reglab/housing_qa huggingface dataset:
IA Code § 554.9610 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 554 - UNIFORM COMMERCIAL CODE|Section 554.9610 - Disposition of collateral after default.

554.9610 Disposition of collateral after default.   1. Disposition after default. After default, a secured party may sell, lease, license, or otherwise dispose of any or all of the collateral in its present condition or following any commercially reasonable preparation or processing.   2. Commercially reasonable disposition. Every aspect of a disposition of collateral, including the method, manner, time, place, and other terms, must be commercially reasonable. If commercially reasonable, a secured party may dispose of collateral by public or private proceedings, by one or more contracts, as a unit or in parcels, and at any time and place and on any terms.   3. Purchase by secured party. A secured party may purchase collateral:   a. at a public disposition; or   b. at a private disposition only if the collateral is of a kind that is customarily sold on a recognized market or the subject of widely distributed standard price quotations.   4. Warranties on disposition. A contract for sale, lease, license, or other disposition includes the warranties relating to title, possession, quiet enjoyment, and the like which by operation of law accompany a voluntary disposition of property of the kind subject to the contract.   5. Disclaimer of warranties. A secured party may disclaim or modify warranties under subsection 4:   a. in a manner that would be effective to disclaim or modify the warranties in a voluntary disposition of property of the kind subject to the contract of disposition; or   b. by communicating to the purchaser a record evidencing the contract for disposition and including an express disclaimer or modification of the warranties.   6. Record sufficient to disclaim warranties. A record is sufficient to disclaim warranties under subsection 5 if it indicates “There is no warranty relating to title, possession, quiet enjoyment, or the like in this disposition” or uses words of similar import.  2000 Acts, ch 1149, §108, 187  Referred to in §554.9406, 554.9408, 554.9602, 554.9609, 554.9611, 554.9615, 554.9616, 554.9618, 554.9620, 554.9623
IA Code § 554.9611 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 554 - UNIFORM COMMERCIAL CODE|Section 554.9611 - Notification before disposition of collateral.

554.9611 Notification before disposition of collateral.   1. Notification date. In this section, “notification date” means the earlier of the dates on which:   a. a secured party sends to the debtor and any secondary obligor an authenticated notification of disposition; or   b. the debtor and any secondary obligor waive the right to notification.   2. Notification of disposition required. Except as otherwise provided in subsection 4, a secured party that disposes of collateral under section 554.9610 shall send to the persons specified in subsection 3 a reasonable authenticated notification of disposition.   3. Persons to be notified. To comply with subsection 2, the secured party shall send an authenticated notification of disposition to:   a. the debtor;   b. any secondary obligor; and   c. if the collateral is other than consumer goods:   (1) any other person from which the secured party has received, before the notification date, an authenticated notification of a claim of an interest in the collateral;   (2) any other secured party or lienholder that, ten days before the notification date, held a security interest in or other lien on the collateral perfected by the filing of a financing statement that:   (a) identified the collateral;   (b) was indexed under the debtor’s name as of that date; and   (c) was filed in the office in which to file a financing statement against the debtor covering the collateral as of that date; and   (3) any other secured party that, ten days before the notification date, held a security interest in the collateral perfected by compliance with a statute, regulation, or treaty described in section 554.9311, subsection 1.   4. Subsection 2 inapplicable — perishable collateral — recognized market. Subsection 2 does not apply if the collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market.   5. Compliance with subsection 3, paragraph “c”, subparagraph (2). A secured party complies with the requirement for notification prescribed by subsection 3, paragraph “c”, subparagraph (2), if:   a. not later than twenty days or earlier than thirty days before the notification date, the secured party requests, in a commercially reasonable manner, information concerning financing statements indexed under the debtor’s name in the office indicated in subsection 3, paragraph “c”, subparagraph (2); and   b. before the notification date, the secured party:   (1) did not receive a response to the request for information; or   (2) received a response to the request for information and sent an authenticated notification of disposition to each secured party or other lienholder named in that response whose financing statement covered the collateral.  2000 Acts, ch 1149, §109, 187  Referred to in §554.9602, 554.9624
IA Code § 554.9612 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 554 - UNIFORM COMMERCIAL CODE|Section 554.9612 - Timeliness of notification before disposition of collateral.

554.9612 Timeliness of notification before disposition of collateral.   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.  2000 Acts, ch 1149, §110, 187
IA Code § 554.9613 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 554 - UNIFORM COMMERCIAL CODE|Section 554.9613 - Contents and form of notification before disposition of collateral — general.

