Perfection of security interests in property subject to certain statutes, regulations, and treaties.

1. Security interest subject to other law. Except as otherwise provided in subsection 4 , the filing of a financing statement is not necessary or effective to perfect a security interest in property subject to: a. a statute, regulation, or treaty of the United States whose requirements for a security interest’s obtaining priority over the rights of a lien creditor with respect to the property preempt section 554.9310, subsection 1 ; b. any certificate-of-title statute, including as provided in chapter 321 , covering automobiles, trailers, mobile homes, boats, farm tractors, or the like, which provides for a security interest to be indicated on a certificate of title as a condition or result of perfection; or c. a statute of another jurisdiction which provides for a security interest to be indicated on a certificate of title as a condition or result of the security interest’s obtaining priority over the rights of a lien creditor with respect to the property. 2. Compliance with other law. Compliance with the requirements of a statute, regulation, or treaty described in subsection 1 for obtaining priority over the rights of a lien creditor is equivalent to the filing of a financing statement under this Article . Except as otherwise provided in subsection 4 and sections 554.9313 and 554.9316, subsections 4 and 5 , for goods covered by a certificate of title, a security interest in property subject to a statute, regulation, or treaty described in subsection 1 may be perfected only by compliance with those requirements, and a security interest so perfected remains perfected notwithstanding a change in the use or transfer of possession of the collateral. 3. Duration and renewal of perfection. Except as otherwise provided in subsection 4 and section 554.9316, subsections 4 and 5 , duration and renewal of perfection of a security interest perfected by compliance with the requirements prescribed by a statute, regulation, or treaty described in subsection 1 are governed by the statute, regulation, or treaty. In other respects, the security interest is subject to this Article . 4. Inapplicability to certain inventory. During any period in which collateral subject to a statute specified in subsection 1 , paragraph “b” is inventory held for sale or lease by a person or leased by that person as lessor and that person is in the business of selling goods of that kind, this section does not apply to a security interest in that collateral created by that person. 2000 Acts, ch 1149, §31, 185, 187 ; 2012 Acts, ch 1052, §6, 37 Referred to in §554.9308 , 554.9309 , 554.9310 , 554.9316 , 554.9334 , 554.9335 , 554.9337 , 554.9505 , 554.9611 , 554.9621