Opinion ID: 1299095
Heading Depth: 1
Heading Rank: 3

Heading: What Statutory Law Applies?

Text: While this case was developing article 9 of Iowa's UCC was amended, effective January 1, 1975. § 554.11101, The Code 1981. Both Sac City and Citizens had secured and perfected security interests before 1975. On September 12, 1977, Citizens obtained another security agreement from TJC, Inc., and filed the related financing statement the following day. The effect of the pre-1975 security interests will be determined by the UCC provisions in effect at the time of the transactions: Transition provisions as to priorities. Except as otherwise provided in this Article, this chapter prior to amendment shall apply to any questions of priority if the positions of the parties were fixed prior to January 1, 1975. In other cases questions of priority shall be determined by this chapter as amended. § 554.11107, The Code 1981. A second relevant article 9 section is 554.11108, which provides: Unless a change in law has clearly been made, the provisions of this chapter as amended shall be deemed declaratory of the meaning of this chapter prior to amendment. The first sentence of section 554.9402, subsection 7, shall be deemed a change in the law. The legislature's reference to only the first sentence of subsection 554.9402(7) is significant here, because the three-sentence sub-section first appeared in the 1975 amendments. Thus there is an implication that the last two sentences, relating to name changes of the debtor and transfer of collateral by the debtor, are merely declaratory of the prior law as provided by section 554.11108. Our references in this opinion will be to the Code 1971 in discussing the preamendment statutory law. For the purposes of this appeal, where the 1975 amendments did not significantly change the prior statutes, or where we are referring specifically to postamendment law, our references will be to the Code 1981.