§ 654-16a

654.16A Right of first refusal following recording of sheriff’s deed to agricultural land. 1. Not later than the time a sheriff’s deed to agricultural land used for farming, as defined in section 16.58, is recorded, the grantee recording the sheriff’s deed shall notify themortgagor of the mortgagor’s right of first refusal. The grantee shall record the sheriff’sdeed within one year and sixty days from the date of the sheriff’s sale. A copy of this section,titled 'Notice of Right of First Refusal' is sufficient notice. 2. If, after a sheriff’s deed is recorded, the grantee proposes to sell or otherwise dispose of the agricultural land, in a transaction other than a public auction, the grantee shall firstoffer the mortgagor the opportunity to repurchase the agricultural land on the same termsand at the same price that the grantee proposes to sell or dispose of the agricultural land. Ifthe grantee seeks to sell or otherwise dispose of the agricultural land by public auction, themortgagor must be given sixty days’ notice of all of the following: a. The date, time, place, and procedures of the auction sale.b. Any minimum terms or limitations imposed upon the auction.3.

on, themortgagor must be given sixty days’ notice of all of the following: a. The date, time, place, and procedures of the auction sale.b. Any minimum terms or limitations imposed upon the auction.3. The grantee is not required to offer the mortgagor financing for the purchase of the agricultural land. 4. The mortgagor has ten business days after being given notice of the terms and price of the proposed sale or disposition, other than a public auction, in which to exercise the rightto repurchase the agricultural land by submitting a binding offer to the grantee on the sameterms as the proposed sale or other disposition, with closing to occur within thirty days afterthe offer unless otherwise agreed by the grantee. After the expiration of either the periodfor offer or the period for closing, without submission of an offer or a closing occurring, thegrantee may sell or otherwise dispose of the agricultural land to any other person on theterms upon which it was offered to the mortgagor. 5. Notice of the mortgagor’s right of first refusal, a proposed sale, auction, or other disposition, or the submission of a binding offer by the mortgagor, is considered given on thedate that notice

5. Notice of the mortgagor’s right of first refusal, a proposed sale, auction, or other disposition, or the submission of a binding offer by the mortgagor, is considered given on thedate that notice or offer is personally served on the other party or on the date that notice oroffer is mailed to the other party’s last known address by registered or certified mail, returnreceipt requested. The right of first refusal provided in this section is not assignable, butmay be exercised by the mortgagor’s successor in interest, receiver, personal representative,executor, or heir only in case of bankruptcy, receivership, or death of the mortgagor. 90 Acts, ch 1245, §3; 2014 Acts, ch 1080, §96, 98Referred to in §455B.172, 558A.1 Sat Dec 23 12:22:06 2023 Iowa Code 2024, Section 654.16A (21, 0)