Iowa § 557A.15 Release from liens

Iowa Statutes

§ 557A.15 — Release from liens

Iowa § 557A.15

Title XIVPROPERTY

Ch. 557ATIME-SHARES

This text of Iowa § 557A.15 (Release from liens) is published on Counsel Stack Legal Research, covering Iowa primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Iowa Code § 557A.15 (2026).

Text

1.Unless the purchaser expressly agrees, prior to the transfer other than by deed in lieu of foreclosure of a time-share interval, to take subject to or assume a lien, the developer shall record or furnish to the purchaser releases of all liens affecting that time-share interval, or shall provide a surety bond or insurance against the lien.

2.If a lien, other than an underlying mortgage or deed of trust, becomes effective against more than one time-share interval in a time-share project, a time-share interval owner is entitled to a release of the owner’s time-share interval from the lien upon payment of the amountofthelienattributabletotheowner’stime-shareinterval. Theamountofthepayment shall be proportionate to the ratio that the time-share interval owner’s liability bears to the liabil

Free access — add to your briefcase to read the full text and ask questions with AI

1. Unless the purchaser expressly agrees, prior to the transfer other than by deed in lieu
of foreclosure of a time-share interval, to take subject to or assume a lien, the developer shall
record or furnish to the purchaser releases of all liens affecting that time-share interval, or
shall provide a surety bond or insurance against the lien.
2. If a lien, other than an underlying mortgage or deed of trust, becomes effective against
more than one time-share interval in a time-share project, a time-share interval owner is
entitled to a release of the owner’s time-share interval from the lien upon payment of the
amountofthelienattributabletotheowner’stime-shareinterval. Theamountofthepayment
shall be proportionate to the ratio that the time-share interval owner’s liability bears to the
liabilities of all time-share interval owners whose interests are subject to the lien. Upon
receipt of payment, the lienholder shall promptly deliver to the time-share interval owner
a release of the lien covering the time-share interval. After payment, the managing entity
§557A.15, TIME-SHARES 8
shall not assess or have a lien against that time-share interval for any portion of the expenses
incurred in connection with that lien. The time-share interval owner and the lienholder may
enter into an alternative arrangement.