626.38 Holder reinstated. If, for any reason, the levy upon the collateral is discharged or released without a sale thereof, the attachment or execution creditor who has paid or deposited the amount of thesecured debt shall have all the rights under such security agreement possessed by the securedparty at the time of the levy. If the secured party thereof desires to be reinstated in the party’srights thereunder, the party may repay the money received by the party, with interest thereonat the rate borne by the secured debt for the time it has been held by the party, and demandthe return of the security agreement, whereupon the party’s rights thereunder shall revest inthe party, and the attachment or execution creditor shall be entitled to the deposit made, orany part thereof remaining in the hands of the clerk, or any money returned to the clerk bythe secured party. [C97, §3983; C24, 27, 31, 35, 39, §11686; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §626.38] Sat Dec 23 11:21:18 2023 Iowa Code 2024, Section 626.38 (17, 0)
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