554.9321 Licensee of general intangible and lessee of goods in ordinary course of business. 1. Licensee in ordinary course of business. In this section, 'licensee in ordinary course of business' means a person that becomes a licensee of a general intangible in good faith,without knowledge that the license violates the rights of another person in the generalintangible, and in the ordinary course from a person in the business of licensing generalintangibles of that kind. A person becomes a licensee in the ordinary course if the license tothe person comports with the usual or customary practices in the kind of business in whichthe licensor is engaged or with the licensor’s own usual or customary practices. 2. Rights of licensee in ordinary course of business. A licensee in ordinary course of business takes its rights under a nonexclusive license free of a security interest in the generalintangible created by the licensor, even if the security interest is perfected and the licenseeknows of its existence. 3. Rights of lessee in ordinary course of business. A lessee in ordinary course of business takes its leasehold interest free of a security interest in the goods created by the nows of its existence. 3. Rights of lessee in ordinary course of business. A lessee in ordinary course of business takes its leasehold interest free of a security interest in the goods created by the lessor, evenif the security interest is perfected and the lessee knows of its existence. 2000 Acts, ch 1149, §41, 187Referred to in §554.7209, 554.7503, 554.9317, 554.13307 Sat Dec 23 11:01:54 2023 Iowa Code 2024, Section 554.9321 (24, 0)
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