554.13308 Special rights of creditors. 1. A creditor of a lessor in possession of goods subject to a lease contract may treat the lease contract as void if as against the creditor retention of possession by the lessor isfraudulent under any statute or rule of law, but retention of possession in good faith andcurrent course of trade by the lessor for a commercially reasonable time after the leasecontract becomes enforceable is not fraudulent. 2. Nothing in this Article impairs the rights of creditors of a lessor if the lease contract becomes enforceable, not in current course of trade but in satisfaction of or as security fora preexisting claim for money, security, or the like, and is made under circumstances whichunder any statute or rule of law apart from this Article would constitute the transaction afraudulent transfer or voidable preference. 3. A creditor of a seller may treat a sale or an identification of goods to a contract for sale as void if as against the creditor retention of possession by the seller is fraudulent under anystatute or rule of law, but retention of possession of the goods pursuant to a lease contractentered into by the seller as lessee and the buyer as n of possession by the seller is fraudulent under anystatute or rule of law, but retention of possession of the goods pursuant to a lease contractentered into by the seller as lessee and the buyer as lessor in connection with the sale oridentification of the goods is not fraudulent if the buyer bought for value and in good faith. 94 Acts, ch 1052, §42; 2013 Acts, ch 30, §261Referred to in §554.7504, 554.13307 Sat Dec 23 11:03:18 2023 Iowa Code 2024, Section 554.13308 (25, 0)
Iowa Legal Code