558.72  Real estate transfers by certain entities.
  1.  As used in this section, unless the context otherwise requires:
  a.  “Entity” means any of the following:
  (1)  A partnership, limited liability partnership, or foreign limited liability partnership as provided in chapter 486A.
  (2)  A limited partnership, foreign limited partnership, limited liability limited partnership, or foreign limited liability limited partnership as provided in chapter 488.
  (3)  A limited liability company or foreign limited liability company as provided in chapter 489.
  (4)  A corporation or foreign corporation as provided in chapter 490 or a nonprofit corporation or foreign nonprofit corporation as provided in chapter 504.
  (5)  A cooperative association as provided in chapter 497 or 498; an association, corporation, or foreign corporation as provided in chapter 499; a cooperative as provided in chapter 499A; a cooperative as provided in chapter 501; or a cooperative or foreign cooperative as provided in chapter 501A.
  (6)  An unincorporated nonprofit association as provided in chapter 501B.
  b.  “Instrument transferring an interest in real estate” means a deed, real estate contract, lease, easement, mortgage, deed of trust, or any other instrument used to effect the transfer of an interest in real estate situated in this state by any act to sell, transfer, convey, assign, lease, mortgage, or encumber the interest in the real estate.
  2.  An instrument transferring an interest in real estate situated in this state by an entity, unless clearly and conspicuously provided to the contrary in the instrument, includes a warranty to the transferee by the person executing the instrument of all of the following:
  a.  That the transferor entity is in existence at the time of the transfer.
  b.  That the person executing the instrument has been duly authorized by the transferor entity to execute the instrument on behalf of the entity.
  c.  That the person executing the instrument has the legal capacity to execute the instrument.
  d.  That the person knows of no facts or legal claims that might impair the validity of the transfer, including whether the instrument was given in the ordinary course of business.
  3.  An action to invalidate a transfer of real estate by deed or real estate contract by an entity shall be subject to the time limitations set forth in section 614.14A.
2013 Acts, ch 108, §5

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