§ 554.9611 — Notification before disposition of collateral

Iowa § 554.9611

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

Text

1. Notification date. In this section, “notification date” means the earlier of the dates on
which:
a. a secured party sends to the debtor and any secondary obligor a signed notification of
disposition; or
b. the debtor and any secondary obligor waive the right to notification.
2. Notification of disposition required. Except as otherwise provided in subsection 4, a
secured party that disposes of collateral under section 554.9610 shall send to the persons
specified in subsection 3 a reasonable signed notification of disposition.
3. Persons to be notified. To comply with subsection 2, the secured party shall send a
signed notification of disposition to:
a. the debtor;
b. any secondary obligor; and
c. if the collateral is other than consumer goods:
(1) any other person from which the secured party has received, before the notification
date, a signed notification of a claim of an interest in the collateral;
(2) any other secured party or lienholder that, ten days before the notification date, held
a security interest in or other lien on the collateral perfected by the filing of a financing
statement that:
(a) identified the collateral;
(b) was indexed under the debtor’s name as of that date; and
(c) was filed in the office in which to file a financing statement against the debtor covering
the collateral as of that date; and
(3) any other secured party that, ten days before the notification date, held a security
interest in the collateral perfected by compliance with a statute, regulation, or treaty
described in section 554.9311, subsection 1.
4. Subsection 2 inapplicable — perishable collateral — recognized market. Subsection 2
does not apply if the collateral is perishable or threatens to decline speedily in value or is of
a type customarily sold on a recognized market.
5. Compliance with subsection 3, paragraph “c”, subparagraph (2). A secured party
complies with the requirement for notification prescribed by subsection 3, paragraph “c”,
subparagraph (2), if:
a. not later than twenty days or earlier than thirty days before the notification date,
the secured party requests, in a commercially reasonable manner, information concerning
financing statements indexed under the debtor’s name in the office indicated in subsection
3, paragraph “c”, subparagraph (2); and
b. before the notification date, the secured party:
(1) did not receive a response to the request for information; or
(2) received a response to the request for information and sent a signed notification of
disposition to each secured party or other lienholder named in that response whose financing
statement covered the collateral.