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Iowa Code § 554.9518

Claim concerning inaccurate or wrongfully filed record

Redline — January 1, 2013 → current.View current text →
Current — January 1, 2025
As of January 1, 2013
1. Correction statement. A person may file in the filing office a correction statement with respect to a record indexed there under the person’s name if the person believes that the record is inaccurate or was wrongfully filed.
1. Statement with respect to record indexed under person’s name. A person may file in the filing office an information statement with respect to a record indexed there under the person’s name if the person believes that the record is inaccurate or was wrongfully filed.
2. Sufficiency of correction statement. A correction statement must:
a. identify the record to which it relates by:
2. Contents of statement under subsection 1. An information statement under subsection 1 must:
(1) the file number assigned to the initial financing statement to which the record relates; and
a. identify the record to which it relates by the file number assigned to the initial financing statement to which the record relates;
b. indicate that it is an information statement; and
c. provide the basis for the person’s belief that the record is inaccurate and indicate the manner in which the person believes the record should be amended to cure any inaccuracy or provide the basis for the person’s belief that the record was wrongfully filed.
(2) if the correction statement relates to a record filed or recorded in a filing office described in section 554.9501, subsection 1, paragraph “a”, the date and time that the initial financing statement was filed or recorded and the information specified in section 554.9502, subsection 2;
3. Statement by secured party of record. A person may file in the filing office an information statement with respect to a record filed there if the person is a secured party of record with respect to the financing statement to which the record relates and believes that the person that filed the record was not entitled to do so under section 554.9509, subsection 4.
4. Contents of statement under subsection 3. An information statement under subsection 3 must:
a. identify the record to which it relates by the file number assigned to the initial financing statement to which the record relates;
b. indicate that it is a correction statement; and
b. indicate that it is an information statement; and
c. provide the basis for the person’s belief that the record is inaccurate and indicate the manner in which the person believes the record should be amended to cure any inaccuracy or provide the basis for the person’s belief that the record was wrongfully filed.
c. provide the basis for the person’s belief that the person that filed the record was not entitled to do so under section 554.9509, subsection 4.
3. Record not affected by correction statement. The filing of a correction statement does not affect the effectiveness of an initial financing statement or other filed record.
5. Record not affected by information statement. The filing of an information statement does not affect the effectiveness of an initial financing statement or other filed record.
Remedies for secured party’s noncompliance with Article; §554.9625
For future amendment to this section, effective July 1, 2013, see 2012 Acts, ch 1052, §21, 37

Official source: Iowa Legislature. Reproduced from public-domain Iowa statutes; confirm against the official source for the current text. Not legal advice.