Iowa Code 654.11 – Foreclosure of title bond
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Terms Used In Iowa Code 654.11
- Contract: A legal written agreement that becomes binding when signed.
- 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
- property: includes personal and real property. See Iowa Code 4.1
654.11 Foreclosure of title bond.
In cases where the vendor of real estate has given a bond or other writing to convey the same on payment of the purchase money, and such money or any part thereof remains unpaid after the day fixed for payment, whether time is or is not of the essence of the contract, the vendor may file a petition asking the court to require the purchaser to perform the purchaser’s contract, or to foreclose and sell the purchaser’s interest in the property.
[C51, §2094; R60, §3671; C73, §3329; C97, §4297; C24, 27, 31, 35, 39, §12382; C46, 50, 54,
58, 62, 66, 71, 73, 75, 77, 79, 81, §654.11]
In cases where the vendor of real estate has given a bond or other writing to convey the same on payment of the purchase money, and such money or any part thereof remains unpaid after the day fixed for payment, whether time is or is not of the essence of the contract, the vendor may file a petition asking the court to require the purchaser to perform the purchaser’s contract, or to foreclose and sell the purchaser’s interest in the property.
[C51, §2094; R60, §3671; C73, §3329; C97, §4297; C24, 27, 31, 35, 39, §12382; C46, 50, 54,
58, 62, 66, 71, 73, 75, 77, 79, 81, §654.11]