Section 657A.7. Priority of receiver’s mortgage.

  1.  If the receiver’s mortgage is filed for record in the office of the county recorder of the county in which the property is located within sixty days of the issuance of a secured note, the receiver’s mortgage is a first lien upon the property and is superior to claims of the receiver and to all prior or subsequent liens and encumbrances except taxes and assessments. Priority among the receiver’s mortgages is determined by the order in which the mortgages are recorded.

  2.  The creation of a mortgage lien under this chapter prior to or superior to a mortgage of record at the time the receiver’s mortgage lien was created does not disqualify a prior recorded mortgage as a legal investment.

85 Acts, ch 222, §7