Iowa Code 654.9 – Payment of other liens — rebate of interest
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Terms Used In Iowa Code 654.9
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
- property: includes personal and real property. See Iowa Code 4.1
If there are any other liens on the property sold, or other payments secured by the same mortgage, they shall be paid off in their order. If the money secured by any such lien is not yet due, a rebate of interest, to be fixed by the court must be made by the holder, or the holder’s lien on such property will be postponed to those of a junior date, and if there are none such, the balance shall be paid to the mortgagor.