Iowa Code
Iowa Code § 554.9306 (2026)
Law governing perfection and priority of security interests in letter-of-credit rights
✓ current as of July 2026
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1. Governing law — issuer’s or nominated person’s jurisdiction. Subject to subsection 3, the local law of the issuer’s jurisdiction or a nominated person’s jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in a letter-of-credit right if the issuer’s jurisdiction or nominated person’s jurisdiction is a state. 2. Issuer’s or nominated person’s jurisdiction. For purposes of this part, an issuer’s jurisdiction or nominated person’s jurisdiction is the jurisdiction whose law governs the liability of the issuer or nominated person with respect to the letter-of-credit right as provided in section 554.5116. 3. When section not applicable. This section does not apply to a security interest that is perfected only under section 554.9308, subsection 4. 2000 Acts, ch 1149, §26, 185, 187 Referred to in §554.1301, 554.9301
\nNotes of Decisions
Cited in 21
cases, 1982–2018 · leading case: Sec. State Bank v. Firstar Bank Milwaukee, N.A., 965 F. Supp. 1237 (N.D. Iowa 1997).
Sec. State Bank v. Firstar Bank Milwaukee, N.A., 965 F. Supp. 1237 (N.D. Iowa 1997). “First, Firs-tar Milwaukee contends that Iowa Code § 554.9306 (4) limits a secured party’s security interest in the cash proceeds of an insolvent debtor to proceeds received by the debt- or ten days prior to the debtor’s bankruptcy petition.”
C & H Farm Serv. Co. of Iowa v. Farmers Sav. Bank, 449 N.W.2d 866 (Iowa 1989). “See Iowa Code § 554.9306 (2) (1981) (security interest in collateral continues in identifiable proceeds of collateral).”
First State Bank v. Clark, 635 N.W.2d 29 (Iowa 2001). “Iowa Code § 554.9306 (1). Thus, just as one interpretation seems to render part of the statute superfluous, so does the other interpretation.”
First Nat'l Bank in Lenox v. Lamoni Livestock Sales Co., 417 N.W.2d 443 (Iowa 1987). “See Iowa Code § 554.9306 (2). The creditor may also have a perfected security interest in the proceeds of the collateral sold if its original financing statement covered proceeds or if the creditor perfects a security interest in the proceeds within ten days of the sale.”
Peoples Trust & Sav. Bank v. Sec. Sav. Bank, 815 N.W.2d 744 (Iowa 2012). “article 9); see also Iowa Code § 554.9306 (2) (1999). The thrust of former section 9-306(2) was that after sale a security interest continues in the collateral and in the proceeds, unless the sale was either authorized (1) by the secured party in the security agreement, or (2)…”
First State Bank v. Shirley Ag Serv., Inc., 417 N.W.2d 448 (Iowa 1987). “Under the present facts, which disclose both First State Bank’s affirmative efforts to protect its security interest through foreclosure proceedings and Zach’s actual knowledge thereof, we hold that, as a matter of law, the disposition at issue was not authorized by the prior…”
Geltzer v. Brizinova (In re Brizinova), 592 B.R. 442 (Bankr. E.D.N.Y. 2018). “Iowa 1988) (quoting Iowa Code § 554.9306 (a) ). There, the bankruptcy court concluded that payments owed under a contract entered into pre-petition were proceeds because they were received as part of the contract.”
Cossitt v. First Am. State Bank (In Re Fort Dodge Creamery Co.), 121 B.R. 831 (Bankr. D. Iowa 1990). “The cash from the collection of that account was proceeds under Iowa Code § 554.9306 (1). A $3,590.00 deposit was made into the account on August 15, 1988.”
Geltzer v. Soshkin (In re Brizinova), 588 B.R. 311 (Bankr. E.D.N.Y. 2018). “Iowa 1988) (quoting Iowa Code § 554.9306 (a) ). There, the bankruptcy court concluded that payments owed under a contract entered into pre-petition were proceeds because they were received as part of the contract.”
Merv E. Hilpipre Auction Co. v. Solon State Bank, 343 N.W.2d 452 (Iowa 1984). “Iowa Code § 554.9306 (3)(b). It concluded that the bank’s security interest was superior to all claimants except the county.”
Linn Coop. Oil Co. v. Norwest Bank Marion, N.A., 444 N.W.2d 497 (Iowa 1989). “2(c) to Uniform Commercial Code section 9-306 ( Iowa Code § 554.9306 (1987)). That comment states, in part: Where cash proceeds are covered into the debtor’s checking account and paid out in the operation of the debtor’s business, recipients of the funds of course take free of…”
Citizens Sav. Bank v. Miller, 515 N.W.2d 7 (Iowa 1994). “” Iowa Code § 554.9306 (1); Humboldt Trust & Sav.”
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