Iowa Code 633.99 – Federal stock — authority to purchase
Current as of: 2023 | Check for updates
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Terms Used In Iowa Code 633.99
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Court: means , when referring to a court of this state, the district court sitting in probate with jurisdiction of conservatorships and guardianships. See Iowa Code 633.701
- Estate: means the real and personal property of either a decedent or a ward, and may also refer to the real and personal property of a trust described in section 633. See Iowa Code 633.3
- Fiduciary: A trustee, executor, or administrator.
- Fiduciary: includes personal representative, executor, administrator, guardian, conservator, and the trustee of any trust described in section 633. See Iowa Code 633.3
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Property: includes both real and personal property. See Iowa Code 633.3
- United States: includes all the states. See Iowa Code 4.1
When the court shall enter an order authorizing the fiduciary to execute a mortgage to encumber any property of the estate to secure a loan obtained from any association or corporation created, or which may be created, by authority of the United States and as an instrumentality of the United States, the court may authorize the fiduciary to purchase stock in an association or corporation, when such a purchase of stock is necessary or required as an incident to, or condition of, obtaining the loan, and to mortgage the estate property for such purpose, as well as to make payment for the stock so purchased from the proceeds of the loan so obtained.