657A.7 Priority of receiver’s mortgage.
1. If the receiver’s mortgage is filed of record in the office of the county recorder of the county in which the property is located within sixty days of the issuance of a secured note, the receiver’s mortgage is a first lien upon the property and is superior to claims of the receiver and to all prior or subsequent liens and encumbrances except taxes and assessments, including taxes and assessments advanced by any mortgagee in the twelve-month period immediately preceding the date a petition is filed pursuant to section 657A.2. Priority among the receiver’s mortgages is determined by the order in which the mortgages are recorded.
2. The creation of a mortgage lien under this chapter prior to or superior to a mortgage of record at the time the receiver’s mortgage lien was created does not disqualify a prior recorded mortgage as a legal investment.
3. If a mortgagee of the receiver’s mortgage begins foreclosure procedures pursuant to chapter 655A and an interested party desires to pay off the mortgage loan, the interested party shall also pay the mortgagee’s reasonable costs and attorney fees.
85 Acts, ch 222, §7; 2019 Acts, ch 105, §11, 12
Referred to in §657A.3, 657A.8, 657A.10A, 657A.10B
Structure Iowa Code
Title XV - JUDICIAL BRANCH AND JUDICIAL PROCEDURES
Chapter 657A - ABANDONED OR UNSAFE BUILDINGS — ABATEMENT BY REHABILITATION
Section 657A.1A - Preliminary inspection of building.
Section 657A.3 - Interested persons — opportunity to abate public nuisance.
Section 657A.4 - Appointment of receiver.
Section 657A.5 - Determination of costs of abatement.
Section 657A.6 - Powers and duties of receiver.
Section 657A.6A - Receiver — prohibited acts.
Section 657A.7 - Priority of receiver’s mortgage.
Section 657A.8 - Assessment of costs.
Section 657A.9 - Discharge of receiver.
Section 657A.10 - Compensation and liability of receiver.
Section 657A.10A - Applicability.
Section 657A.10B - Petition by city or county for title to abandoned property.
Section 657A.10C - Petition for injunction.