Title XIII, COMMERCE (Ch. 505 - 554I)

1. Rights and duties of secondary obligor. A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after the secondary obligor: a. receives an assignment of a secured obligation from the secured party; b. receives a transfer of col…

1. Transfer statement. In this section , “transfer statement” means a record signed by a secured party stating: a. that the debtor has defaulted in connection with an obligation secured by specified collateral; b. that the secured party has exercised its post-default remedies wit…

1. Conditions to acceptance in satisfaction. Except as otherwise provided in subsection 7 , a secured party may accept collateral in full or partial satisfaction of the obligation it secures only if: a. the debtor consents to the acceptance under subsection 3 ; b. the secured par…

1. Persons to which proposal to be sent. A secured party that desires to accept collateral in full or partial satisfaction of the obligation it secures shall send its proposal to: a. any person from which the secured party has received, before the debtor consented to the acceptan…

1. Effect of acceptance. A secured party’s acceptance of collateral in full or partial satisfaction of the obligation it secures: a. discharges the obligation to the extent consented to by the debtor; b. transfers to the secured party all of a debtor’s rights in the collateral; c…

1. Persons that may redeem. A debtor, any secondary obligor, or any other secured party or lienholder may redeem collateral. 2. Requirements for redemption. To redeem collateral, a person shall tender: a. fulfillment of all obligations secured by the collateral; and b. the reason…

1. Waiver of disposition notification. A debtor or secondary obligor may waive the right to notification of disposition of collateral under section 554.9611 only by an agreement to that effect entered into and signed after default. 2. Waiver of mandatory disposition. A debtor may…

1. Judicial orders concerning noncompliance. If it is established that a secured party is not proceeding in accordance with this Article , a court may order or restrain collection, enforcement, or disposition of collateral on appropriate terms and conditions. 2. Damages for nonco…

1. Applicable rules if amount of deficiency or surplus in issue. In an action arising from a transaction, other than a consumer transaction, in which the amount of a deficiency or surplus is in issue, the following rules apply: a. a secured party need not prove compliance with th…

1. Greater amount obtainable under other circumstances — no preclusion of commercial reasonableness. The fact that a greater amount could have been obtained by a collection, enforcement, disposition, or acceptance at a different time or in a different method from that selected by…

1. Limitation of liability of secured party for noncompliance with article. Subject to subsection 6 , unless a secured party knows that a person is a debtor or obligor, knows the identity of the person, and knows how to communicate with the person: a. the secured party is not lia…

1. Notwithstanding section 554.2316, subsection 2 , all implied warranties arising under sections 554.2314 and 554.2315 are excluded from a sale of cattle, hogs, sheep, ostriches, rheas, emus, and horses if the following information is disclosed to the prospective buyer or the bu…

As used in this chapter “transmitting utility” has the same meaning as defined in the Uniform Commercial Code, section 554.9102, subsection 1 . Security interests filed pursuant to this chapter prior to January 1, 1975, which have not been terminated, are deemed to be filed in ac…

A security interest in rolling stock of a transmitting utility may be perfected either as provided in the Uniform Commercial Code, chapter 554 , or as provided in the ICC Termination Act of 1995 , 49 U.S.C. §701, 11301. [C66, 71, 73, 75, 77, 79, 81, §555.2 ] C93, §554B.2 2010 Act…

Any mortgage or deed of trust upon real estate executed by a transmitting utility may provide that property of the transmitting utility, whether owned at the time of the execution of the instrument or subsequently acquired, shall secure the obligations covered by the instrument. …

If a mortgage or deed of trust upon real estate is executed by a transmitting utility and the real estate described in the instrument is situated in more than one county, the recording requirement of section 554B.3 establishing constructive notice is satisfied by either of the fo…

This subchapter may be cited as the “Uniform Electronic Transactions Act” . 2000 Acts, ch 1189, §1 ; 2004 Acts, ch 1067, §1 ; 2005 Acts, ch 3, §95

As used in this chapter , unless the context otherwise requires: 1. “Agreement” means the bargain of the parties in fact, as found in their language or inferred from other circumstances and from rules, regulations, and procedures given the effect of agreements under laws otherwis…

1. Except as provided in subsection 2 , this chapter applies to electronic records and electronic signatures relating to a transaction. 2. This chapter does not apply to a transaction to the extent it is governed by any of the following: a. A law governing the creation or executi…

1. This chapter does not require a record or signature to be created, generated, sent, communicated, received, stored, or otherwise processed or used by electronic means or in electronic form. 2. This chapter applies only to transactions between parties each of which has agreed t…

This chapter shall be construed and applied as follows: 1. To facilitate electronic transactions consistent with other applicable law. 2. To be consistent with reasonable practices concerning electronic transactions and with the continued expansion of those practices. 3. To effec…

