2016 Iowa Code
Title XIII - COMMERCE
Chapter 554 - UNIFORM COMMERCIAL CODE
Section 554.9805 - Effectiveness of action taken before effective date.

554.9805

Effectiveness of action taken before effective date.

1.

Pre-effective-date filing effective.

The filing of a financing statement before July 1, 2013, is effective to perfect a security interest to the extent the filing would satisfy the applicable requirements for perfection under this Article, as amended by 2012 Acts, ch. 1052.

2.

When pre-effective-date filing becomes ineffective.

2012 Acts, ch. 1052, does not render ineffective an effective financing statement that, before July 1, 2013, is filed and satisfies the applicable requirements for perfection under the law of the jurisdiction governing perfection as provided in this Article, as it existed before July 1, 2013. However, except as otherwise provided in subsections 3 and 4 and section 554.9806, the financing statement ceases to be effective:

a. if the financing statement is filed in this state, at the time the financing statement would have ceased to be effective had 2012 Acts, ch. 1052, not taken effect; or

b. if the financing statement is filed in another jurisdiction, at the earlier of:

(1) the time the financing statement would have ceased to be effective under the law of that jurisdiction; or

(2) June 30, 2018.

3.

Continuation statement.

The filing of a continuation statement on or after July 1, 2013, does not continue the effectiveness of a financing statement filed before July 1, 2013. However, upon the timely filing of a continuation statement on or after July 1, 2013, and in accordance with the law of the jurisdiction governing perfection as provided in this Article, as amended by 2012 Acts, ch. 1052, the effectiveness of a financing statement filed in the same office in that jurisdiction before July 1, 2013, continues for the period provided by the law of that jurisdiction.

4.

Application of subsection 2, paragraph “b”, subparagraph (2) to transmitting utility financing statement.

Subsection 2, paragraph “b”, subparagraph (2) applies to a financing statement that, before July 1, 2013, is filed against a transmitting utility and satisfies the applicable requirements for perfection under the law of the jurisdiction governing perfection as provided in this Article, as it existed before July 1, 2013, only to the extent that this Article, as amended by 2012 Acts, ch. 1052, provides that the law of a jurisdiction other than the jurisdiction in which the financing statement is filed governs perfection of a security interest in collateral covered by the financing statement.

5.

Application of Part 5.

A financing statement that includes a financing statement filed before July 1, 2013, and a continuation statement filed on or after July 1, 2013, is effective only to the extent that the financing statement satisfies the requirements of Part 5, as amended by 2012 Acts, ch. 1052, for an initial financing statement. A financing statement that indicates that the debtor is a decedent’s estate indicates that the collateral is being administered by a personal representative within the meaning of section 554.9503, subsection 1, paragraph “b”, as amended by 2012 Acts, ch. 1052. A financing statement that indicates that the debtor is a trust or is a trustee acting with respect to property held in trust indicates that the collateral is held in a trust within the meaning of section 554.9503, subsection 1, paragraph “c”, as amended by 2012 Acts, ch. 1052.

2012 Acts, ch 1052, §28, 37; 2014 Acts, ch 1026, §143

Referred to in §554.9803, §554.9807

For future repeal of this section effective July 1, 2019, see 2012 Acts, ch 1052, §35