1. Except as otherwise provided in section 554.13306, a creditor of a lessee takes subject to the lease contract.
2. Except as otherwise provided in subsections 3 and 4 and in sections 554.13306 and 554.13308, a creditor of a lessor takes subject to the lease contract unless:
a. the creditor holds a lien that attached to the goods before the lease contract became enforceable;
b. the creditor holds a security interest in the goods and the lessee did not give value and receive delivery of the goods without knowledge of the security interest; or
c. the creditor holds a security interest in the goods which was perfected (section 554.9303) before the lease contract became enforceable.
3. A lessee in the ordinary course of business takes the leasehold interest free of a security interest in the goods created by the lessor even though the security interest is perfected (section 554.9303) and the lessee knows of its existence.
4. A lessee other than a lessee in the ordinary course of business takes the leasehold interest free of a security interest to the extent that it secures future advances made after the secured party acquires knowledge of the lease or more than forty-five days after the lease contract becomes enforceable, whichever first occurs, unless the future advances are made pursuant to a commitment entered into without knowledge of the lease and before the expiration of the forty-five-day period.
94 Acts, ch 1052, §41
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