554.9401  Place of filing--erroneous filing--removal of collateral.

1.  The proper place to file in order to perfect a security interest is as follows:

a.  when the collateral is timber to be cut or is minerals or the like (including oil and gas), or accounts subject to section 554.9103, subsection 5, or when the financing statement is filed as a fixture filing (section 554.9313) and the collateral is goods which are or are to become fixtures, then in the office where a mortgage on the real estate would be filed or recorded;

b.  when the collateral is consumer goods and when the debtor resides in this state, then in the office of the recorder in the county of the debtor's residence;

c.  in all other cases, in the office of the secretary of state.

2.  A filing which is made in good faith in an improper place or not in all of the places required by this section is nevertheless effective with regard to any collateral as to which the filing complied with the requirements of this Article and is also effective with regard to collateral covered by the financing statement against any person who has knowledge of the contents of such financing statement.

3.  A filing which is made in the proper place in this state continues effective even though the debtor's residence or place of business or the location of the collateral or its use, whichever controlled the original filing, is thereafter changed.

4.  The rules stated in section 554.9103 determine whether filing is necessary in this state.

5.  Notwithstanding the preceding subsections, and subject to section 554.9302, subsection 3, the proper place to file in order to perfect a security interest in collateral, including fixtures, of a transmitting utility is the office of the secretary of state. This filing constitutes a fixture filing (section 554.9313) as to the collateral described therein which is or is to become fixtures.

6.  Of each fee collected by the county recorder under sections 554.9403, 554.9405, and 554.9406, the county recorder shall remit five dollars, if filed on a standard form or six dollars otherwise, to the department of revenue and finance for deposit in the general fund of the state.

Section History: Early form

  [C51, § 1193; R60, § 2201; C73, § 1923; C97, § 2052, 2906; S13, § 2052; C24, 27, 31, 35, 39, § 10015, 10021.1, 10036; C46, 50, 54, 58, 62, § 556.3, 556.10, 556.25; C66, 71, 73, § 554.9401, 555.2; C75, 77, 79, 81, § 554.9401]

Section History: Recent form

  91 Acts, ch 267, §618; 95 Acts, ch 219, § 43; 96 Acts, ch 1034, § 52

Internal References

  Referred to in § 15E.91, 16.26, 16A.9, 331.602, 554.9403, 554B.1

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