Text: SF00188 Text: SF00190 Text: SF00100 - SF00199 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 428A.2, subsection 15, Code 1995, is 1 2 amended to read as follows: 1 3 15. Deeds between a family corporation, partnership,or1 4 limited partnership, limited liability partnership, or limited 1 5 liability company and its stockholders,orpartners, or 1 6 members for the purpose of transferring real property in an 1 7 incorporation or corporate dissolution or the organization or 1 8 dissolution of a partnership,orlimited partnership, limited 1 9 liability partnership, or limited liability company under the 1 10 laws of this state, where the deeds are given for no actual 1 11 consideration other than for shares or for debt securities of 1 12 the corporation, partnership,orlimited partnership, limited 1 13 liability partnership, or limited liability company. For 1 14 purposes of this subsection, a family corporation, 1 15 partnership,orlimited partnership, limited liability 1 16 partnership, or limited liability company is a corporation, 1 17 partnership,orlimited partnership, limited liability 1 18 partnership, or limited liability company where the majority 1 19 of the voting stock of the corporation, or of the ownership 1 20 shares of the partnership,orlimited partnership, limited 1 21 liability partnership, or limited liability company is held by 1 22 and the majority of the stockholders,orpartners, or members 1 23 are persons related to each other as spouse, parent, 1 24 grandparent, lineal ascendants of grandparents or their 1 25 spouses and other lineal descendants of the grandparents or 1 26 their spouses, or persons acting in a fiduciary capacity for 1 27 persons so related and where all of its stockholders,or1 28 partners, or members are natural persons or persons acting in 1 29 a fiduciary capacity for the benefit of natural persons. 1 30 Sec. 2. NEW SECTION. 654.12B PRIORITY OF PURCHASE MONEY 1 31 MORTGAGE LIEN. 1 32 The lien created by a purchase money mortgage shall have 1 33 priority over and is senior to preexisting judgments against 1 34 the purchaser and any other right, title, interest, or lien 1 35 arising either directly or indirectly by, through, or under 2 1 the purchaser. A mortgage is a purchase money mortgage if it 2 2 is either of the following: 2 3 1. Taken or retained by the seller of the real estate to 2 4 secure all or part of its price. 2 5 2. Taken by a lender who, by making an advance or 2 6 incurring an obligation, provides funds to enable the 2 7 purchaser to acquire rights in the real estate, including all 2 8 costs in connection with the purchase, if the funds are in 2 9 fact so used. The mortgage shall contain a recital that it is 2 10 a purchase money mortgage in order to provide notice to third 2 11 parties of its priority. If there is more than one purchase 2 12 money mortgage, a prior recorded mortgage has priority unless 2 13 "the prior recorded mortgage" or "a mortgage recorded earlier" 2 14 provides otherwise. 2 15 EXPLANATION 2 16 This bill provides that the exemption from the real estate 2 17 transfer tax for transfers between a family corporation, 2 18 partnership, or limited partnership and its shareholders or 2 19 partners also applies to transfers between a family limited 2 20 liability partnership or limited liability company and its 2 21 partners or members. The bill also provides that a purchase 2 22 money mortgage lien has priority over preexisting judgments 2 23 against the purchaser or any other right, title, interest, or 2 24 lien against the property which arises through the purchaser. 2 25 LSB 1801SV 76 2 26 mk/sc/14
Text: SF00188 Text: SF00190 Text: SF00100 - SF00199 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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