Bill Text: IA SF2091 | 2013-2014 | 85th General Assembly | Enrolled
Bill Title: A bill for an act relating to common forms of co-ownership of real property and including effective date and applicability provisions. (Formerly SSB 3082.) Effective 1-1-15.
Spectrum: Committee Bill
Status: (Passed) 2014-04-03 - Signed by Governor. S.J. 719. [SF2091 Detail]
Download: Iowa-2013-SF2091-Enrolled.html
Senate
File
2091
AN
ACT
RELATING
TO
COMMON
FORMS
OF
CO-OWNERSHIP
OF
REAL
PROPERTY
AND
INCLUDING
EFFECTIVE
DATE
AND
APPLICABILITY
PROVISIONS.
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
Section
1.
Section
557.15,
Code
2014,
is
amended
by
striking
the
section
and
inserting
in
lieu
thereof
the
following:
557.15
Common
forms
of
co-ownership
of
real
property.
1.
A
conveyance
of
real
property
to
two
or
more
grantees
each
in
their
own
right
creates
a
tenancy
in
common,
unless
a
contrary
intent
is
expressed
in
the
conveyance
instrument
or
as
provided
in
subsection
2.
2.
A
conveyance
of
real
property
to
two
or
more
grantees
in
a
conveyance
instrument
in
any
of
the
following
circumstances
creates
a
presumption
of
joint
tenancy
with
rights
of
survivorship
unless
a
contrary
intent
is
expressed
in
the
instrument
and
subject
to
subsection
3:
a.
The
instrument
identifies
two
grantees
as
married
to
each
other
at
the
time
the
instrument
is
executed.
b.
The
instrument
describes
the
conveyance
to
the
grantees
with
the
phrase
“joint
tenants”,
“joint
tenancy”,
or
words
of
similar
import.
c.
The
instrument
describes
the
conveyance
to
the
grantees
with
the
phrase
“or
their
survivor”
with
reference
to
the
grantees,
or
words
of
similar
import.
3.
An
order
of
annulment,
dissolution,
or
separate
maintenance
entered
pursuant
to
section
598.21
is
a
muniment
of
title
to
the
real
property
described,
and
severs
a
joint
tenancy
with
rights
of
survivorship
and
creates
a
tenancy
in
common
in
equal
shares,
unless
otherwise
provided
in
the
order.
Sec.
2.
EFFECTIVE
DATE
AND
APPLICABILITY.
This
Act
takes
Senate
File
2091,
p.
2
effect
January
1,
2015,
and
applies
to
instruments
executed
and
orders
entered
on
or
after
that
date.
______________________________
PAM
JOCHUM
President
of
the
Senate
______________________________
KRAIG
PAULSEN
Speaker
of
the
House
I
hereby
certify
that
this
bill
originated
in
the
Senate
and
is
known
as
Senate
File
2091,
Eighty-fifth
General
Assembly.
______________________________
MICHAEL
E.
MARSHALL
Secretary
of
the
Senate
Approved
_______________,
2014
______________________________
TERRY
E.
BRANSTAD
Governor
