House
File
2415
-
Introduced
HOUSE
FILE
2415
BY
COMMITTEE
ON
COMMERCE
(SUCCESSOR
TO
HSB
614)
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
5275HV
(2)
88
ja/rn
H.F.
2415
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
the
debt
or
of
said
indebtedness
5
or
part
thereof,
may
be
shown
at
any
time
prior
to
the
6
expiration
of
the
periods
of
limitation
specified
in
subsection
7
1
by
the
holder
of
the
debt
or
the
owner
or
assignee
of
the
8
instrument
by
filing
an
extension
agreement,
duly
acknowledged
9
as
the
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
confirming
an
12
agreement
to
extend
the
date
of
maturity
of
the
instrument
or
13
said
debt
or
said
indebtedness
secured
thereby.
By
authorizing
14
or
becoming
bound
under
an
existing
real
estate
mortgage,
bond
15
for
deed,
trust
deed,
or
contract
for
the
sale
or
conveyance
of
16
real
estate,
the
grantor
or
mortgagor
thereunder
authorizes
the
17
holder
of
said
debt
or
the
owner
or
assignee
of
said
instrument
18
to
make
the
filing
under
this
subsection.
19
EXPLANATION
20
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
21
the
explanation’s
substance
by
the
members
of
the
general
assembly.
22
Current
law
provides
that
when
the
date
of
maturity
of
a
23
real
estate
mortgage,
bond
for
deed,
or
contract
for
the
sale
24
or
conveyance
of
real
estate
is
different
from
the
date
of
25
maturity
shown
on
the
record
of
the
instrument
itself,
and
so
26
long
as
the
limitations
period
contained
in
Code
section
614.21
27
has
yet
to
expire,
the
owner
or
assignee
of
the
instrument
may
28
show
a
modification
of
the
maturity
date,
an
extension
of
the
29
maturity
date,
or
an
extension
of
any
associated
indebtedness
30
by
filing
a
duly
acknowledged
extension
agreement
in
the
office
31
of
the
recorder
where
the
instrument
was
recorded.
32
This
bill
removes
the
requirement
that
an
extension
33
agreement
be
duly
acknowledged
as
the
original
instrument
was
34
required
to
be
acknowledged
when
a
filing
of
the
agreement
in
35
-1-
LSB
5275HV
(2)
88
ja/rn
1/
2
H.F.
2415
the
county
recorder’s
office
takes
place.
Instead,
the
bill
1
provides
that
the
filing
of
an
extension
agreement
or
other
2
documentation
confirming
an
agreement
to
extend
the
maturity
3
date
of
the
instrument,
debt,
or
indebtedness
secured
thereby
4
is
sufficient.
5
In
addition,
the
bill
provides
that
a
grantor
or
mortgagor,
6
by
authorizing
or
becoming
bound
under
an
existing
mortgage,
7
bond
for
deed,
trust
deed,
or
contract
for
the
sale
or
8
conveyance
of
real
estate,
authorizes
the
holder
of
the
debt
9
or
owner
or
assignee
of
the
instrument
to
make
the
filings
10
specified
in
the
bill.
11
-2-
LSB
5275HV
(2)
88
ja/rn
2/
2