2009 Iowa Code
Title 15 - Judicial Branch and Judicial Procedures
Subtitle 3 - Civil Procedure
CHAPTER 614 - LIMITATIONS OF ACTIONS
614.14 - REAL ESTATE INTEREST TRANSFERRED BY TRUSTEE.

        614.14  REAL ESTATE INTEREST TRANSFERRED BY TRUSTEE.

         1.  If an interest in real estate is held of record by a trustee,
      a bona fide purchaser acquires all rights in the real estate which
      the trustee and the beneficiary of the trust had and any rights of
      persons claiming by, through or under them, free of any adverse claim
      including but not limited to claims arising under section 561.13 or
      claims relating to an interest in real estate arising under section
      633.238.
         2.  A bona fide purchaser is a purchaser for value in good faith
      and without notice of any adverse claim, who has relied on a current,
      recorded affidavit in substantially the following form delivered to
      the purchaser:
         [Individual trustee] Affidavit in re [insert legal description]

         I, ......., being first duly sworn and under oath state of my
      personal knowledge that:

         1.  I am the trustee under the trust dated ......., to which the
      above-described real estate was conveyed to the trustee by .......,
      pursuant to an instrument recorded the ... day of ...... (month),
      .... (year), recorded in the office of the ...... County Recorder in
      ...... [insert recording data].

         2.  I am the presently existing trustee under the trust and am
      authorized to ....... [describe the transfer to be made by the
      trustee to the bona fide purchaser], without any limitation or
      qualification whatsoever.

         3.  The trust is in existence and I as trustee am authorized to
      transfer the interests in the real estate as described in paragraph
      2, free and clear of any adverse claims.
                               .............
                               [signature of affiant]


         Sworn to and subscribed before me by ......... on this .... day of
      ...... (month), .... (year)
                               .............
                               [Notary Public in and for
                               the State of ......]

         [Corporate trustee] Affidavit in re [insert legal description]

         I, ......., being first duly sworn and under oath state of my
      personal knowledge that:

         1.  ....... is the trustee under the trust dated ......, to which
      the above-described real estate was conveyed to the trustee by
      ......, pursuant to an instrument recorded the ... day of ......
      (month), .... (year), recorded in the office of the ...... County
      Recorder in ...... [insert recording data].

         2.  ....... is the presently existing trustee under the trust and
      is authorized to ........ [describe the transfer to be made by the
      trustee to the bona fide purchaser], without any limitation or
      qualification whatsoever, and I am ...... [officer] of the corporate
      trustee.

         3.  The trust is in existence and ...... as trustee is authorized
      to transfer the interests in the real estate as described in
      paragraph 2, free and clear of any adverse claims.
                               .............
                               [signature of affiant]


         Sworn to and subscribed before me by ........., on this ....  day
      of ...... (month), .... (year)
                               .............
                               [Notary Public in and for
                               the State of ......]


         3.  As used in this section, "adverse claim" includes a claim
      that a transfer was or would be wrongful, a claim that a particular
      adverse person is the owner of or has an interest in the real estate,
      and a claim that would be disclosed by the examination of any
      document not of record.
         4.  Unless clearly provided to the contrary by the instrument of
      transfer to a purchaser, a trustee transferring an interest in real
      estate warrants to the transferee all of the following:
         a.  That the trust pursuant to which the transfer is made is
      duly executed and in existence.
         b.  That, to the knowledge of the trustee, the person creating
      the trust was under no disability or infirmity at the time the trust
      was created.
         c.  That the transfer by the trustee to the purchaser is
      effective and rightful.
         d.  That the trustee knows of no facts or legal claims which
      might impair the validity of the trust or the validity of the
      transfer.
         5. a.  A person holding an adverse claim arising or existing
      prior to January 1, 2009, by reason of a transfer of an interest in
      real estate by a trustee, or a purported trustee, shall not file an
      action to enforce such claim after December 31, 2010, at law or in
      equity, in any court to recover or establish any interest in or claim
      to such real estate, legal or equitable, against the holder of the
      record title to the real estate.
         b.  An action based upon an adverse claim arising on or after
      January 1, 2009, by reason of a transfer of an interest in real
      estate by a trustee, or a purported trustee, shall not be maintained
      either at law or in equity, in any court to recover or establish any
      interest in or claim to such real estate, legal or equitable, against
      the holder of the record title to the real estate, legal or
      equitable, more than one year after the date of recording of the
      instrument from which such claim may arise.
         6.  An interest in real estate held of record at any time by a
      trust shall be deemed to be held of record by the trustee of such
      trust.
         7.  This section shall not be construed to limit any personal
      action against the trustee or purported trustee.  

         Section History: Early Form

         [S13, § 3447; C24, 27, 31, 35, 39, § 11021; C46, 50, 54, 58,
      62, 66, 71, 73, 75, 77, 79, 81, § 614.14] 

         Section History: Recent Form

         91 Acts, ch 183, § 33; 92 Acts, ch 1014, § 1, 2; 92 Acts, ch 1163,
      § 115; 99 Acts, ch 56, §1; 2000 Acts, ch 1058, §65; 2008 Acts, ch
      1119, §12, 13, 39; 2009 Acts, ch 52, §1, 14
         Referred to in § 614.16 

         Footnotes

         2008 amendments to this section apply retroactively to all trusts
      in existence on or after July 1, 1998; 2008 Acts, ch 1119, §39
         2009 amendment to subsection 6 applies retroactively to all trusts
      in existence on or after July 1, 1999; 2009 Acts, ch 52, §14