554.9613 Contents and form of notification before disposition of collateral — general.   Except in a consumer-goods transaction, the following rules apply:   1. The contents of a notification of disposition are sufficient if the notification:   a. describes the debtor and the secured party;   b. describes the collateral that is the subject of the intended disposition;   c. states the method of intended disposition;   d. states that the debtor is entitled to an accounting of the unpaid indebtedness and states the charge, if any, for an accounting; and   e. states the time and place of a public disposition or the time after which any other disposition is to be made.   2. Whether the contents of a notification that lacks any of the information specified in subsection 1 are nevertheless sufficient is a question of fact.   3. The contents of a notification providing substantially the information specified in subsection 1 are sufficient, even if the notification includes:   a. information not specified by that subsection; or   b. minor errors that are not seriously misleading.   4. A particular phrasing of the notification is not required.   5. The following form of notification and the form appearing in section 554.9614, subsection 3, when completed, each provides sufficient information:  NOTIFICATION OF DISPOSITION   OF COLLATERAL   To: [name of debtor, obligor, or other person to which the notification is sent]   From: [name, address, and telephone number of secured party]   Name of Debtor(s): [include only if debtor(s) are not an addressee]  [for a public disposition:]   We will sell [or lease or license, as applicable] the [describe collateral] [to the highest qualified bidder] in public as follows:   Day and Date: ................................   Time: ................................   Place: ................................  [for a private disposition:]   We will sell [or lease or license, as applicable] the [describe collateral] privately sometime after [day and date].   You are entitled to an accounting of the unpaid indebtedness secured by the property that we intend to sell [or lease or license, as applicable] [for a charge of ................ dollars]. You may request an accounting by calling us at [telephone number].  2000 Acts, ch 1149, §111, 187  Referred to in §554.9602, 554.9614
IA Code § 554.9617 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 554 - UNIFORM COMMERCIAL CODE|Section 554.9617 - Rights of transferee of collateral.

554.9617 Rights of transferee of collateral.   1. Effects of disposition. A secured party’s disposition of collateral after default:   a. transfers to a transferee for value all of the debtor’s rights in the collateral;   b. discharges the security interest under which the disposition is made; and   c. discharges any subordinate security interest or other subordinate lien.   2. Rights of good-faith transferee. A transferee that acts in good faith takes free of the rights and interests described in subsection 1, even if the secured party fails to comply with this Article or the requirements of any judicial proceeding.   3. Rights of other transferee. If a transferee does not take free of the rights and interests described in subsection 1, the transferee takes the collateral subject to:   a. the debtor’s rights in the collateral;   b. the security interest or agricultural lien under which the disposition is made; and   c. any other security interest or other lien.  2000 Acts, ch 1149, §115, 187
IA Code § 554.9618 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 554 - UNIFORM COMMERCIAL CODE|Section 554.9618 - Rights and duties of certain secondary obligors.

554.9618 Rights and duties of certain secondary obligors.   1. Rights and duties of secondary obligor. A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after the secondary obligor:   a. receives an assignment of a secured obligation from the secured party;   b. receives a transfer of collateral from the secured party and agrees to accept the rights and assume the duties of the secured party; or   c. is subrogated to the rights of a secured party with respect to collateral.   2. Effect of assignment, transfer, or subrogation. An assignment, transfer, or subrogation described in subsection 1:   a. is not a disposition of collateral under section 554.9610; and   b. relieves the secured party of further duties under this Article.  2000 Acts, ch 1149, §116, 187
IA Code § 554.9619 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 554 - UNIFORM COMMERCIAL CODE|Section 554.9619 - Transfer of record or legal title.

554.9619 Transfer of record or legal title.   1. Transfer statement. In this section, “transfer statement” means a record authenticated by a secured party stating:   a. that the debtor has defaulted in connection with an obligation secured by specified collateral;   b. that the secured party has exercised its post-default remedies with respect to the collateral;   c. that, by reason of the exercise, a transferee has acquired the rights of the debtor in the collateral; and   d. the name and mailing address of the secured party, debtor, and transferee.   2. Effect of transfer statement. A transfer statement entitles the transferee to the transfer of record of all rights of the debtor in the collateral specified in the statement in any official filing, recording, registration, or certificate-of-title system covering the collateral. If a transfer statement is presented with the applicable fee and request form to the official or office responsible for maintaining the system, the official or office shall:   a. accept the transfer statement;   b. promptly amend its records to reflect the transfer; and   c. if applicable, issue a new appropriate certificate of title in the name of the transferee.   3. Transfer not a disposition — no relief of secured party’s duties. A transfer of the record or legal title to collateral to a secured party under subsection 2 or otherwise is not of itself a disposition of collateral under this Article and does not of itself relieve the secured party of its duties under this Article.  2000 Acts, ch 1149, §117, 187  Transfer of title or interest in vehicles, §321.45 – 321.52A
IA Code § 554.9621 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 554 - UNIFORM COMMERCIAL CODE|Section 554.9621 - Notification of proposal to accept collateral.

