1. Except as provided in subsection 2 and section 501A.204, subsection 3, a document accepted for filing is effective at the later of the following times:
a. At the time of filing on the date the document is filed, as evidenced by the secretary’s date and time endorsement on the original document.
b. At the time specified in the document as its effective time on the date the document is filed.
2. A document may specify a delayed effective time and date, and if the document does so, the document becomes effective at the time and date specified. If a delayed effective date but no time is specified, the document is effective at the close of business on that date. A delayed effective date for a document shall not be later than the ninetieth day after the date the document is filed.