statement providing certain incorrect information. Ifa security interest or agricultural lien isperfected by a filed financingstatement providing information described in section 554.9516, subsection 2,paragraph “e”,which is incorrect at the time the financing statement isfiled: 1. the security interest or agricultural lien is subordinate toa conflictingperfected security interest in the collateral to the extent that the holder of the conflicting security interest gives value in reasonable reliance upon the incorrect information; and 2. a purchaser, other than a secured party, of the collateral takes free of the security interest or agricultural lien to the extent that, in reasonable reliance upon the incorrect information, the purchaser gives value and, in the case of tangible chattel paper, tangible documents, goods, instruments, or a security certificate, receives delivery of the collateral.
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