2009 Iowa Code
Title 13 - Commerce
Subtitle 5 - Regulation of Commercial Enterprises
CHAPTER 554 - UNIFORM COMMERCIAL CODE
554.9204 - AFTER-ACQUIRED PROPERTY -- FUTURE ADVANCES.

        554.9204  AFTER-ACQUIRED PROPERTY -- FUTURE
      ADVANCES.
         1.  After-acquired collateral.  Except as otherwise provided
      in subsection 2, a security agreement may create or provide for a
      security interest in after-acquired collateral.
         2.  When after-acquired property clause not effective.  A
      security interest does not attach under a term constituting an
      after-acquired property clause to:
         a.  consumer goods, other than an accession when given as
      additional security, unless the debtor acquires rights in them within
      ten days after the secured party gives value; or
         b.  a commercial tort claim.
         3.  Future advances and other value.  A security agreement may
      provide that collateral secures, or that accounts, chattel paper,
      payment intangibles, or promissory notes are sold in connection with,
      future advances or other value, whether or not the advances or value
      are given pursuant to commitment.  

         Section History: Recent Form

         2000 Acts, ch 1149, §14, 185, 187
         Accessions, see § 554.9335 

         Footnotes

         Effective July 1, 2001; 2000 Acts, ch 1149, §187; former section
      repealed effective July 1, 2001; 2000 Acts, ch 1149, §185, 187; for
      law prior to July 1, 2001, see Code 2001