Text: HF02448 Text: HF02450 Text: HF02400 - HF02499 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 561.13, Code 2001, is amended to read 1 2 as follows: 1 3 561.13 CONVEYANCE OR ENCUMBRANCE. 1 4 1. A conveyance or encumbrance of, or a contract to convey 1 5 or encumber, the homestead, if the owner is married, is not 1 6 valid, unless and until the spouse of the owner executes the 1 7 same or a like instrument, or a power of attorney for the 1 8 execution of the same or a like instrument, and the instrument 1 9 or power of attorney sets out the legal description of the 1 10 homestead. If a power of attorney sets out the legal 1 11 description of the homestead at the time the power of attorney 1 12 was executed, together with the language "or any subsequently 1 13 acquired homestead" or substantially similar language, and the 1 14 principal who executed the power of attorney acquires a 1 15 different homestead after the execution of the power of 1 16 attorney, the power of attorney shall be sufficient to allow a 1 17 conveyance or encumbrance of the homestead. A power of 1 18 attorney executed at a time when the principal does not own a 1 19 homestead that authorizes the attorney in fact designated by 1 20 the power of attorney to convey or encumber any homestead 1 21 property subsequently acquired is also sufficient to allow the 1 22 conveyance or encumbrance of any later acquired homestead. 1 23 2.However, whenWhen the homestead is conveyed or 1 24 encumbered along with or in addition to other real estate, it 1 25 is not necessary to particularly describe or set aside the 1 26 tract of land constituting the homestead, whether the 1 27 homestead is exclusively the subject of the contract or not, 1 28 but the contract may be enforced as to real estate other than 1 29 the homestead at the option of the purchaser or encumbrancer. 1 30 If a spouse who holds only homestead rights and surviving 1 31 spouse's statutory share in the homestead specifically 1 32 relinquishes homestead rights in an instrument, including a 1 33 power of attorney, constituting the other spouse as the 1 34 husband's or wife's attorney in fact, as provided in section 1 35 597.5, it is not necessary for the spouse to join in the 2 1 granting clause of the same or a like instrument. 2 2 EXPLANATION 2 3 This bill relates to a power of attorney for the conveyance 2 4 or encumbrance of homestead property. 2 5 The bill provides that a spouse who executes a power of 2 6 attorney containing the legal description of the homestead 2 7 together with the language "or any subsequently acquired 2 8 homestead" or substantially similar language, may convey or 2 9 encumber the homestead even if the principal acquires a 2 10 different homestead after the execution of the power of 2 11 attorney. The bill further provides that a power of attorney 2 12 executed at a time when the principal does not own a home that 2 13 authorizes the attorney in fact designated by the power of 2 14 attorney to convey or encumber any homestead property 2 15 subsequently acquired is also sufficient to allow the 2 16 conveyance or encumbrance of any later acquired homestead. 2 17 LSB 5508HH 79 2 18 rh/sh/8
Text: HF02448 Text: HF02450 Text: HF02400 - HF02499 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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