SF 2269 (LSB 5653SV (1) 83)

SENATE FILE 2269

BY  COMMITTEE ON LOCAL GOVERNMENT

(SUCCESSOR TO SSB 3130)

A BILL FOR

An Act establishing certain definitions relating to instruments affecting real estate and specifying information to be contained in index records.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:

    Section 1.  Section 558.1B, Code 2009, is amended to read as follows:
   558.1B  Definitions.

   As used in this chapter, unless the context otherwise requires: , “book”,

   1.  “Book”, “list”, “record”, or “schedule” kept by a county auditor, assessor, treasurer, recorder, sheriff, or other county officer means the county system as defined in section 445.1.
   2.  “Grantee” means the name of the transferee in the transaction used to create the recording index. For other instruments affecting real estate, “grantee” includes but is not limited to a buyer, mortgagee, lender, assignee, lessee, or party to an affidavit who is not the affiant.
   3.  “Grantor” means the name of the transferor in the transaction used to create the recording index. For other instruments affecting real estate, “grantor” includes but is not limited to a seller, mortgagor, borrower, assignor, lessor, or affiant.
    Sec. 2.  Section 558.49, subsection 7, Code 2009, is amended to read as follows:
   7.  The description of the real estate conveyed affected by the instrument.
EXPLANATION
   This bill defines the term “grantor” for the purposes of Code chapter 558, relating to conveyances, to be the transferor in a transaction used to create the recording index. The bill also specifies that for other instruments affecting real estate, “grantor” includes but is not limited to a seller, mortgagor, borrower, assignor, lessor, or affiant. The bill also defines the term “grantee” for purposes of Code chapter 558 to be the transferee in a transaction used to create the recording index. The bill also specifies that for other instruments affecting real estate, “grantee” includes but is not limited to a buyer, mortgagee, lender, assignee, lessee, or party to an affidavit who is not the affiant.
   The bill amends Code section 558.49 relating to the types of information kept in index records. The bill requires the index to include the description of the real estate affected by the instrument rather than the description of the real estate that was conveyed.