554.9604 Procedure if security agreement covers real property or fixtures. 1. Enforcement — personal and real property. If a security agreement covers both personal and real property, a secured party may proceed: a. under this part as to the personal property without prejudicing any rights with respect to the real property; or b. as to both the personal property and the real property in accordance with the rights with respect to the real property, in which case the other provisions of this part do not apply. 2. Enforcement — fixtures. Subject to subsection 3, if a security agreement covers goods that are or become fixtures, a secured party may proceed: a. under this part; orb. in accordance with the rights with respect to real property, in which case the other provisions of this part do not apply. 3. Removal of fixtures. Subject to the other provisions of this part, if a secured party holding a security interest in fixtures has priority over all owners and encumbrancers ofthe real property, the secured party, after default, may remove the collateral from the realproperty. 4. Injury caused by removal. nterest in fixtures has priority over all owners and encumbrancers ofthe real property, the secured party, after default, may remove the collateral from the realproperty. 4. Injury caused by removal. A secured party that removes collateral shall promptly reimburse any encumbrancer or owner of the real property, other than the debtor, for thecost of repair of any physical injury caused by the removal. The secured party need notreimburse the encumbrancer or owner for any diminution in value of the real propertycaused by the absence of the goods removed or by any necessity of replacing them. A personentitled to reimbursement may refuse permission to remove until the secured party givesadequate assurance for the performance of the obligation to reimburse. 2000 Acts, ch 1149, §102, 187Referred to in §554.9109 Sat Dec 23 11:02:21 2023 Iowa Code 2024, Section 554.9604 (24, 0)
Iowa Legal Code