Iowa Code 633.278 – Devise of encumbered property
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Terms Used In Iowa Code 633.278
- Devise: To gift property by will.
- 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
633.278 Devise of encumbered property.
When any property subject to a mortgage, other lien or security interest, is specifically devised, the devisee shall take such property so devised subject to such mortgage, other lien or security interest, unless the will provides expressly or by necessary implication that such mortgage, other lien or security interest be otherwise paid. If there is a testamentary direction to discharge such mortgage, other lien or security interest, the rules of abatement specified in § 633.436 shall be applied.
[C66, 71, 73, 75, 77, 79, 81, §633.278]
When any property subject to a mortgage, other lien or security interest, is specifically devised, the devisee shall take such property so devised subject to such mortgage, other lien or security interest, unless the will provides expressly or by necessary implication that such mortgage, other lien or security interest be otherwise paid. If there is a testamentary direction to discharge such mortgage, other lien or security interest, the rules of abatement specified in § 633.436 shall be applied.
[C66, 71, 73, 75, 77, 79, 81, §633.278]