Opinion ID: 1647495
Heading Depth: 1
Heading Rank: 2

Heading: Foreclosure of the Eighty Acres.

Text: There is no dispute that Ferral provided the bank with both real and personal property as collateral for the bin loan. Four years later, Ferral transferred his ownership of the bin to the Grain Co. and the bank released its security interest in the bin. Ferral urges the bank's release of its security interest in the bin impaired his rights as surety to discharge or reduce his obligation to the bank. In Iowa, [d]eeds of trust of real property may be executed as securities for the performance of contracts, and shall be considered as, and foreclosed like, mortgages. Iowa Code § 654.2. After Ferral had taken bankruptcy, the bank's only remedy was to proceed in rem and foreclose on the eighty-acre farm property. Regarding foreclosure of both real and personal property we have said: [U]nder the Uniform Commercial Code, the secured creditor has several remedies which are cumulative. Iowa Code § 554.9501. The purpose of this section of the act is to broaden the options available to a secured creditor upon a debtor's default.