554.9621 Notification of proposal to accept collateral.   1. Persons to which proposal to be sent. A secured party that desires to accept collateral in full or partial satisfaction of the obligation it secures shall send its proposal to:   a. any person from which the secured party has received, before the debtor consented to the acceptance, an authenticated notification of a claim of an interest in the collateral;   b. any other secured party or lienholder that, ten days before the debtor consented to the acceptance, held a security interest in or other lien on the collateral perfected by the filing of a financing statement that:   (1) identified the collateral;   (2) was indexed under the debtor’s name as of that date; and   (3) was filed in the office or offices in which to file a financing statement against the debtor covering the collateral as of that date; and   c. any other secured party that, ten days before the debtor consented to the acceptance, held a security interest in the collateral perfected by compliance with a statute, regulation, or treaty described in section 554.9311, subsection 1.   2. Proposal to be sent to secondary obligor in partial satisfaction. A secured party that desires to accept collateral in partial satisfaction of the obligation it secures shall send its proposal to any secondary obligor in addition to the persons described in subsection 1.  2000 Acts, ch 1149, §119, 187  Referred to in §554.9102, 554.9602, 554.9620
IA Code § 554.9622 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 554 - UNIFORM COMMERCIAL CODE|Section 554.9622 - Effect of acceptance of collateral.

554.9622 Effect of acceptance of collateral.   1. Effect of acceptance. A secured party’s acceptance of collateral in full or partial satisfaction of the obligation it secures:   a. discharges the obligation to the extent consented to by the debtor;   b. transfers to the secured party all of a debtor’s rights in the collateral;   c. discharges the security interest or agricultural lien that is the subject of the debtor’s consent and any subordinate security interest or other subordinate lien; and   d. terminates any other subordinate interest.   2. Discharge of subordinate interest notwithstanding noncompliance. A subordinate interest is discharged or terminated under subsection 1, even if the secured party fails to comply with this Article.  2000 Acts, ch 1149, §120, 187  Referred to in §554.9102, 554.9602, 554.9623
IA Code § 554.9623 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 554 - UNIFORM COMMERCIAL CODE|Section 554.9623 - Right to redeem collateral.

554.9623 Right to redeem collateral.   1. Persons that may redeem. A debtor, any secondary obligor, or any other secured party or lienholder may redeem collateral.   2. Requirements for redemption. To redeem collateral, a person shall tender:   a. fulfillment of all obligations secured by the collateral; and   b. the reasonable expenses and attorney’s fees described in section 554.9615, subsection 1, paragraph “a”.   3. When redemption may occur. A redemption may occur at any time before a secured party:   a. has collected collateral under section 554.9607;   b. has disposed of collateral or entered into a contract for its disposition under section 554.9610; or   c. has accepted collateral in full or partial satisfaction of the obligation it secures under section 554.9622.  2000 Acts, ch 1149, §121, 187  Referred to in §554.9602, 554.9614, 554.9624
IA Code § 554.9624 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 554 - UNIFORM COMMERCIAL CODE|Section 554.9624 - Waiver.

554.9624 Waiver.   1. Waiver of disposition notification. A debtor or secondary obligor may waive the right to notification of disposition of collateral under section 554.9611 only by an agreement to that effect entered into and authenticated after default.   2. Waiver of mandatory disposition. A debtor may waive the right to require disposition of collateral under section 554.9620, subsection 5, only by an agreement to that effect entered into and authenticated after default.   3. Waiver of redemption right. Except in a consumer-goods transaction, a debtor or secondary obligor may waive the right to redeem collateral under section 554.9623 only by an agreement to that effect entered into and authenticated after default.  2000 Acts, ch 1149, §122, 187  Referred to in §554.9602, 554.9620
IA Code § 554.9626 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 554 - UNIFORM COMMERCIAL CODE|Section 554.9626 - Action in which deficiency or surplus is in issue.

