House Journal: Page 1885: Wednesday, April 26, 2000
20 Code Supplement 1999, is amended to read as follows:
21 (b) The statement contains the legal description
22 of the property to be released from the mortgage and
23 the legal description of the property that will
24 continue to be subject to the mortgage.
25 Sec. . Section 16.92, subsection 3, paragraph
26 d, subparagraph (2), Code Supplement 1999, is amended
27 to read as follows:
28 (2) A statement that the certificate is a partial
29 release of the mortgage, and the legal description of
30 the property that will be released from the mortgage,
31 and the legal description of the property that will
32 continue to be subject to the mortgage.
33 Sec. . Section 16.92, subsection 7, Code
34 Supplement 1999, is amended to read as follows:
35 7. PRIOR MORTGAGES.
36 a. If the real estate lender or closer has
37 notified the division that a mortgage has been paid in
38 full by someone other than the real estate lender or
39 closer, or was paid by the real estate lender or
40 closer under a previous transaction, and an effective
41 release has not been filed of record, the division may
42 execute and record a certificate of release without
43 certification by the real estate lender or closer that
44 payment was made pursuant to a payoff statement and
45 the date payment was received by the mortgagee. A
46 certificate of release filed pursuant to this
47 subsection is subject to the requirements of
48 subsection 2, paragraph "c".
49 b. For purposes of this subsection, an effective
50 release has not been filed of record if there appears
Page 2
1 that a mortgagee in the record chain of title to the
2 mortgage has not, either on the mortgagee's own behalf
3 or by the mortgagee's duly appointed servicer or
4 attorney in fact as established of record by a filed
5 servicing agreement or power of attorney, filed of
6 record either an assignment of the mortgage to another
7 mortgagee in the record chain of title to the mortgage
8 or a release of the mortgagee's interest in the
9 mortgage. For the purposes of this subsection and
10 subsection 2, paragraph "c", "mortgage servicer"
11 includes a mortgagee for which an effective release
12 has not been filed of record as provided in this
13 paragraph."
14 3. Page 5, by inserting after line 2 the
15 following:
16 "Sec. ___. STUDY.
17 1. The treasurer of state or the designee of the
18 treasurer of state, the auditor of state or the
© 2000 Cornell College and
League of Women Voters of Iowa
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