1. As used in this section, unless the context otherwise requires: a. (1) “Adverse claim” means a claim that the transfer of an interest in real estate to a transferee isinvalid and should be set aside based on an allegation that the execution and delivery of a deed or real estate contract was not authorized by the entity. (2) “Adverse claim” does not include a claim that a deed or real estate contract purports to transfer a greater interest than the entity legally could transfer. b. “Entity” means the same as defined in section 558.72. 2. A transfer of an interest in real estate situated in this state by an entity by a deed or real estate contract is subject to the provisions of this section. 3. a. With regard to any deed or real estate contract executed by an entity and filed of record with the recorder of the county in which the real estate is situated, which is recorded prior to July 1,2013, the holder of an adverse claim shall not filean action, at law or in equity, to enforce the adverse claim or to invalidate such transfer five years after July 1, 2013. b. With regard to any deed or real estate contract executed by an entity and filed of record with the recorder of the county in which the real estate is situated, which is recorded on or after July 1, 2013, the holder of an adverse claim shall not file an action, at law or in equity, to enforce the adverse claim or to invalidate such transfer more than two years after the date of recording of the instrument. 4. This section shall not be construed to limit any personal action against a person who executed an instrument purportedly transferring an interest in real estate on behalf of an entity for damages based on a claim arisingout ofan allegation thatthe execution anddelivery of the instrument was not authorized by the entity or that a warranty required in section 558.72 was false.
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