Iowa Code 523I.604 – Lien against cemetery property
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Terms Used In Iowa Code 523I.604
- Contract: A legal written agreement that becomes binding when signed.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- deed: is a pplied to an instrument conveying lands, but does not imply a sealed instrument; and the words "bond" and "indenture" do not necessarily imply a seal, and the word "undertaking" means a promise or security in any form. See Iowa Code 4.1
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- property: includes personal and real property. See Iowa Code 4.1
523I.604 Lien against cemetery property.
1. A cemetery, by contract, may incur indebtedness as necessary to conduct its business
and may secure the indebtedness by mortgage, deed of trust, or other lien against its property.
2. A mortgage, deed of trust, or other lien placed on dedicated cemetery property, or on cemetery property that is later dedicated with the consent of the holder of the lien, does not affect the dedication and is subject to the dedication. A sale on foreclosure of the lien is subject to the dedication of the property for cemetery purposes.
2005 Acts, ch 128, §52
1. A cemetery, by contract, may incur indebtedness as necessary to conduct its business
and may secure the indebtedness by mortgage, deed of trust, or other lien against its property.
2. A mortgage, deed of trust, or other lien placed on dedicated cemetery property, or on cemetery property that is later dedicated with the consent of the holder of the lien, does not affect the dedication and is subject to the dedication. A sale on foreclosure of the lien is subject to the dedication of the property for cemetery purposes.
2005 Acts, ch 128, §52