554.9316 Effect of change in governing law. 1. General rule — effect on perfection of change in governing law. A security interest perfected pursuant to the law of the jurisdiction designated in section 554.9301, subsection1, or section 554.9305, subsection 3, remains perfected until the earliest of: a. the time perfection would have ceased under the law of that jurisdiction;b. the expiration of four months after a change of the debtor’s location to another jurisdiction; or c. the expiration of one year after a transfer of collateral to a person that thereby becomes a debtor and is located in another jurisdiction. 2. Security interest perfected or unperfected under law of new jurisdiction. If a security interest described in subsection 1 becomes perfected under the law of the other jurisdictionbefore the earliest time or event described in that subsection, it remains perfected thereafter.If the security interest does not become perfected under the law of the other jurisdictionbefore the earliest time or event, it becomes unperfected and is deemed never to have beenperfected as against a purchaser of the collateral for value. 3. ected under the law of the other jurisdictionbefore the earliest time or event, it becomes unperfected and is deemed never to have beenperfected as against a purchaser of the collateral for value. 3. Possessory security interest in collateral moved to new jurisdiction. A possessory security interest in collateral, other than goods covered by a certificate of title andas-extracted collateral consisting of goods, remains continuously perfected if: a. the collateral is located in one jurisdiction and subject to a security interest perfected under the law of that jurisdiction; b. thereafter the collateral is brought into another jurisdiction; andc. upon entry into the other jurisdiction, the security interest is perfected under the law of the other jurisdiction. 4. Goods covered by certificate of title from this state. Except as otherwise provided in subsection 5, a security interest in goods covered by a certificate of title which is perfectedby any method under the law of another jurisdiction when the goods become covered bya certificate of title from this state remains perfected until the security interest would havebecome unperfected under the law of the other jurisdiction had the ction when the goods become covered bya certificate of title from this state remains perfected until the security interest would havebecome unperfected under the law of the other jurisdiction had the goods not become socovered. 5. When subsection 4 security interest becomes unperfected against purchasers. A security interest described in subsection 4 becomes unperfected as against a purchaser ofthe goods for value and is deemed never to have been perfected as against a purchaser ofthe goods for value if the applicable requirements for perfection under section 554.9311,subsection 2, or section 554.9313 are not satisfied before the earlier of: a. the time the security interest would have become unperfected under the law of the other jurisdiction had the goods not become covered by a certificate of title from this state; or b. the expiration of four months after the goods had become so covered.6. Change in jurisdiction of bank, issuer, nominated person, securities intermediary, or commodity intermediary. A security interest in deposit accounts, letter-of-credit rights, or investment property which is perfected under the law of the bank’s jurisdiction, the issuer’sjurisdiction, a mmodity intermediary. A security interest in deposit accounts, letter-of-credit rights, or investment property which is perfected under the law of the bank’s jurisdiction, the issuer’sjurisdiction, a nominated person’s jurisdiction, the securities intermediary’s jurisdiction, orthe commodity intermediary’s jurisdiction, as applicable, remains perfected until the earlierof: a. the time the security interest would have become unperfected under the law of that jurisdiction; or b. the expiration of four months after a change of the applicable jurisdiction to another jurisdiction. 7. Subsection 6 security interest perfected or unperfected under law of new jurisdiction. If a security interest described in subsection 6 becomes perfected under the law of the otherjurisdiction before the earlier of the time or the end of the period described in that subsection,it remains perfected thereafter. If the security interest does not become perfected underthe law of the other jurisdiction before the earlier of that time or the end of that period, itbecomes unperfected and is deemed never to have been perfected as against a purchaser ofthe collateral for value. 8. he other jurisdiction before the earlier of that time or the end of that period, itbecomes unperfected and is deemed never to have been perfected as against a purchaser ofthe collateral for value. 8. Effect on filed financing statement of change in governing law. The following rules Sat Dec 23 11:01:51 2023 Iowa Code 2024, Section 554.9316 (35, 0) §554.9316, UNIFORM COMMERCIAL CODE 2 apply to collateral to which a security interest attaches within four months after the debtorchanges its location to another jurisdiction: a. A financing statement filed before the change pursuant to the law of the jurisdiction designated in section 554.9301, subsection 1, or section 554.9305, subsection 3, is effective toperfect a security interest in the collateral if the financing statement would have been effectiveto perfect a security interest in the collateral had the debtor not changed its location. b. If a security interest perfected by a financing statement that is effective under paragraph 'a' becomes perfected under the law of the other jurisdiction before the earlierof the time the financing statement would have become ineffective under the law of thejurisdiction designated in section a' becomes perfected under the law of the other jurisdiction before the earlierof the time the financing statement would have become ineffective under the law of thejurisdiction designated in section 554.9301, subsection 1, or section 554.9305, subsection 3,or the expiration of the four-month period, it remains perfected thereafter. If the securityinterest does not become perfected under the law of the other jurisdiction before the earliertime or event, it becomes unperfected and is deemed never to have been perfected as againsta purchaser of the collateral for value. 9. Effect of change in governing law on financing statement filed against original debtor. If a financing statement naming an original debtor is filed pursuant to the law of the jurisdiction designated in section 554.9301, subsection 1, or section 554.9305, subsection3, and the new debtor is located in another jurisdiction, the following rules apply: a. The financing statement is effective to perfect a security interest in collateral acquired by the new debtor before, and within four months after, the new debtor becomes bound undersection 554.9203, subsection 4, if the financing statement would have been effective to n collateral acquired by the new debtor before, and within four months after, the new debtor becomes bound undersection 554.9203, subsection 4, if the financing statement would have been effective to perfecta security interest in the collateral had the collateral been acquired by the original debtor. b. A security interest perfected by the financing statement and which becomes perfected under the law of the other jurisdiction before the earlier of the time the financing statementwould have become ineffective under the law of the jurisdiction designated in section554.9301, subsection 1, or section 554.9305, subsection 3, or the expiration of the four-monthperiod remains perfected thereafter. A security interest that is perfected by the financingstatement but which does not become perfected under the law of the other jurisdictionbefore the earlier time or event becomes unperfected and is deemed never to have beenperfected as against a purchaser of the collateral for value. 2000 Acts, ch 1149, §36, 185, 187; 2012 Acts, ch 1052, §7, 33, 37Referred to in §554.9308, 554.9310, 554.9311, 554.9313, 554.9320, 554.9326 Sat Dec 23 11:01:51 2023 Iowa Code 2024, Section 554.9316 (35, 0)
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