Bill Text: IA SSB3082 | 2013-2014 | 85th General Assembly | Introduced
Bill Title: A study bill for an act relating to common forms of co=ownership of real property and including effective date and applicability provisions.
Spectrum: Unknown
Status: (N/A - Dead) 2014-01-23 - In Judiciary [SSB3082 Detail]
Download: Iowa-2013-SSB3082-Introduced.html
Senate
Study
Bill
3082
-
Introduced
SENATE
FILE
_____
BY
(PROPOSED
COMMITTEE
ON
JUDICIARY
BILL
BY
CHAIRPERSON
HOGG)
A
BILL
FOR
An
Act
relating
to
common
forms
of
co-ownership
of
real
1
property
and
including
effective
date
and
applicability
2
provisions.
3
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
4
TLSB
5477SC
(2)
85
rh/sc
S.F.
_____
Section
1.
Section
557.15,
Code
2014,
is
amended
by
striking
1
the
section
and
inserting
in
lieu
thereof
the
following:
2
557.15
Common
forms
of
co-ownership
of
real
property.
3
1.
A
conveyance
of
real
property
to
two
or
more
grantees
4
each
in
their
own
right
creates
a
tenancy
in
common,
unless
a
5
contrary
intent
is
expressed
in
the
conveyance
instrument
or
as
6
provided
in
subsection
2.
7
2.
A
conveyance
of
real
property
to
two
or
more
grantees
in
8
a
conveyance
instrument
in
any
of
the
following
circumstances
9
creates
a
presumption
of
joint
tenancy
with
rights
of
10
survivorship
unless
a
contrary
intent
is
expressed
in
the
11
instrument
and
subject
to
subsection
3:
12
a.
The
instrument
identifies
two
grantees
as
married
to
each
13
other
at
the
time
the
instrument
is
executed.
14
b.
The
instrument
describes
the
conveyance
to
the
grantees
15
with
the
phrase
“joint
tenants”,
“joint
tenancy”,
or
words
of
16
similar
import.
17
c.
The
instrument
describes
the
conveyance
to
the
grantees
18
with
the
phrase
“or
their
survivor”
with
reference
to
the
19
grantees,
or
words
of
similar
import.
20
3.
An
order
of
annulment,
dissolution,
or
separate
21
maintenance
entered
pursuant
to
section
598.21
is
a
muniment
of
22
title
to
the
real
property
described
in
a
conveyance
instrument
23
under
subsection
2,
and
severs
a
joint
tenancy
with
rights
of
24
survivorship
and
creates
a
tenancy
in
common
in
equal
shares,
25
unless
otherwise
provided
in
the
order.
26
Sec.
2.
EFFECTIVE
DATE
AND
APPLICABILITY.
This
Act
takes
27
effect
January
1,
2015,
and
applies
to
instruments
executed
and
28
orders
entered
on
or
after
that
date.
29
EXPLANATION
30
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
31
the
explanation’s
substance
by
the
members
of
the
general
assembly.
32
Under
current
law,
codified
in
Code
section
557.15,
a
33
conveyance
of
real
property
to
two
or
more
grantees
in
their
34
own
right
creates
a
tenancy
in
common,
unless
otherwise
35
-1-
LSB
5477SC
(2)
85
rh/sc
1/
2
S.F.
_____
indicated
in
the
conveyance
instrument.
A
property
interest
1
held
in
a
tenancy
in
common
allows
each
owner
to
separately
2
convey,
encumber,
or
devise
the
property.
A
joint
tenancy
with
3
rights
of
survivorship
is
another
form
of
co-ownership
of
real
4
property
recognized
in
Iowa
in
which
the
survivor
owns
the
5
entire
interest
in
the
property
by
operation
of
law
upon
the
6
death
of
the
joint
tenant.
7
The
bill
retains
the
current
language
in
Code
section
8
557.15
relating
to
tenancies
in
common
and
also
specifies
9
that
a
conveyance
of
real
property
to
two
or
more
grantees
10
in
a
conveyance
instrument
in
circumstances
specified
in
the
11
bill
creates
a
presumption
of
joint
tenancy
with
rights
of
12
survivorship,
unless
a
contrary
intent
is
expressed
in
the
13
instrument.
The
bill
also
provides
that
an
order
of
annulment,
14
dissolution,
or
separate
maintenance
entered
pursuant
to
15
Code
section
598.21
severs
a
joint
tenancy
with
rights
of
16
survivorship
created
in
those
specified
circumstances
and
17
creates
a
tenancy
in
common
in
equal
shares,
unless
otherwise
18
provided
in
the
order.
19
The
bill
takes
effect
January
1,
2015,
and
applies
to
20
instruments
executed
and
orders
entered
on
or
after
that
date.
21
-2-
LSB
5477SC
(2)
85
rh/sc
2/
2
