§ 654.14

654.14 Preference in receivership — application of rents. 1. In an action to foreclose a real estate mortgage, if a receiver is appointed to take charge of the real estate, preference shall be given to the owner or person in actual possession,subject to approval of the court, in leasing the mortgaged premises. If the real estate isagricultural land used for farming, as defined in section 9H.1, the owner or person in actualpossession shall be appointed as receiver without bond, provided that all parties agree tothe appointment. The rents, profits, avails, and income derived from the real estate shall beapplied as follows: a. To the cost of receivership.b. To the payment of taxes due or becoming due during said receivership.c. To pay the insurance on buildings on the premises or such other benefits to the real estate, or both, as may be ordered by the court. d. The balance shall be paid and distributed as determined by the court.2. If the owner or person in actual possession of agricultural land as defined in section 9H.1 is not afforded a right of first refusal in leasing the mortgaged premises by the receiver,the owner or person in actual possession has a cause of action against

tural land as defined in section 9H.1 is not afforded a right of first refusal in leasing the mortgaged premises by the receiver,the owner or person in actual possession has a cause of action against the receiver to recovereither actual damages or a one thousand dollar penalty, and costs, including reasonableattorney fees. The receiver shall deliver notice of an offer made to the receiver to the owneror person in actual possession or the attorney of the owner or person in actual possession,which contains the terms of the offer and the name and address of the person makingthe offer. The delivery shall be made personally with receipt returned or by certified orregistered mail, with the proper postage on the envelope, addressed to the owner or personin actual possession or the attorney of the owner or person in actual possession. An offershall be deemed to have been refused if the owner or person in actual possession or theattorney of the owner or person in actual possession does not respond within ten daysfollowing the date that the notice is mailed. [C35, §12383-e2; C39, §12383.2; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §654.14]86 Acts, ch 1214, §13; 87 Acts, ch 142, §3;

spond within ten daysfollowing the date that the notice is mailed. [C35, §12383-e2; C39, §12383.2; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §654.14]86 Acts, ch 1214, §13; 87 Acts, ch 142, §3; 2013 Acts, ch 90, §181; 2015 Acts, ch 30, §189 Sat Dec 23 12:22:04 2023 Iowa Code 2024, Section 654.14 (23, 0)