Timeliness of notification before disposition of collateral
Known as the Uniform Commercial Code
The act spans §§ 554–554 (631 sections).
Applied in 1 court decision — leading case 986 F. Supp. 2d 1029 - General Electric Capital Corp. v. FPL Service Corp. (2013)
Most recently applied in 986 F. Supp. 2d 1029 - General Electric Capital Corp. v. FPL Service Corp. (December 2013)
2000 Acts, ch 1149, §110, 187
1. Reasonable time is question of fact. Except as otherwise provided in subsection 2, whether a notification is sent within a reasonable time is a question of fact.
2. Ten-day period sufficient in nonconsumer transaction. In a transaction other than a consumer transaction, a notification of disposition sent after default and ten days or more before the earliest time of disposition set forth in the notification is sent within a reasonable time before the disposition.
Official source: Iowa Legislature. Reproduced from public-domain Iowa statutes; confirm against the official source for the current text. Not legal advice.