Iowa Code » Chapter 554 — UNIFORM COMMERCIAL CODE
Iowa Code

Iowa Code § 554.9315 (2026)

Secured party’s rights on disposition of collateral and in proceeds

✓ current as of July 2026
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1. Disposition of collateral — continuation of security interest or agricultural lien — proceeds. Except as otherwise provided in this Article and in section 554.2403, subsection 2:

a. a security interest or agricultural lien continues in collateral notwithstanding sale, lease, license, exchange, or other disposition thereof unless the secured party authorized the disposition free of the security interest or agricultural lien; and

b. a security interest attaches to any identifiable proceeds of collateral.

2. When commingled proceeds identifiable. Proceeds that are commingled with other property are identifiable proceeds:

a. if the proceeds are goods, to the extent provided by section 554.9336; and

b. if the proceeds are not goods, to the extent that the secured party identifies the proceeds by a method of tracing, including application of equitable principles, that is permitted under law other than this Article with respect to commingled property of the type involved.

3. Perfection of security interest in proceeds. A security interest in proceeds is a perfected security interest if the security interest in the original collateral was perfected.

4. Continuation of perfection. A perfected security interest in proceeds becomes unperfected on the twenty-first day after the security interest attaches to the proceeds unless:

a. the following conditions are satisfied:\n\nTue Dec 09 22:02:42 2025 Iowa Code 2026, Chapter 554 (108, 4) §554.9315, UNIFORM COMMERCIAL CODE 176\n\n (1) a filed financing statement covers the original collateral;

(2) the proceeds are collateral in which a security interest may be perfected by filing in the office in which the financing statement has been filed; and

(3) the proceeds are not acquired with cash proceeds;

b. the proceeds are identifiable cash proceeds; or

c. the security interest in the proceeds is perfected other than under subsection 3 when the security interest attaches to the proceeds or within twenty days thereafter.

5. When perfected security interest in proceeds becomes unperfected. If a filed financing statement covers the original collateral, a security interest in proceeds which remains perfected under subsection 4, paragraph “a”, becomes unperfected at the later of:

a. when the effectiveness of the filed financing statement lapses under section 554.9515 or is terminated under section 554.9513; or

b. the twenty-first day after the security interest attaches to the proceeds. 2000 Acts, ch 1149, §35, 185, 187 Referred to in §554.9109, 554.9203, 554.9204, 554.9308, 554.9310, 554.9312, 554.9509, 554.9607 \n

