654.14 Preference in receivership — application of rents.
1. In an action to foreclose a real estate mortgage, if a receiver is appointed to take charge of the real estate, preference shall be given to the owner or person in actual possession, subject to approval of the court, in leasing the mortgaged premises. If the real estate is agricultural land used for farming, as defined in section 9H.1, the owner or person in actual possession shall be appointed as receiver without bond, provided that all parties agree to the appointment. The rents, profits, avails, and income derived from the real estate shall be applied as follows:
a. To the cost of receivership.
b. To the payment of taxes due or becoming due during said receivership.
c. To pay the insurance on buildings on the premises or such other benefits to the real estate, or both, as may be ordered by the court.
d. The balance shall be paid and distributed as determined by the court.
2. If the owner or person in actual possession of agricultural land as defined in section 9H.1 is not afforded a right of first refusal in leasing the mortgaged premises by the receiver, the owner or person in actual possession has a cause of action against the receiver to recover either actual damages or a one thousand dollar penalty, and costs, including reasonable attorney fees. The receiver shall deliver notice of an offer made to the receiver to the owner or person in actual possession or the attorney of the owner or person in actual possession, which contains the terms of the offer and the name and address of the person making the offer. The delivery shall be made personally with receipt returned or by certified or registered mail, with the proper postage on the envelope, addressed to the owner or person in actual possession or the attorney of the owner or person in actual possession. An offer shall be deemed to have been refused if the owner or person in actual possession or the attorney of the owner or person in actual possession does not respond within ten days following the date that the notice is mailed.
[C35, §12383-e2; C39, §12383.2; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §654.14]
86 Acts, ch 1214, §13; 87 Acts, ch 142, §3; 2013 Acts, ch 90, §181; 2015 Acts, ch 30, §189
Structure Iowa Code
Title XV - JUDICIAL BRANCH AND JUDICIAL PROCEDURES
Chapter 654 - FORECLOSURE OF REAL ESTATE MORTGAGES
Section 654.1 - Equitable proceedings.
Section 654.1A - Maintenance of mortgagor protections — discontinuation of occupation.
Section 654.2 - Deeds of trust.
Section 654.2A - Agricultural land — notice, right to cure default.
Section 654.2B - Requirements of notice of right to cure.
Section 654.2C - Mediation notice — foreclosure on agricultural property.
Section 654.2D - Nonagricultural land — notice, right to cure default.
Section 654.4 - Separate suits on note and mortgage.
Section 654.4A - Service of process — in rem relief.
Section 654.4B - Acceleration of indebtedness — notice of mortgage mediation assistance.
Section 654.5 - Judgment — sale and redemption.
Section 654.6 - Deficiency — general execution.
Section 654.8 - Junior encumbrancer entitled to assignment.
Section 654.9 - Payment of other liens — rebate of interest.
Section 654.9A - Release of superior liens by bond.
Section 654.11 - Foreclosure of title bond.
Section 654.12 - Vendee deemed mortgagor.
Section 654.12A - Priority of advances under mortgages.
Section 654.12B - Priority of recorded purchase money mortgage lien.
Section 654.13 - Pledge of rents — priority.
Section 654.14 - Preference in receivership — application of rents.
Section 654.15 - Continuance — moratorium.
Section 654.15A - Notice of sale to junior creditors.
Section 654.15B - Right to intervene — notice.
Section 654.16 - Separate redemption of homestead.
Section 654.16A - Right of first refusal following recording of sheriff’s deed to agricultural land.
Section 654.17 - Rescission of foreclosure.
Section 654.17A - Sale free of liens.
Section 654.17B - Divestment of junior liens pursuant to loan modification — repeal.
Section 654.17C - Military foreclosure protection — notice.
Section 654.18 - Alternative nonjudicial voluntary foreclosure procedure.
Section 654.19 - Deed in lieu of foreclosure — agricultural land.
Section 654.20 - Foreclosure without redemption — nonagricultural land.
Section 654.20A - Rights reserved.
Section 654.21 - Demand for delay of sale.
Section 654.22 - No demand for delay of sale.
Section 654.23 - No redemption rights after sale.
Section 654.24 - Deed and possession.