Iowa Code » Chapter 554 — UNIFORM COMMERCIAL CODE
Iowa Code

Iowa Code § 554.9402 (2026)

Secured party not obligated on contract of debtor or in tort

✓ current as of July 2026
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The existence of a security interest, agricultural lien, or authority given to a debtor to dispose of or use collateral, without more, does not subject a secured party to liability in contract or tort for the debtor’s acts or omissions. 2000 Acts, ch 1149, §64, 185, 187\n\nTue Dec 09 22:02:42 2025 Iowa Code 2026, Chapter 554 (108, 4) §554.9403, UNIFORM COMMERCIAL CODE 190

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Notes of Decisions
Cited in 18 cases, 1970–2000 · leading case: Citizens Sav. Bank v. Sac City State Bank, 315 N.W.2d 20 (Iowa 1982).
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Citizens Sav. Bank v. Sac City State Bank, 315 N.W.2d 20 (Iowa 1982). · cites it 16× “The first sentence of section 554.9402, subsection 7, shall be deemed a change in the law.”
In Re Waters, 90 B.R. 946 (Bankr. D. Iowa 1988). · cites it 15× “They contend that there is no valid security agreement binding upon the “Partnership”, and even if there is, it was not properly perfected, other requirements of Iowa Code § 554.9402 were not met, or no value was given.”
First Nat'l Bank in Creston v. Francis, 342 N.W.2d 468 (Iowa 1984). · cites it 18× “That description, however need not be specific "if it reasonably identifies what is described" ( Iowa Code § 554.”
United States v. Lincoln Sav. Bank (In Re Com. Millwright Serv. Corp.), 245 B.R. 597 (Bankr. D. Iowa 1999). · cites it 14× “1988); Iowa Code § 554.9402 (1). The validity of a financing statement depends primarily on its ability to give notice of the security interest to other creditors.”
Merchants Nat'l Bank of Cedar Rapids v. Halberstadt, 425 N.W.2d 429 (Iowa Ct. App. 1988). · cites it 10× “The financing statement is sufficient if it contains the names and mailing addresses of the debtor and secured party, “a statement indicating the types, or describing the items, of collateral,” and is signed by the debtor.”
First State Bank v. Shirley Ag Serv., Inc., 417 N.W.2d 448 (Iowa 1987). · cites it 4× “1980); Iowa Code § 554.9402 (1985), Uniform Commercial Code comment 2; J.”
Cent. Iowa Prod. Credit Ass'n v. DeSchamp (In Re DeSchamp), 44 B.R. 517 (Bankr. D. Iowa 1984). · cites it 5× “9109 Code of Iowa (1983) *520 The final Code provisions regarding the requisites of the financing statement are set forth in §§ 554.9402(1) and (8) which provide: A financing statement is sufficient if it gives the names of the debtor and the secured party, is signed by the…”
Matter of Sunberg, 35 B.R. 777 (Bankr. S.D. Iowa 1983). · cites it 2× “The description of the collateral required for a financing statement by Section 554.9402 is sufficient if it' makes possible the identification of the property described.”
Todd v. Prod. Credit Ass'n of the Midlands/Farm Credit Sys. Capital Corp. (In Re Todd), 70 B.R. 204 (Bankr. D. Iowa 1986). · cites it 6× “by this chapter as amended, except that if this chapter as amended requires a filing in an office where there was no previous financing statement, a new financing statement conforming to either section 554.9402 or subsection 8 shall be filed in that office.”
First Sec. Bank & Trust Co. v. Voelker, 252 N.W.2d 400 (Iowa 1977). · cites it 2× “1249, § 57, not here relevant, Code § 554.9402 stated: “1. A financing statement is sufficient if it is signed by the debtor and the secured party, gives an address of the secured party from which information concerning the security interest may be obtained, gives a mailing…”
First State Bank of Nora Springs v. Waychus, 183 N.W.2d 728 (Iowa 1971). · cites it 4× “Defendant insists that while section 554.9402 of the U.C.C. relates to formal requisites, it is section 554.”
Deutz-Allis Credit Corp. v. Lynch Farms, Inc., 387 N.W.2d 593 (Iowa 1986). · cites it 8× “Section 554.9402(1) sets forth the requirements of a financing statement, and then provides it “may be filed before a security agreement is made or a security interest otherwise attaches.”
Show all 18 citing cases →
— Iowa Code § 554.9402(1) — 7 cases
First Nat'l Bank in Creston v. Francis, 342 N.W.2d 468 (Iowa 1984). “That description, however need not be specific "if it reasonably identifies what is described" ( Iowa Code § 554.”
Citizens Sav. Bank v. Sac City State Bank, 315 N.W.2d 20 (Iowa 1982). “The first sentence of section 554.9402, subsection 7, shall be deemed a change in the law.”
In Re Waters, 90 B.R. 946 (Bankr. D. Iowa 1988). “They contend that there is no valid security agreement binding upon the “Partnership”, and even if there is, it was not properly perfected, other requirements of Iowa Code § 554.9402 were not met, or no value was given.”
Deutz-Allis Credit Corp. v. Lynch Farms, Inc., 387 N.W.2d 593 (Iowa 1986). “Section 554.9402(1) sets forth the requirements of a financing statement, and then provides it “may be filed before a security agreement is made or a security interest otherwise attaches.”
Cent. Iowa Prod. Credit Ass'n v. DeSchamp (In Re DeSchamp), 44 B.R. 517 (Bankr. D. Iowa 1984). “9109 Code of Iowa (1983) *520 The final Code provisions regarding the requisites of the financing statement are set forth in §§ 554.9402(1) and (8) which provide: A financing statement is sufficient if it gives the names of the debtor and the secured party, is signed by the…”
— Iowa Code § 554.9402(3) — 1 case
Citizens Sav. Bank v. Sac City State Bank, 315 N.W.2d 20 (Iowa 1982). “The first sentence of section 554.9402, subsection 7, shall be deemed a change in the law.”
— Iowa Code § 554.9402(7) — 2 cases
Citizens Sav. Bank v. Sac City State Bank, 315 N.W.2d 20 (Iowa 1982). “The first sentence of section 554.9402, subsection 7, shall be deemed a change in the law.”
United States v. Lincoln Sav. Bank (In Re Com. Millwright Serv. Corp.), 245 B.R. 597 (Bankr. D. Iowa 1999). “1988); Iowa Code § 554.9402 (1). The validity of a financing statement depends primarily on its ability to give notice of the security interest to other creditors.”
— Iowa Code § 554.9402(8) — 3 cases
First Nat'l Bank in Creston v. Francis, 342 N.W.2d 468 (Iowa 1984). “That description, however need not be specific "if it reasonably identifies what is described" ( Iowa Code § 554.”
Cent. Iowa Prod. Credit Ass'n v. DeSchamp (In Re DeSchamp), 44 B.R. 517 (Bankr. D. Iowa 1984). “9109 Code of Iowa (1983) *520 The final Code provisions regarding the requisites of the financing statement are set forth in §§ 554.9402(1) and (8) which provide: A financing statement is sufficient if it gives the names of the debtor and the secured party, is signed by the…”
First State Bank v. Shirley Ag Serv., Inc., 417 N.W.2d 448 (Iowa 1987). “1980); Iowa Code § 554.9402 (1985), Uniform Commercial Code comment 2; J.”
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