Notes of Decisions
Cited in 10 cases, 1987–2018 · leading case: Schley v. Peoples Bank (In re Schley), 509 B.R. 901 (Bankr. D. Iowa 2014).
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Schley v. Peoples Bank (In re Schley), 509 B.R. 901 (Bankr. D. Iowa 2014). · cites it 21× “They first argue that Iowa Code § 554.9315 specifically addresses whether an interest attaches to proceeds.”
Peoples Trust & Sav. Bank v. Sec. Sav. Bank, 815 N.W.2d 744 (Iowa 2012). · cites it 8× “See Iowa Code § 554.9315 (l)(a )-(b). On the issue of whether Peoples waived its right in the proceeds, Peoples argues that under C & H Farm Service, a creditor must have “actual knowledge” of the transaction giving rise to a waiver of a right.”
First State Bank v. Clark, 635 N.W.2d 29 (Iowa 2001). · cites it 6× “1149, § 35 (codified at Iowa Code § 554.9315 (2001)). This act became effective on July 1, 2001.”
Farmers Coop. Elevator Co. v. Union State Bank, 409 N.W.2d 178 (Iowa 1987). · cites it 2× “CO-OP’s argument, although creative, stretches the language of section 554.9315 beyond our interpretation guideposts.”
In Re Zych, 379 B.R. 857 (Bankr. D. Minn. 2007). “:(1) a security interest or agricultural lien continues in collateral notwithstanding sale, lease, license, exchange, or other disposition thereof unless the secured party authorized the disposition free of the security interest or agricultural lien; and (2) a security interest…”
United Bank of Iowa v. Indep. Inputs (In Re W. Iowa Limestone, Inc.), 375 B.R. 518 (8th Cir. BAP 2007). “Iowa Code § 554.9315 . See also, Iowa Code § 554.”
Cent. Bank & Real Est. Owned, L.L.C., an Iowa Ltd. Liab. Co. v. Timothy C. Hogan, as Tr. of the Liberty Bank Liquidating Trust Liberty Bank, F.S.B. Iowa State Bank First State Bank Farmers Sav. Bank Farmers Trust & Sav. Bank & First Cmty. Bank, 891 N.W.2d 197 (Iowa 2017). “See id, § 554.9315(3). Under the U.C.C., “proceeds” is defined as “whatever is collected *205 on, or distributed on account of, collateral.”
The Sec. Nat'l Bank of Sioux City, Iowa, as the duly appointed Pers. Rep. of the Est. of Roger E. Rand v. Frank H. Welte II, Diane Welte, Matthew Welte, Welte Flats Farms, Inc., BJM, Inc., W. Slopes Farms, Valley Flats Farms, Inc. & Donald Molstad (Iowa Ct. App. 2018). · cites it 6× “3 “A ‘course of dealing’ is a sequence of conduct 3 In 2000, our legislature enacted Iowa Code section 554.9315 as the replacement of Iowa Code section 554.”
Amended May 9, 2017 Cent. Bank & Real Est. Owned, L.L.A., an Iowa Ltd. Liab. Co. v. Timothy C. Hogan, as Tr. of the Liberty Bank Liquidating Trust Liberty Bank, F.S.B. Iowa State Bank First State Bank Farmers Sav. Bank Farmers Trust & Sav. Bank & First Cmty. Bank (Iowa 2017). “§ 554.9315(3). Under the U.C.C., “proceeds” is defined as “whatever is collected on, or distributed on account of, collateral.”
United Bank of Iowa v. Indep. Inputs (8th Cir. BAP 2007). “9 Iowa Code § 554.9315 . See also, Iowa Code § 554.”
— Iowa Code § 554.9315(1)(a) — 1 case
The Sec. Nat'l Bank of Sioux City, Iowa, as the duly appointed Pers. Rep. of the Est. of Roger E. Rand v. Frank H. Welte II, Diane Welte, Matthew Welte, Welte Flats Farms, Inc., BJM, Inc., W. Slopes Farms, Valley Flats Farms, Inc. & Donald Molstad (Iowa Ct. App. 2018). “3 “A ‘course of dealing’ is a sequence of conduct 3 In 2000, our legislature enacted Iowa Code section 554.9315 as the replacement of Iowa Code section 554.”
— Iowa Code § 554.9315(3) — 2 cases
Cent. Bank & Real Est. Owned, L.L.C., an Iowa Ltd. Liab. Co. v. Timothy C. Hogan, as Tr. of the Liberty Bank Liquidating Trust Liberty Bank, F.S.B. Iowa State Bank First State Bank Farmers Sav. Bank Farmers Trust & Sav. Bank & First Cmty. Bank, 891 N.W.2d 197 (Iowa 2017). “See id, § 554.9315(3). Under the U.C.C., “proceeds” is defined as “whatever is collected *205 on, or distributed on account of, collateral.”
Amended May 9, 2017 Cent. Bank & Real Est. Owned, L.L.A., an Iowa Ltd. Liab. Co. v. Timothy C. Hogan, as Tr. of the Liberty Bank Liquidating Trust Liberty Bank, F.S.B. Iowa State Bank First State Bank Farmers Sav. Bank Farmers Trust & Sav. Bank & First Cmty. Bank (Iowa 2017). “§ 554.9315(3). Under the U.C.C., “proceeds” is defined as “whatever is collected on, or distributed on account of, collateral.”
— Iowa Code § 554.9315(l)(a) — 1 case
Schley v. Peoples Bank (In re Schley), 509 B.R. 901 (Bankr. D. Iowa 2014). “They first argue that Iowa Code § 554.9315 specifically addresses whether an interest attaches to proceeds.”
— Iowa Code § 554.9315(l)(b) — 1 case
Schley v. Peoples Bank (In re Schley), 509 B.R. 901 (Bankr. D. Iowa 2014). “They first argue that Iowa Code § 554.9315 specifically addresses whether an interest attaches to proceeds.”
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