Text: HF02460 Text: HF02462 Text: HF02400 - HF02499 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. Section 570.1, subsection 2, unnumbered
1 2 paragraph 2, Code Supplement 2001, is amended to read as
1 3 follows:
1 4 3. A financing statement filed to perfect a lien in the
1 5 farm products must include a statement that it is filed for
1 6 the purpose of perfecting a landlord's lien. Notwithstanding
1 7 section 554.9515, such financing statement shall continue to
1 8 be effective until a termination statement is filed.
1 9 4. Within twenty days after a landlord who has filed a
1 10 financing statement receives a written demand, authenticated
1 11 as provided in article 9 of chapter 554, from a tenant, the
1 12 landlord shall file a termination statement, if the lien in
1 13 the farm products has expired or if the tenant is no longer in
1 14 possession of the leased premises and has performed all
1 15 obligations under the lease.
1 16 EXPLANATION
1 17 This bill amends provisions in Code chapter 570 providing
1 18 for landlord's liens. Code chapter 570 protects the credit
1 19 interests of landlords who lease their premises to farmers, by
1 20 providing landlords a lien for the rent upon crops grown on
1 21 the leased land and on other personal property of the tenant.
1 22 In 2000, the general assembly enacted House File 2513 (2000
1 23 Iowa Acts, chapter 1149) adopting revised article 9 of the
1 24 uniform commercial code as proposed by the American law
1 25 institute and the national conference of commissioners on
1 26 uniform state laws, and conforming amendments to a number of
1 27 articles within that chapter as well as other chapters
1 28 providing for security interests and liens, including Code
1 29 chapter 570.
1 30 Prior to the revision of article 9, liens created in
1 31 statutes outside Code chapter 554 were not affected by its
1 32 provisions. These liens include types of statutory liens such
1 33 as the landlord's lien created in Code chapter 570. Revised
1 34 article 9 provides filing requirements for perfecting
1 35 statutory liens referred to as "agricultural liens" and
2 1 therefore may control issues relating to priority of
2 2 conflicting security interests and liens. Code chapter 570
2 3 was amended to require a landlord to file a financing
2 4 statement in order to perfect a lien in farm products (crops).
2 5 The amendment to Code chapter 570 provided for the contents of
2 6 the financing statement, and provided that if perfected it
2 7 would enjoy priority over conflicting security interests or
2 8 liens even if they were perfected earlier.
2 9 This bill amends Code section 570.1, which in part provides
2 10 for the filing of financing statements. The bill provides
2 11 that such a financing statement continues to be effective
2 12 until a termination statement is filed. Current Code section
2 13 570.2 provides that the lien continues for one year after a
2 14 year's rent falls due, but in no case more than six months
2 15 after the term of the lease expires.
2 16 LSB 5795HV 79
2 17 da/cls/14
Text: HF02460 Text: HF02462 Text: HF02400 - HF02499 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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