Iowa Code 16.27A – Powers relating to loans
Current as of: 2023 | Check for updates
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Terms Used In Iowa Code 16.27A
- Authority: means the Iowa finance authority created in section 16. See Iowa Code 16.1
- Contract: A legal written agreement that becomes binding when signed.
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Lending institution: includes a financial institution as defined in section 496B. See Iowa Code 16.1
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage: means a mortgage, mortgage deed, deed of trust, or other instrument creating a first lien, subject only to title exceptions acceptable to the authority, on a fee interest in real property which includes completed housing located within this state, or on a leasehold on such a fee interest which has a remaining term at the time of computation that exceeds by not less than ten years the maturity date of the mortgage loan. See Iowa Code 16.1
- property: includes personal and real property. See Iowa Code 4.1
- Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
- Secured loan: means a financial obligation secured by a chattel mortgage, security agreement, or other instrument creating a lien on an interest in depreciable property. See Iowa Code 16.1
Subject to any agreement with bondholders or noteholders, the authority may renegotiate a mortgage or secured loan or a loan to a lending institution in default, waive a default or consent to the modification of the terms of a mortgage or secured loan or a loan to a lending institution, forgive or forbear all or part of a mortgage or secured loan or a loan to a lending institution, and commence, prosecute, and enforce a judgment in any action, including but not limited to a foreclosure action, to protect or enforce any right conferred upon it by law, mortgage or secured loan agreement, contract, or other agreement, and in connection with any action, bid for and purchase the property or acquire or take possession of it, complete, administer, pay the principal of and interest on any obligations incurred in connection with the property, and dispose of and otherwise deal with the property in a manner the authority deems advisable to protect its interests.