Padzensky v. Kinzenbaw

SCHULTZ, Justice.

The question here is whether an assignment of a cash appearance bond was an absolute transfer or one intended to create a security interest. The district court held that the assignment, absolute on its face, was intended to create a security interest. It further ruled that a judgment lien creditor had priority over the assignee, under Iowa Code section 554.9301(l)(b) since the assignment was never perfected. We disagree and reverse.

The defendant, David R. Kinzenbaw, hired the Tom Riley Law Firm, P.C. (Riley) to represent him in a suit initiated by his landlord, Linda…