1. A record or signature shall not be denied legal effect or enforceability solely because it is in electronic form. 2. A contract shall not be denied legal effect or enforceability solely because an electronic record was used in its formation. 3. If a law requires a record to be…

1. If parties have agreed to conduct a transaction by electronic means and a law requires a person to provide, send, or deliver information in writing to another person, the requirement is satisfied if the information is provided, sent, or delivered in an electronic record capabl…

1. An electronic record or electronic signature is attributable to a person if it was the act of the person. The act of the person may be shown in any manner, including a showing of the efficacy of any security procedure applied to determine the person to which the electronic rec…

If a change or error in an electronic record occurs in a transmission between parties to a transaction, the following rules apply: 1. If the parties have agreed to use a security procedure to detect changes or errors and one party has conformed to the procedure, but the other par…

If a law requires a signature or record to be notarized, acknowledged, verified, or made under oath, the requirement is satisfied if the electronic signature of the person authorized to perform those acts, together with all other information required to be included by other appli…

1. If a law requires that a record be retained, the requirement is satisfied by retaining an electronic record of the information in the record which does both of the following: a. Accurately reflects the information set forth in the record after it was first generated in its fin…

In a proceeding, evidence of a record or signature shall not be excluded solely because it is in electronic form. 2000 Acts, ch 1189, §15

In an automated transaction, the following rules apply: 1. A contract may be formed by the interaction of electronic agents of the parties, even if no individual was aware of or reviewed the electronic agents’ actions or the resulting terms and agreements. 2. A contract may be fo…

1. Unless otherwise agreed between the sender and the recipient, an electronic record is sent when all of the following occur: a. The electronic record is addressed properly or otherwise directed properly to an information processing system that the recipient has designated or us…

1. For purposes of this section , “transferable record” means an electronic record that satisfies both of the following: a. The electronic record would be a note under chapter 554, article 3 , or a document under chapter 554, article 7 , if the electronic record were in writing. …

A governmental agency of this state shall determine whether, and the extent to which, the governmental agency will create and retain electronic records and convert written records to electronic records. 2000 Acts, ch 1189, §19

1. Except as otherwise provided in section 554D.114, subsection 6 , a governmental agency of this state other than a state executive branch agency, department, board, commission, authority, or institution, shall determine whether, and the extent to which, the governmental agency …

The standards adopted pursuant to section 554D.120 should encourage and promote consistency and interoperability with similar requirements adopted by another governmental agency and nongovernmental persons interacting with governmental agencies of this state. If appropriate, such…

If any provision of this chapter or the application thereof to any person or circumstances is held invalid, the invalidity shall not affect other provisions or applications of the chapter which can be given effect without the invalid provisions or application and, to this end, th…

A choice of law provision in a computer information agreement which provides that the contract is to be interpreted pursuant to the laws of a state that has enacted the uniform computer information transactions Act, as proposed by the national conference of commissioners on unifo…

As used in this chapter , unless the context otherwise requires: 1. “Contract” means the same as defined in section 554D.103 . 2. “Digital asset” means any electronic record that represents, evidences, or comprises economic value or economic, proprietary, or access rights, is mai…

Digital assets are personal property. 2022 Acts, ch 1116, §5 ; 2024 Acts, ch 1023, §135

1. A record, signature, or contract shall not be denied legal effect or enforceability solely because it is created, generated, sent, signed, adopted, communicated, received, recorded, or stored by means of distributed ledger technology or a smart contract. 2. A contract shall no…

Any transaction subject to this chapter that is intended to be evidenced by an instrument affecting real estate as defined in section 558.1 and is intended to provide constructive notice pursuant to section 558.11 , or by any instrument that is otherwise required by law to be rec…

As used in this chapter , unless the context otherwise requires: 1. “Consumer product” means goods that are used or bought for use primarily for personal, family, or household purposes. 2. “High-volume third-party seller” means a participant on an online marketplace platform who …

1. An online marketplace shall require any high-volume third-party seller on an online marketplace platform to provide, not later than ten days after qualifying as a high-volume third-party seller on the platform, the following: a. A bank account number, or, if such seller does n…

1. An online marketplace shall do the following: a. Periodically, but not less than annually, notify a high-volume third-party seller on an online marketplace platform of the requirement to keep any information collected under this chapter current. b. Require a high-volume third-…

In the event that a high-volume third-party seller does not provide the information or certification required under this chapter , the online marketplace shall, after providing the seller with written or electronic notice and an opportunity to provide such information or certific…

1. Data collected solely to comply with the requirements of this section may not be used for any other purpose unless required by law. 2. An online marketplace shall implement and maintain reasonable security procedures and practices, including administrative, physical, and techn…

1. An online marketplace shall do the following: a. Require a high-volume third-party seller with an aggregate total of twenty thousand dollars or more in annual gross revenues on an online marketplace, and that uses an online marketplace platform, to provide the information as s…