1. Control under section 554.8106. A person has control of a certificated security, uncertificated security, or security entitlement as provided in section 554.8106.
2. Control of commodity contract. A secured party has control of a commodity contract if:
a. the secured party is the commodity intermediary with which the commodity contract is carried; or
b. the commodity customer, secured party, and commodity intermediary have agreed that the commodity intermediary will apply any value distributed on account of the commodity contract as directed by the secured party without further consent by the commodity customer.
3. Effect of control of securities account or commodity account. A secured party having control of all security entitlements or commodity contracts carried in a securities account or commodity account has control over the securities account or commodity account. 2000 Acts, ch 1149, §6, 185, 187 Referred to in §554.9203, 554.9207, 554.9208, 554.9314, 554.9328, 554.9601 \n
Notes of Decisions
Cossitt v. First Am. State Bank (In Re Fort Dodge Creamery Co.), 121 B.R. 831 (Bankr. D. Iowa 1990).
· cites it 2× “The settlement required a resale of goods and thus resulted in an “account” within the meaning of Iowa Code § 554.9106 . The cash from the collection of that account was proceeds under Iowa Code § 554.”
Sandage Real Est., Inc. v. Liebe (In Re Liebe), 41 B.R. 965 (Bankr. D. Iowa 1984).
“Consequently Norwest can only claim a security interest in the PIK contract and the entitlements if its security agreement contains an after-acquired property clause as to the type of collateral created by acceptance into the PIK program.”
Corcoran v. Land O' Lakes, Inc., 39 F. Supp. 2d 1139 (N.D. Iowa 1999).
“Security interest in a lawsuit Land O’ Lakes is correct that the Corcorans gave Norwest a security interest in collateral including “[e]ach and ew ery right of Debtor to the payment of money, whether such right to payment now exists or hereafter arises,” and “[a]ll general…”
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