554.9513A Termination of wrongfully filed financing statement — reinstatement. 1. Trusted filer. 'Trusted filer' means a person that does any of the following: a. Regularly causes records to be communicated to the filing office for filing and has provided the filing office with current contact information and information sufficient toestablish the person’s identity. b. Satisfies either of the following conditions:(1) The filing office has issued the person credentials for access to online filing services.(2) The person has established a prepaid or direct debit account for payment of filing fees, regardless of whether the account is used in a particular transaction. 2. Affidavit of wrongful filing. A person identified as debtor in a filed financing statement may deliver to the filing office a notarized, sworn affidavit that identifies the financingstatement by file number, indicates the affiant’s mailing address, and states that the affiantbelieves that the filed record identifying the affiant as debtor was not authorized to be filedand was caused to be communicated to the filing office with the intent to harass or defraudthe affiant. tbelieves that the filed record identifying the affiant as debtor was not authorized to be filedand was caused to be communicated to the filing office with the intent to harass or defraudthe affiant. The filing office may reject an affidavit that is incomplete or that it believeswas delivered to it with the intent to harass or defraud the secured party. The office of thesecretary of state shall adopt a form of affidavit for use under this section. 3. Termination statement by filing office. Subject to subsection 11, if an affidavit is delivered to the filing office under subsection 2, the filing office shall promptly file atermination statement with respect to the financing statement identified in the affidavit. Thetermination statement must identify by its file number the initial financing statement towhich it relates and must indicate that it was filed pursuant to this section. A terminationstatement filed under this subsection is not effective until ninety days after it is filed. 4. No fee charged or refunded. The filing office shall not charge a fee for the filing of an affidavit under subsection 2 or a termination statement under subsection 3. ninety days after it is filed. 4. No fee charged or refunded. The filing office shall not charge a fee for the filing of an affidavit under subsection 2 or a termination statement under subsection 3. The filingoffice shall not return any fee paid for filing the financing statement identified in the affidavit,whether or not the financing statement is reinstated under subsection 7. 5. Notice of termination statement. On the same day that a filing office files a termination statement under subsection 3, the filing office shall send to the secured party of record forthe financing statement to which the termination statement relates a notice stating that thetermination statement has been filed and will become effective ninety days after filing. Thenotice shall be sent by certified mail, return receipt requested, to the address provided for thesecured party of record in the financing statement with a copy sent by electronic mail to theelectronic mail address provided by the secured party of record, if any. 6. Administrative review — action for reinstatement. A secured party that believes in good faith that the filed record identified in an affidavit delivered to the filing office rty of record, if any. 6. Administrative review — action for reinstatement. A secured party that believes in good faith that the filed record identified in an affidavit delivered to the filing office undersubsection 2 was authorized to be filed and was not caused to be communicated to the filingoffice with the intent to harass or defraud the affiant may: a. Before the termination statement takes effect, request that the filing office conduct an expedited review of the filed record and any documentation provided by the securedparty. The filing office may as a result of this review remove from the record the terminationstatement filed by it under subsection 3 before the termination statement takes effect andconduct an administrative review under subsection 11. b. File an action against the filing office seeking reinstatement of the financing statement to which the filed record relates at any time before the expiration of six months after the dateon which the termination statement filed under subsection 3 becomes effective. If the affiantis not named as a defendant in the action, the secured party shall send a copy of the petitionto the affiant at the address indicated in the filed under subsection 3 becomes effective. If the affiantis not named as a defendant in the action, the secured party shall send a copy of the petitionto the affiant at the address indicated in the affidavit. The exclusive venue for the action shallbe in the district court for the county where the filing office in which the financing statementwas filed is located. The action shall be considered by the court on an expedited basis. 7. Filing office to file notice of action for reinstatement. Within ten days after being served with process in an action under subsection 6, the filing office shall file a notice indicatingthat the action has been commenced. The notice must indicate the file number of the initialfinancing statement to which the notice relates. 8. Action for reinstatement successful. If, in an action under subsection 6, the court determines that the financing statement was authorized to be filed and was not caused to be Sat Dec 23 11:02:13 2023 Iowa Code 2024, Section 554.9513A (2, 0) §554.9513A, UNIFORM COMMERCIAL CODE 2 communicated to the filing office with the intent to harass or defraud the affiant, the courtshall order that the financing statement be reinstated. 9513A (2, 0) §554.9513A, UNIFORM COMMERCIAL CODE 2 communicated to the filing office with the intent to harass or defraud the affiant, the courtshall order that the financing statement be reinstated. If an order of reinstatement is issuedby the court, the filing office shall promptly file a record that identifies by its file numberthe initial financing statement to which the record relates and indicates that the financingstatement has been reinstated. 9. Effect of reinstatement. Upon the filing of a record reinstating a financing statement under subsection 8, the effectiveness of the financing statement is reinstated and thefinancing statement shall be considered never to have been terminated under this sectionexcept as against a purchaser of the collateral that gives value in reasonable reliance uponthe termination. A continuation statement filed as provided in section 554.9515, subsection4, after the effective date of a termination statement filed under subsection 3 or 11 becomeseffective if the financing statement is reinstated. 10. Liability for wrongful filing. If, in an action under subsection 6, the court determines that the filed record identified in an affidavit delivered ctive if the financing statement is reinstated. 10. Liability for wrongful filing. If, in an action under subsection 6, the court determines that the filed record identified in an affidavit delivered to the filing office under subsection 2was caused to be communicated to the filing office with the intent to harass or defraud theaffiant, the filing office and the affiant may recover from the secured party that filed the actionthe costs and expenses, including reasonable attorney fees and the reasonable allocated costsof internal counsel, that the filing office and the affiant incurred in the action. This recoveryis in addition to any recovery to which the affiant is entitled under section 554.9625. 11. Procedure for record filed by trusted filer. If an affidavit delivered to a filing office under subsection 2 relates to a filed record communicated to the filing office by a trustedfiler, the filing office shall promptly send to the secured party of record a notice stating thatthe affidavit has been delivered to the filing office and that the filing office is conducting anadministrative review to determine whether the record was caused to be communicated withthe intent to harass or avit has been delivered to the filing office and that the filing office is conducting anadministrative review to determine whether the record was caused to be communicated withthe intent to harass or defraud the affiant. The notice shall be sent by certified mail, returnreceipt requested, to the address provided for the secured party in the financing statementwith a copy sent by electronic mail to the electronic mail address provided by the securedparty of record, if any, and a copy shall be sent in the same manner to the affiant. Theadministrative review shall be conducted on an expedited basis and the filing office mayrequire the affiant and the secured party of record to provide any additional information thatthe filing office deems appropriate. If the filing office concludes that the record was causedto be communicated with the intent to harass or defraud the affiant, the filing office shallpromptly file a termination statement under subsection 2 that will be effective immediatelyand send to the secured party of record the notice required by subsection 5. The securedparty may thereafter file an action for reinstatement under subsection 6 and the provisionsof subsections 7 telyand send to the secured party of record the notice required by subsection 5. The securedparty may thereafter file an action for reinstatement under subsection 6 and the provisionsof subsections 7 through 10 are applicable. 2021 Acts, ch 183, §10Referred to in §554.9510 Sat Dec 23 11:02:13 2023 Iowa Code 2024, Section 554.9513A (2, 0)
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