House Journal: Page 1371: Monday, April 23, 2001
Page 50
1 proceedings on a simple contract could not become
2 superior to the rights of the transferee.
3 (2) A transfer of real property is made when it
4 becomes perfected so that a subsequent bona fide
5 purchaser from the establishment could not obtain
6 rights superior to the rights of the transferee.
7 (3) A transfer which creates an equitable lien is
8 not perfected if there are available means by which a
9 legal lien could be created.
10 (4) A transfer not perfected prior to the filing
11 of a petition for liquidation is deemed to be made
12 immediately before the filing of the successful
13 petition.
14 (5) This subsection applies whether or not there
15 are or were creditors who might have obtained liens or
16 persons who might have become bona fide purchasers.
17 c. (1) A lien obtainable by legal or equitable
18 proceedings upon a simple contract is one arising in
19 the ordinary course of the proceedings upon the entry
20 or docketing of a judgment or decree, or upon
21 attachment, garnishment, execution, or like process,
22 whether before, upon, or after judgment or decree and
23 whether before or upon levy. It does not include
24 liens which under applicable law are given a special
25 priority over other liens which are prior in time.
26 (2) A lien obtainable by legal or equitable
27 proceedings may become superior to the rights of a
28 transferee, or a purchaser may obtain rights superior
29 to the rights of a transferee within the meaning of
30 paragraph "b", if such consequences follow only from
31 the lien or purchase itself, or from the lien or
32 purchase followed by a step wholly within the control
33 of the respective lienholder or purchaser, with or
34 without the aid of ministerial action by public
35 officials. However, a lien could not become superior
36 and a purchase could not create superior rights for
37 the purpose of paragraph "b" through an act subsequent
38 to the obtaining of a lien or subsequent to a purchase
39 which requires the agreement or concurrence of any
40 third party or which requires further judicial action
41 or ruling.
42 d. A transfer of property for or on account of a
43 new and contemporaneous consideration, which is under
44 paragraph "b" made or suffered after the transfer
45 because of delay in perfecting it, does not become a
46 transfer for or on account of an antecedent debt if
47 any acts required by the applicable law to be
48 performed in order to perfect the transfer as against
49 liens or a bona fide purchaser's rights are performed
50 within twenty-one days or any period expressly allowed
© 2001 Cornell College and
League of Women Voters of Iowa
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