554.9338 Priority of security interest or agricultural lien perfected by filed financing statement providing certain incorrect information. If a security interest or agricultural lien is perfected by a filed financing statement providing information described in section 554.9516, subsection 2, paragraph 'e', which is incorrect atthe time the financing statement is filed: 1. the security interest or agricultural lien is subordinate to a conflicting perfected security interest in the collateral to the extent that the holder of the conflicting security interest givesvalue in reasonable reliance upon the incorrect information; and 2. a purchaser, other than a secured party, of the collateral takes free of the security interest or agricultural lien to the extent that, in reasonable reliance upon the incorrectinformation, the purchaser gives value and, in the case of tangible chattel paper, tangibledocuments, goods, instruments, or a security certificate, receives delivery of the collateral. 2000 Acts, ch 1149, §58, 187; 2007 Acts, ch 30, §45, 46, 75Referred to in §554.9520 Sat Dec 23 11:02:02 2023 Iowa Code 2024, Section 554.9338 (24, 0)
Iowa Legal Code