§ 636.26 — Security subject to court order

Iowa § 636.26

• Jurisdiction: Iowa
• Title XV: JUDICIAL BRANCH AND JUDICIAL PROCEDURES
• Ch. 636: SURETIES — FIDUCIARIES — TRUSTS — INVESTMENTS

Text

1. When any investment is made pursuant to approval of the court as required by section
636.23 or made or held by and with the consent of the court as provided in section 636.25,
such investment shall not be transferred and any security taken to secure such investment
shall not be discharged or impaired prior to payment or satisfaction thereof without an
order of the court to that effect, unless otherwise authorized by the will, trust agreement, or
other document under which the fiduciary is acting. Nothing contained in this section shall
be construed as requiring the approval of any court to release or discharge of record any
mortgage or other lien held by any fiduciary upon the payment or satisfaction thereof in full.
2. All releases or discharges of record of mortgages or other liens prior to July 4, 1951,
by any fiduciary without an order of court where such order was required by section 682.26,
Code 1950, are hereby declared to be valid and effective from the filing or recording thereof
without such order of court being had and obtained, unless within six months after said date
a statement is filed under oath by the claimant or on the claimant’s behalf if under disability
with the county recorder where such release or discharge was filed or recorded setting forth
the claim upon which the invalidity of such release or discharge is based. Nothing contained
in this section shall affect pending litigation.

Legislative History

[C51, §2508; R60, §4116; C73, §252; C97, §365; C24, 27, 31, 35, 39, §12773; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §682.26]