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554.9309 Protection of purchasers of instruments and documents and securities.

Nothing in this Article limits the rights of a holder in due course of a negotiable instrument (section 554.3302) or a holder to whom a negotiable document of title has been duly negotiated (section 554.7501) or a bona fide purchaser of a security (section 554.8302) and such holders or purchasers take priority over an earlier security interest even though perfected. Filing under this Article does not constitute notice of the security interest to such holders or purchasers.

Section History: Early form

[C66, 71, 73, 75, 77, 79, 81, § 554.9309]

Section History: Recent form

89 Acts, ch 113, § 52

Internal References

Referred to in § 15E.91, 16.26, 16A.9

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