§ 554.9335 — Accessions

Iowa § 554.9335

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

Text

1. Creation of security interest in accession. A security interest may be created in an
accession and continues in collateral that becomes an accession.
2. Perfection of security interest. If a security interest is perfected when the collateral
becomes an accession, the security interest remains perfected in the collateral.
3. Priority of security interest. Except as otherwise provided in subsection 4, the other
provisions of this part determine the priority of a security interest in an accession.
4. Compliance with certificate-of-title statute. A security interest in an accession is
subordinate to a security interest in the whole which is perfected by compliance with the
requirements of a certificate-of-title statute under section 554.9311, subsection 2.
5. Removal of accession after default. After default, subject to part 6, a secured party
mayremoveanaccessionfromothergoodsifthesecurityinterestintheaccessionhaspriority
over the claims of every person having an interest in the whole.
6. Reimbursement following removal. A secured party that removes an accession from
other goods under subsection 5 shall promptly reimburse any holder of a security interest
or other lien on, or owner of, the whole or of the other goods, other than the debtor, for
the cost of repair of any physical injury to the whole or the other goods. The secured party
need not reimburse the holder or owner for any diminution in value of the whole or the other
goods caused by the absence of the accession removed or by any necessity for replacing it.
A person entitled to reimbursement may refuse permission to remove until the secured party
gives adequate assurance for the performance of the obligation to reimburse.