Iowa Code 554B.4 – Recording memorandum of mortgage or deed of trust
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Terms Used In Iowa Code 554B.4
- 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
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
- property: includes personal and real property. See Iowa Code 4.1
554B.4 Recording memorandum of mortgage or deed of trust.
If a mortgage or deed of trust upon real estate is executed by a transmitting utility and the real estate described in the instrument is situated in more than one county, the recording requirement of § 554B.3 establishing constructive notice is satisfied by either of the following:
1. Recording the mortgage or deed of trust in each county in which any portion of the property is situated.
2. Recording the mortgage or deed of trust in at least one county in which a portion of the real estate is situated, and by recording in every other county in which a portion of the real estate is situated a memorandum of the mortgage or deed of trust containing, at a minimum, the following:
a. The names and addresses of the mortgagor and mortgagee.
b. A legal description of all real property and interests therein subject to the mortgage or deed of trust.
c. The date of maturity of the indebtedness secured by the mortgage or deed of trust and
whether the instrument secures future advances.
d. A statement as to whether or not the mortgage or deed of trust applies to subsequently acquired property of the transmitting utility.
e. The county recorder’s office where the mortgage or deed of trust is recorded, the
recording date, and document identification number.
f. Such other information as deemed appropriate by the transmitting utility.
2014 Acts, ch 1002, §2
If a mortgage or deed of trust upon real estate is executed by a transmitting utility and the real estate described in the instrument is situated in more than one county, the recording requirement of § 554B.3 establishing constructive notice is satisfied by either of the following:
1. Recording the mortgage or deed of trust in each county in which any portion of the property is situated.
2. Recording the mortgage or deed of trust in at least one county in which a portion of the real estate is situated, and by recording in every other county in which a portion of the real estate is situated a memorandum of the mortgage or deed of trust containing, at a minimum, the following:
a. The names and addresses of the mortgagor and mortgagee.
b. A legal description of all real property and interests therein subject to the mortgage or deed of trust.
c. The date of maturity of the indebtedness secured by the mortgage or deed of trust and
whether the instrument secures future advances.
d. A statement as to whether or not the mortgage or deed of trust applies to subsequently acquired property of the transmitting utility.
e. The county recorder’s office where the mortgage or deed of trust is recorded, the
recording date, and document identification number.
f. Such other information as deemed appropriate by the transmitting utility.
2014 Acts, ch 1002, §2