Iowa Code § 554.9305
Law governing perfection and priority of security interests in investment property
Redline — January 1, 2012 → current.View current text →
Current — January 1, 2026
As of January 1, 2012
1. Governing law — general rules. Except as otherwise provided in subsection 3, the following rules apply:
1. Governing law — general rules. Except as otherwise provided in subsection 3, the following rules apply:
a. While a security certificate is located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in the certificated security represented thereby.
a. While a security certificate is located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in the certificated security represented thereby.
b. The local law of the issuer’s jurisdiction as specified in section 554.8110, subsection 4, governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in an uncertificated security.
b. The local law of the issuer’s jurisdiction as specified in section 554.8110, subsection 4, governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in an uncertificated security.
c. The local law of the securities intermediary’s jurisdiction as specified in section 554.8110, subsection 5, governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in a security entitlement or securities account.
c. The local law of the securities intermediary’s jurisdiction as specified in section 554.8110, subsection 5, governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in a security entitlement or securities account.
d. The local law of the commodity intermediary’s jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in a commodity contract or commodity account.
d. The local law of the commodity intermediary’s jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in a commodity contract or commodity account.
e. Paragraphs “b”, “c”, and “d” apply even if the transaction does not bear any relation to the jurisdiction.
2. Commodity intermediary’s jurisdiction. The following rules determine a commodity intermediary’s jurisdiction for purposes of this part:
2. Commodity intermediary’s jurisdiction. The following rules determine a commodity intermediary’s jurisdiction for purposes of this part:
a. If an agreement between the commodity intermediary and commodity customer governing the commodity account expressly provides that a particular jurisdiction is the commodity intermediary’s jurisdiction for purposes of this part, this Article, or this chapter, that jurisdiction is the commodity intermediary’s jurisdiction.
a. If an agreement between the commodity intermediary and commodity customer governing the commodity account expressly provides that a particular jurisdiction is the commodity intermediary’s jurisdiction for purposes of this part, this Article, or this chapter, that jurisdiction is the commodity intermediary’s jurisdiction.
b. If paragraph “a” does not apply and an agreement between the commodity intermediary and commodity customer governing the commodity account expressly provides that the agreement is governed by the law of a particular jurisdiction, that jurisdiction is the commodity intermediary’s jurisdiction.
b. If paragraph “a” does not apply and an agreement between the commodity intermediary and commodity customer governing the commodity account expressly provides that the agreement is governed by the law of a particular jurisdiction, that jurisdiction is the commodity intermediary’s jurisdiction.
c. If neither paragraph “a” nor paragraph “b” applies and an agreement between the commodity intermediary and commodity customer governing the commodity account expressly provides that the commodity account is maintained at an office in a particular jurisdiction, that jurisdiction is the commodity intermediary’s jurisdiction.
c. If neither paragraph “a” nor paragraph “b” applies and an agreement between the commodity intermediary and commodity customer governing the commodity account expressly provides that the commodity account is maintained at an office in a particular jurisdiction, that jurisdiction is the commodity intermediary’s jurisdiction.
d. If none of the preceding paragraphs applies, the commodity intermediary’s jurisdiction is the jurisdiction in which the office identified in an account statement as the office serving the commodity customer’s account is located.
d. If none of the preceding paragraphs applies, the commodity intermediary’s jurisdiction is the jurisdiction in which the office identified in an account statement as the office serving the commodity customer’s account is located.
e. If none of the preceding paragraphs applies, the commodity intermediary’s jurisdiction is the jurisdiction in which the chief executive office of the commodity intermediary is located.
e. If none of the preceding paragraphs applies, the commodity intermediary’s jurisdiction is the jurisdiction in which the chief executive office of the commodity intermediary is located.
3. When perfection governed by law of jurisdiction where debtor located. The local law of the jurisdiction in which the debtor is located governs:
3. When perfection governed by law of jurisdiction where debtor located. The local law of the jurisdiction in which the debtor is located governs:
a. perfection of a security interest in investment property by filing;
a. perfection of a security interest in investment property by filing;
b. automatic perfection of a security interest in investment property created by a broker or securities intermediary; and
b. automatic perfection of a security interest in investment property created by a broker or securities intermediary; and
c. automatic perfection of a security interest in a commodity contract or commodity account created by a commodity intermediary.
c. automatic perfection of a security interest in a commodity contract or commodity account created by a commodity intermediary.
Referred to in
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
Official source: Iowa Legislature. Reproduced from public-domain Iowa statutes; confirm against the official source for the current text. Not legal advice.