654.19 Deed in lieu of foreclosure — agricultural land. In lieu of a foreclosure action in court due to default on a recorded mortgage or deed of trust of real property, if the subject property is agricultural land used for farming, as definedin section 9H.1, the mortgagee and mortgagor may enter into an agreement in which themortgagor agrees to transfer the agricultural land to the mortgagee in satisfaction of all orpart of the mortgage obligation as agreed upon by the parties. The agreement may grant themortgagor a right to purchase the agricultural land for a period not to exceed five years, andmay entitle the mortgagor to lease the agricultural land. The agreement shall be recordedwith the deed transferring title to the mortgagee. A transfer of title and agreement pursuantto this section does not constitute an equitable mortgage. 85 Acts, ch 252, §47Referred to in §455B.751, 615.4 Sat Dec 23 12:22:09 2023 Iowa Code 2024, Section 654.19 (20, 0)
Iowa Legal Code