§ 655.1 — Written instrument acknowledging satisfaction

Iowa § 655.1

• Jurisdiction: Iowa
• Title XV: JUDICIAL BRANCH AND JUDICIAL PROCEDURES
• Ch. 655: SATISFACTION OF MORTGAGES

Text

When the amount due on a mortgage is paid off, the mortgagee, the mortgagee’s personal
representative or assignee, or those legally acting for the mortgagee, and in case of payment
of a school fund mortgage the county auditor, within thirty days of payment in full, shall
acknowledge satisfaction thereof by execution of an instrument of satisfaction which is in
writing, refers to the mortgage, and is duly acknowledged and recorded. Notwithstanding
the foregoing, if the mortgage secures a revolving line of credit, future advances, or other
future obligations, the mortgagee is not required to file a satisfaction upon payment in full
unlessthemortgagormakesawrittenrequesttothemortgageethatthemortgagebereleased
and, if such written request is made, the mortgagee shall file the release within thirty days
after payment in full or such written request is made whichever occurs later.

Legislative History

[C51, §2093; R60, §3670; C73, §3327; C97, §4295; C24, 27, 31, 35, 39, §12384; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §655.1]