The following rules govern priority among conflicting security interests in the same deposit account:
1. A security interest held by a secured party having control of the deposit account under section 554.9104 has priority over a conflicting security interest held by a secured party that does not have control.
2. Except as otherwise provided in subsections 3 and 4, security interests perfected by control under section 554.9314 rank according to priority in time of obtaining control.
3. Except as otherwise provided in subsection 4, a security interest held by the bank with which the deposit account is maintained has priority over a conflicting security interest held by another secured party.
4. A security interest perfected by control under section 554.9104, subsection 1, paragraph "c", has priority over a security interest held by the bank with which the deposit account is maintained.
2000 Acts, ch 1149, §47, 187
Referred to in § 554.9322, 554.9324, 554.9330
Effective July 1, 2001; 2000 Acts, ch 1149, §187; for law prior to July 1, 2001, see Code 2001
Previous Section 554.9326
Next Section 554.9328
© 2002 Cornell College and League of Women Voters of Iowa
Comments about this site or page?
webmaster@legis.iowa.gov.
Please remember that the person listed above does not vote on bills. Direct all comments concerning legislation to State Legislators.
Last update: Thu Jan 24 10:51:05 CST 2002
URL: /DOCS/IACODE/2001SUPPLEMENT/554/9327.html
jhf