Bill Text: IA SSB3094 | 2013-2014 | 85th General Assembly | Introduced
Bill Title: A study bill for an act modifying provisions applicable to the recording of a mortgage or deed of trust executed by a transmitting utility.
Spectrum: Unknown
Status: (N/A - Dead) 0000-00-00 - In Commerce [SSB3094 Detail]
Download: Iowa-2013-SSB3094-Introduced.html
Senate
Study
Bill
3094
-
Introduced
SENATE
FILE
_____
BY
(PROPOSED
COMMITTEE
ON
COMMERCE
BILL
BY
CHAIRPERSON
McCOY)
A
BILL
FOR
An
Act
modifying
provisions
applicable
to
the
recording
of
1
a
mortgage
or
deed
of
trust
executed
by
a
transmitting
2
utility.
3
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
4
TLSB
5497SC
(2)
85
rn/sc
S.F.
_____
Section
1.
Section
554B.3,
Code
2014,
is
amended
to
read
as
1
follows:
2
554B.3
Recording
mortgage
or
deed
of
trust
upon
real
estate.
3
Any
mortgage
or
deed
of
trust
upon
real
estate
executed
4
by
a
transmitting
utility
may
provide
that
property
of
5
the
transmitting
utility,
whether
owned
at
the
time
of
the
6
execution
of
the
instrument
or
subsequently
acquired,
shall
7
secure
the
obligations
covered
by
the
instrument.
Recording
8
Filing
the
instrument
in
the
office
of
the
recorder
of
each
9
county
in
which
secretary
of
state,
describing
therein
the
10
location
of
such
property,
or
any
part
thereof,
described
in
11
the
instrument
is
situated
shall
give
constructive
notice
to
12
all
persons
of
the
lien
of
the
mortgage
or
deed
of
trust
from
13
the
time
of
recording
filing
or,
in
the
case
of
subsequently
14
acquired
real
estate,
from
the
time
of
acquisition.
15
EXPLANATION
16
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
17
the
explanation’s
substance
by
the
members
of
the
general
assembly.
18
This
bill
modifies
the
manner
in
which
constructive
notice
19
of
a
mortgage
or
deed
of
trust
executed
by
a
transmitting
20
utility
is
given.
21
Currently,
Code
section
554B.3
specifies
that
a
mortgage
or
22
deed
of
trust
in
connection
to
real
estate
which
is
executed
23
by
a
transmitting
utility
shall
be
recorded
in
the
office
of
24
the
recorder
of
each
county
in
which
any
property
securing
the
25
obligations
covered
by
the
instrument
and
described
in
the
26
instrument
is
situated.
The
bill
alters
this
provision
to
27
state
that
the
mortgage
or
deed
of
trust
shall
be
filed
in
the
28
office
of
the
secretary
of
state,
rather
than
in
each
county
in
29
which
property
described
in
the
instrument
is
situated.
30
-1-
LSB
5497SC
(2)
85
rn/sc
1/
1
