554.9520 Acceptance and refusal to accept record. 1. Mandatory refusal to accept record. A filing office shall refuse to accept a record for filing for a reason set forth in section 554.9516, subsection 2, and may refuse to accept arecord for filing only for a reason set forth in section 554.9516, subsection 2. 2. Communication concerning refusal. If a filing office refuses to accept a record for filing, it shall communicate to the person that presented the record the fact of and reasonfor the refusal and the date and time the record would have been filed had the filing officeaccepted it. The communication must be made at the time and in the manner prescribed byfiling-office rule but in no event more than two business days after the filing office receivesthe record. 3. When filed financing statement effective. A filed financing statement satisfying section 554.9502, subsections 1 and 2, is effective, even if the filing office is required to refuse toaccept it for filing under subsection 1. However, section 554.9338 applies to a filed financingstatement providing information described in section 554.9516, subsection 2, paragraph 'e',which is incorrect at the time the financing ection 1. However, section 554.9338 applies to a filed financingstatement providing information described in section 554.9516, subsection 2, paragraph 'e',which is incorrect at the time the financing statement is filed. 4. Separate application to multiple debtors. If a record communicated to a filing office provides information that relates to more than one debtor, this part applies as to each debtorseparately. 2000 Acts, ch 1149, §91, 187 Sat Dec 23 11:02:16 2023 Iowa Code 2024, Section 554.9520 (26, 0)
Iowa Legal Code