554.9626 Action in which deficiency or surplus is in issue.   1. Applicable rules if amount of deficiency or surplus in issue. In an action arising from a transaction, other than a consumer transaction, in which the amount of a deficiency or surplus is in issue, the following rules apply:   a. a secured party need not prove compliance with the provisions of this part relating to collection, enforcement, disposition, or acceptance unless the debtor or a secondary obligor places the secured party’s compliance in issue.   b. if the secured party’s compliance is placed in issue, the secured party has the burden of establishing that the collection, enforcement, disposition, or acceptance was conducted in accordance with this part.   c. except as otherwise provided in section 554.9628, if a secured party fails to prove that the collection, enforcement, disposition, or acceptance was conducted in accordance with the provisions of this part relating to collection, enforcement, disposition, or acceptance, the liability of a debtor or a secondary obligor for a deficiency is limited to an amount by which the sum of the secured obligation, expenses, and attorney’s fees exceeds the greater of:   (1) the proceeds of the collection, enforcement, disposition, or acceptance; or   (2) the amount of proceeds that would have been realized had the noncomplying secured party proceeded in accordance with the provisions of this part relating to collection, enforcement, disposition, or acceptance.   d. for purposes of paragraph “c”, subparagraph (2), the amount of proceeds that would have been realized is equal to the sum of the secured obligation, expenses, and attorney’s fees unless the secured party proves that the amount is less than that sum.   e. if a deficiency or surplus is calculated under section 554.9615, subsection 6, the debtor or obligor has the burden of establishing that the amount of proceeds of the disposition is significantly below the range of prices that a complying disposition to a person other than the secured party, a person related to the secured party, or a secondary obligor would have brought.   2. Nonconsumer transactions — no inference. The limitation of the rules in subsection 1 to transactions other than consumer transactions is intended to leave to the court the determination of the proper rules in consumer transactions. The court may not infer from that limitation the nature of the proper rule in consumer transactions and may continue to apply established approaches.  2000 Acts, ch 1149, §124, 187  Referred to in §554.9602, 554.9625
IA Code § 554.9627 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 554 - UNIFORM COMMERCIAL CODE|Section 554.9627 - Determination of whether conduct was commercially reasonable.

554.9627 Determination of whether conduct was commercially reasonable.   1. Greater amount obtainable under other circumstances — no preclusion of commercial reasonableness. The fact that a greater amount could have been obtained by a collection, enforcement, disposition, or acceptance at a different time or in a different method from that selected by the secured party is not of itself sufficient to preclude the secured party from establishing that the collection, enforcement, disposition, or acceptance was made in a commercially reasonable manner.   2. Dispositions that are commercially reasonable. A disposition of collateral is made in a commercially reasonable manner if the disposition is made:   a. in the usual manner on any recognized market;   b. at the price current in any recognized market at the time of the disposition; or   c. otherwise in conformity with reasonable commercial practices among dealers in the type of property that was the subject of the disposition.   3. Approval by court or on behalf of creditors. A collection, enforcement, disposition, or acceptance is commercially reasonable if it has been approved:   a. in a judicial proceeding;   b. by a bona fide creditors’ committee;   c. by a representative of creditors; or   d. by an assignee for the benefit of creditors.   4. Approval under subsection 3 not necessary — absence of approval has no effect. Approval under subsection 3 need not be obtained, and lack of approval does not mean that the collection, enforcement, disposition, or acceptance is not commercially reasonable.  2000 Acts, ch 1149, §125, 187
IA Code § 554.9628 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 554 - UNIFORM COMMERCIAL CODE|Section 554.9628 - Nonliability and limitation on liability of secured party — liability of secondary obligor.

554.9628 Nonliability and limitation on liability of secured party — liability of secondary obligor.   1. Limitation of liability of secured party for noncompliance with article. Unless a secured party knows that a person is a debtor or obligor, knows the identity of the person, and knows how to communicate with the person:   a. the secured party is not liable to the person, or to a secured party or lienholder that has filed a financing statement against the person, for failure to comply with this Article; and   b. the secured party’s failure to comply with this Article does not affect the liability of the person for a deficiency.   2. Limitation of liability based on status as secured party. A secured party is not liable because of its status as secured party:   a. to a person that is a debtor or obligor, unless the secured party knows:   (1) that the person is a debtor or obligor;   (2) the identity of the person; and   (3) how to communicate with the person; or   b. to a secured party or lienholder that has filed a financing statement against a person, unless the secured party knows:   (1) that the person is a debtor; and   (2) the identity of the person.   3. Limitation of liability if reasonable belief that transaction not a consumer-goods transaction or consumer transaction. A secured party is not liable to any person, and a person’s liability for a deficiency is not affected, because of any act or omission arising out of the secured party’s reasonable belief that a transaction is not a consumer-goods transaction or a consumer transaction or that goods are not consumer goods, if the secured party’s belief is based on its reasonable reliance on:   a. a debtor’s representation concerning the purpose for which collateral was to be used, acquired, or held; or   b. an obligor’s representation concerning the purpose for which a secured obligation was incurred.   4. Limitation of liability for statutory damages. A secured party is not liable to any person under section 554.9625, subsection 3, paragraph “b”, for its failure to comply with section 554.9616.   5. Limitation of multiple liability for statutory damages. A secured party is not liable under section 554.9625, subsection 3, paragraph “b”, more than once with respect to any one secured obligation.  2000 Acts, ch 1149, §126, 187  Referred to in §554.9625, 554.9626
IA Code § 554.9701 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 554 - UNIFORM COMMERCIAL CODE|Section 554.9701 - Effective date.

554.9701 Effective date. Repealed by  2012 Acts, ch 1052, §34, 37  .