Bill Text: IA HSB614 | 2019-2020 | 88th General Assembly | Introduced


Bill Title: A bill for an act relating to filing requirements applicable to extensions of real estate conveyances or transactions under specified circumstances.

Spectrum: Committee Bill

Status: (N/A - Dead) 2020-02-12 - Committee report, recommending amendment and passage. H.J. 263. [HSB614 Detail]

Download: Iowa-2019-HSB614-Introduced.html
House Study Bill 614 - Introduced HOUSE FILE _____ BY (PROPOSED COMMITTEE ON COMMERCE BILL BY CHAIRPERSON CARLSON) A BILL FOR An Act relating to filing requirements applicable to extensions 1 of real estate conveyances or transactions under specified 2 circumstances. 3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 4 TLSB 5275YC (5) 88 ja/rn
H.F. _____ Section 1. Section 614.21, subsection 2, Code 2020, is 1 amended to read as follows: 2 2. The date of maturity, when different than as appears by 3 the record of the instrument, and the date of maturity of any 4 extension of the instrument or of said indebtedness or part 5 thereof, may be shown at any time prior to the expiration of 6 the periods of limitation specified in subsection 1 by the 7 holder of the debt or the owner or assignee of the instrument 8 by filing an extension agreement, duly acknowledged as the 9 original instrument was required to be acknowledged, in 10 the office of the recorder where the instrument is recorded 11 an extension agreement or other documentation evidencing 12 a modification of the maturity date, an extension of the 13 instrument, or an extension of said indebtedness . By 14 authorizing or becoming bound under an existing mortgage, a 15 mortgagor authorizes the filing by a mortgagee under this 16 subsection. 17 EXPLANATION 18 The inclusion of this explanation does not constitute agreement with 19 the explanation’s substance by the members of the general assembly. 20 Current law provides that when the date of maturity of a 21 real estate mortgage, bond for deed, or contract for the sale 22 or conveyance of real estate is different from the date of 23 maturity shown on the record of the instrument itself, and so 24 long as the limitations period contained in Code section 614.21 25 has yet to expire, the owner or assignee of the instrument may 26 show a modification of the maturity date, an extension of the 27 maturity date, or an extension of any associated indebtedness 28 by filing a duly acknowledged extension agreement in the office 29 of the recorder where the instrument was recorded. 30 This bill removes the requirement that an extension 31 agreement be duly acknowledged as the original instrument was 32 required to be acknowledged when a filing of the agreement in 33 the county recorder’s office takes place. Instead, the bill 34 provides that the filing of an extension agreement or other 35 -1- LSB 5275YC (5) 88 ja/rn 1/ 2
H.F. _____ documentation evidencing a modification of the maturity date, 1 extension of the instrument, or extension of indebtedness by 2 the holder of the debt or owner or assignee of the instrument 3 is sufficient. 4 In addition, the bill provides that a mortgagor, by 5 authorizing a mortgage or becoming bound under an existing 6 mortgage, authorizes the mortgagee to make the filings 7 specified in the bill. 8 -2- LSB 5275YC (5) 88 ja/rn 2/ 2
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