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Iowa Code § 554.9609

Secured party’s right to take possession after default

Known as the Uniform Commercial Code

The act spans §§ 554–554 (631 sections).

Applied in 1 court decision — leading case Iowa Supreme Court Attorney Disciplinary Board v. Steven F. Olson (2011)

Most recently applied in Iowa Supreme Court Attorney Disciplinary Board v. Steven F. Olson (December 2011)

2000 Acts, ch 1149, §107, 187

1. Possession — rendering equipment unusable — disposition on debtor’s premises. After default, a secured party:

a. may take possession of the collateral; and

b. without removal, may render equipment unusable and dispose of collateral on a debtor’s premises under section 554.9610.

2. Judicial and nonjudicial process. A secured party may proceed under subsection 1:

a. pursuant to judicial process; or

b. without judicial process, if it proceeds without breach of the peace.

3. Assembly of collateral. If so agreed, and in any event after default, a secured party may require the debtor to assemble the collateral and make it available to the secured party at a place to be designated by the secured party which is reasonably convenient to both parties.

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