Senate
Study
Bill
3004
-
Introduced
SENATE
FILE
_____
BY
(PROPOSED
COMMITTEE
ON
COMMERCE
BILL
BY
CHAIRPERSON
DAWSON)
A
BILL
FOR
An
Act
relating
to
filing
requirements
applicable
to
extensions
1
of
real
estate
conveyances
or
transactions
under
specified
2
circumstances.
3
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
4
TLSB
5275XC
(6)
88
ja/rn
S.F.
_____
Section
1.
Section
614.21,
subsection
2,
Code
2020,
is
1
amended
to
read
as
follows:
2
2.
The
date
of
maturity,
when
different
than
as
appears
by
3
the
record
of
the
instrument,
and
the
date
of
maturity
of
any
4
extension
of
the
instrument
or
of
said
indebtedness
or
part
5
thereof,
may
be
shown
at
any
time
prior
to
the
expiration
of
6
the
periods
of
limitation
specified
in
subsection
1
by
the
7
holder
of
the
debt
or
the
owner
or
assignee
of
the
instrument
8
by
filing
an
extension
agreement,
duly
acknowledged
as
the
9
original
instrument
was
required
to
be
acknowledged,
in
10
the
office
of
the
recorder
where
the
instrument
is
recorded
11
an
extension
agreement
or
other
documentation
evidencing
12
a
modification
of
the
maturity
date,
an
extension
of
the
13
instrument,
or
an
extension
of
said
indebtedness
.
By
14
authorizing
or
becoming
bound
under
an
existing
mortgage,
a
15
mortgagor
authorizes
the
filing
by
a
mortgagee
under
this
16
subsection.
17
EXPLANATION
18
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
19
the
explanation’s
substance
by
the
members
of
the
general
assembly.
20
Current
law
provides
that
when
the
date
of
maturity
of
a
21
real
estate
mortgage,
bond
for
deed,
or
contract
for
the
sale
22
or
conveyance
of
real
estate
is
different
from
the
date
of
23
maturity
shown
on
the
record
of
the
instrument
itself,
and
so
24
long
as
the
limitations
period
contained
in
Code
section
614.21
25
has
yet
to
expire,
the
owner
or
assignee
of
the
instrument
may
26
show
a
modification
of
the
maturity
date,
an
extension
of
the
27
maturity
date,
or
an
extension
of
any
associated
indebtedness
28
by
filing
a
duly
acknowledged
extension
agreement
in
the
office
29
of
the
recorder
where
the
instrument
was
recorded.
30
This
bill
removes
the
requirement
that
an
extension
31
agreement
be
duly
acknowledged
as
the
original
instrument
was
32
required
to
be
acknowledged
when
a
filing
of
the
agreement
in
33
the
county
recorder’s
office
takes
place.
Instead,
the
bill
34
provides
that
the
filing
of
an
extension
agreement
or
other
35
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LSB
5275XC
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88
ja/rn
1/
2
S.F.
_____
documentation
evidencing
a
modification
of
the
maturity
date,
1
extension
of
the
instrument,
or
extension
of
indebtedness
by
2
the
holder
of
the
debt
or
owner
or
assignee
of
the
instrument
3
is
sufficient.
4
In
addition,
the
bill
provides
that
a
mortgagor,
by
5
authorizing
a
mortgage
or
becoming
bound
under
an
existing
6
mortgage,
authorizes
the
mortgagee
to
make
the
filings
7
specified
in
the
bill.
8
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5275XC
(6)
88
ja/rn
2/
2