Iowa Code § 554.9204
After-acquired property — future advances
Redline — January 1, 2012 → current.View current text →
Current — January 1, 2026
As of January 1, 2012
1. After-acquired collateral. Except as otherwise provided in subsection 2, a security agreement may create or provide for a security interest in after-acquired collateral.
1. After-acquired collateral. Except as otherwise provided in subsection 2, a security agreement may create or provide for a security interest in after-acquired collateral.
2. When after-acquired property clause not effective. A security interest does not attach under a term constituting an after-acquired property clause to:
2. When after-acquired property clause not effective. Subject to subsection 4, a security interest does not attach under a term constituting an after-acquired property clause to:
a. consumer goods, other than an accession when given as additional security, unless the debtor acquires rights in them within ten days after the secured party gives value; or
a. consumer goods, other than an accession when given as additional security, unless the debtor acquires rights in them within ten days after the secured party gives value; or
b. a commercial tort claim.
b. a commercial tort claim.
3. Future advances and other value. A security agreement may provide that collateral secures, or that accounts, chattel paper, payment intangibles, or promissory notes are sold in connection with, future advances or other value, whether or not the advances or value are given pursuant to commitment.
3. Future advances and other value. A security agreement may provide that collateral secures, or that accounts, chattel paper, payment intangibles, or promissory notes are sold in connection with, future advances or other value, whether or not the advances or value are given pursuant to commitment.
Accessions, see §554.9335
Effective July 1, 2001; 2000 Acts, ch 1149, §187; former section repealed effective July 1, 2001; 2000 Acts, ch 1149, §185, 187; for law prior to July 1, 2001, see Code 2001
4. Limitation on subsection 2. Subsection 2 does not prevent a security interest from attaching:
a. to consumer goods as proceeds under section 554.9315, subsection 1, or commingled goods under section 554.9336, subsection 3;
b. to a commercial tort claim as proceeds under section 554.9315, subsection 1; or
c. under an after-acquired property clause to property that is proceeds of consumer goods or a commercial tort claim.
Official source: Iowa Legislature. Reproduced from public-domain Iowa statutes; confirm against the official source for the current text. Not legal advice.