Iowa Supreme Court sides with Purchase Money Mortgage

Today the Iowa Supreme Court released its opinion in Freedom Financial Bank v. Estate of Edward Boesen and Maureen Boesen.  Sullivan & Ward, P.C. represented Freedom Financial Bank in a mortgage foreclosure action against the Estate of Edward Boesen.  The Court affirmed the decision of the Polk County District Court and the Iowa Court of Appeals, ruling that Freedom Financial's purchase money mortgage was superior to a wife's dower interest in intestate property

The Court also conducted an extensive analysis of the Iowa Probate Code to determine whether the Estate or Maureen Boesen should receive the remainder of the proceeds from the sale of the subject real estate. 

Stay tuned to the Iowa Law Blog for an analysis of the Court's probate ruling and its effect.