Iowa Code 654.12 – Vendee deemed mortgagor
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Terms Used In Iowa Code 654.12
- 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
- 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
654.12 Vendee deemed mortgagor.
The vendee shall in such cases, for the purpose of the foreclosure, be treated as a mortgagor
of the property purchased, and the vendee’s rights may be foreclosed in a similar manner. [C51, §2095; R60, §3672; C73, §3330; C97, §4298; C24, 27, 31, 35, 39, §12383; C46, 50, 54,
58, 62, 66, 71, 73, 75, 77, 79, 81, §654.12]
The vendee shall in such cases, for the purpose of the foreclosure, be treated as a mortgagor
of the property purchased, and the vendee’s rights may be foreclosed in a similar manner. [C51, §2095; R60, §3672; C73, §3330; C97, §4298; C24, 27, 31, 35, 39, §12383; C46, 50, 54,
58, 62, 66, 71, 73, 75, 77, 79, 81, §654.12]