636.26 - SECURITY SUBJECT TO COURT ORDER. - Iowa Statutes

636.26 SECURITY SUBJECT TO COURT ORDER. When any investment is made pursuant to approval of the court as required by section 636.23 or made or held by and with the consent of the court as provided in section 636.25, such investment shall not be transferred and any security taken to secure such investment shall not be discharged or impaired prior to payment or satisfaction thereof without an order of the court to that effect, unless otherwise authorized by the will, trust agreement or other document under which the fiduciary is acting. Nothing herein contained shall be construed as requiring the approval of any court to release or discharge of record any mortgage or other lien held by any fiduciary upon the payment or satisfaction thereof in full. All releases or discharges of record of mortgages or other liens prior to July 4, 1951, by any fiduciary without an order of court where such order was required by section 682.26, Code 1950, are hereby declared to be valid and effective from the filing or recording thereof without such order of court being had and obtained, unless within six months after said date a statement is filed under oath by the claimant or on the claimant's behalf if under disability with the county recorder where such release or discharge was filed or recorded setting forth the claim upon which the invalidity of such release or discharge is based. Nothing herein contained shall affect pending litigation.          Section History: Early Form [C51, § 2508; R60, § 4116; C73, § 252; C97, § 365; C24, 27, 31, 35, 39, § 12773; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, § 682.26]          Section History: Recent Form C93, § 636.26 See § 633.95