Buyers of controllable accounts and controllable payment intangibles. A buyer, other
than a secured party, of a controllable account or a controllable payment intangible takes free
of a security interest if, without knowledge of the security interest and before it is perfected,
the buyer gives value and obtains control of the controllable account or controllable payment
intangible.