reglab/housing_qa huggingface dataset:
IA Code § 633A.4302 (2021)
2021 Iowa Code|Title XV - JUDICIAL BRANCH AND JUDICIAL PROCEDURES|Chapter 633A - IOWA TRUST CODE|Section 633A.4302 - Standard of care — portfolio strategy — risk and return objectives.

633A.4302 Standard of care — portfolio strategy — risk and return objectives.   1. A trustee shall invest and manage trust property as a prudent investor would, by considering the purposes, terms, distribution requirements, and other circumstances of the trust. In satisfying this standard, the trustee shall exercise reasonable care, skill, and caution.   2. A trustee’s investment and management decisions respecting individual assets must be evaluated not in isolation but in the context of the trust portfolio as a whole and as a part of an overall investment strategy having risk and return objectives reasonably suited to the trust.   3. A trustee shall consider all of the following circumstances, to the extent relevant to the trust or its beneficiaries in investing and managing trust property:   a. General economic conditions.   b. The possible effect of inflation or deflation.   c. The expected tax consequences of investment decisions or strategies.   d. The role that each investment or course of action plays within the overall trust portfolio, which may include financial assets, interests in closely held enterprises, tangible and intangible personal property, and real property.   e. The expected total return from income and the appreciation of capital.   f. Other resources of the beneficiaries.   g. Needs for liquidity, regularity of income, and preservation or appreciation of capital.   h. An asset’s special relationship or special value, if any, to the purposes of the trust or to one or more of the beneficiaries.   4. A trustee shall make a reasonable effort to verify facts relevant to the investment and management of trust property.   5. A trustee may invest in any kind of property or type of investment consistent with the standards of this part.  99 Acts, ch 125, §62, 109  C2001, §633.4302  2005 Acts, ch 38, §54, 55  CS2005, §633A.4302  Referred to in §523A.203, 633.123
IA Code § 633A.4303 (2021)
2021 Iowa Code|Title XV - JUDICIAL BRANCH AND JUDICIAL PROCEDURES|Chapter 633A - IOWA TRUST CODE|Section 633A.4303 - Diversification.

633A.4303 Diversification.   A trustee shall diversify the investments of the trust unless the trustee reasonably determines that the purposes of the trust are better served without diversifying.  99 Acts, ch 125, §63, 109  C2001, §633.4303  2005 Acts, ch 38, §54  CS2005, §633A.4303
IA Code § 633A.4304 (2021)
2021 Iowa Code|Title XV - JUDICIAL BRANCH AND JUDICIAL PROCEDURES|Chapter 633A - IOWA TRUST CODE|Section 633A.4304 - Duties at inception of trusteeship.

633A.4304 Duties at inception of trusteeship.   Within a reasonable time after accepting a trusteeship or receiving trust property, a trustee shall review the trust property and make and implement decisions concerning the retention and disposition of assets, in order to bring the trust portfolio into compliance with the purposes, terms, distribution requirements, and other circumstances of the trust, and with the requirements of this part.  99 Acts, ch 125, §64, 109  C2001, §633.4304  2005 Acts, ch 38, §54, 55  CS2005, §633A.4304
IA Code § 633A.4305 (2021)
2021 Iowa Code|Title XV - JUDICIAL BRANCH AND JUDICIAL PROCEDURES|Chapter 633A - IOWA TRUST CODE|Section 633A.4305 - Loyalty.

633A.4305 Loyalty.   A trustee shall invest and manage the trust property solely in the interest of the beneficiaries.  99 Acts, ch 125, §65, 109  C2001, §633.4305  2005 Acts, ch 38, §54  CS2005, §633A.4305
IA Code § 633A.4306 (2021)
2021 Iowa Code|Title XV - JUDICIAL BRANCH AND JUDICIAL PROCEDURES|Chapter 633A - IOWA TRUST CODE|Section 633A.4306 - Impartiality.

633A.4306 Impartiality.   If a trust has two or more beneficiaries, the trustee shall act impartially in investing and managing the trust property, taking into account any differing interests of the beneficiaries.  99 Acts, ch 125, §66, 109  C2001, §633.4306  2005 Acts, ch 38, §54  CS2005, §633A.4306
IA Code § 633A.4307 (2021)
2021 Iowa Code|Title XV - JUDICIAL BRANCH AND JUDICIAL PROCEDURES|Chapter 633A - IOWA TRUST CODE|Section 633A.4307 - Investment costs.

633A.4307 Investment costs.   In investing and managing trust property, a trustee may only incur costs that are appropriate and reasonable in relation to the property, the purposes of the trust, and the skills of the trustee.  99 Acts, ch 125, §67, 109  C2001, §633.4307  2005 Acts, ch 38, §54  CS2005, §633A.4307
IA Code § 633A.4308 (2021)
2021 Iowa Code|Title XV - JUDICIAL BRANCH AND JUDICIAL PROCEDURES|Chapter 633A - IOWA TRUST CODE|Section 633A.4308 - Reviewing compliance.

633A.4308 Reviewing compliance.   Compliance with the prudent investor rule is determined in light of the facts and circumstances existing at the time of a trustee’s decision or action and not by hindsight.  99 Acts, ch 125, §68, 109  C2001, §633.4308  2005 Acts, ch 38, §54  CS2005, §633A.4308
IA Code § 633A.4309 (2021)
2021 Iowa Code|Title XV - JUDICIAL BRANCH AND JUDICIAL PROCEDURES|Chapter 633A - IOWA TRUST CODE|Section 633A.4309 - Language invoking prudent investor rule.

633A.4309 Language invoking prudent investor rule.   The following terms or comparable language in the provisions of a trust, unless otherwise limited or modified, authorizes any investment or strategy permitted under this trust code:   1. Investments permissible by law for investment of trust funds.   2. Legal investments.   3. Authorized investments.   4. Using the judgment and care under the circumstances then prevailing that persons of prudence, discretion, and intelligence exercise in the management of their own affairs, not in regard to speculation but in regard to the permanent disposition of their funds, considering the probable income as well as the probable safety of their capital.   5. Prudent man rule.   6. Prudent trustee rule.   7. Prudent person rule.   8. Prudent investor rule.  99 Acts, ch 125, §70, 109  C2001, §633.4309  2005 Acts, ch 38, §54  CS2005, §633A.4309
IA Code § 633A.4401 (2021)
2021 Iowa Code|Title XV - JUDICIAL BRANCH AND JUDICIAL PROCEDURES|Chapter 633A - IOWA TRUST CODE|Section 633A.4401 - General powers — fiduciary duties.

633A.4401 General powers — fiduciary duties.   1. A trustee, without authorization by the court, may exercise the following powers:   a. The powers conferred by the terms of the trust.   b. Except as limited by the terms of the trust, powers conferred by this trust code.   2. This part does not affect the power of the court to relieve a trustee from restrictions in the terms of the trust on the exercise of powers, to confer on a trustee additional powers whether or not authorized by the terms of the trust, or to restrict the exercise of a power otherwise given to the trustee by the terms of the trust or this trust code.   3. The grant of a power to a trustee, whether by the terms of the trust, this trust code, or the court, does not in itself govern the exercise of the power. In exercising a power, the trustee shall act in accordance with fiduciary principles.  99 Acts, ch 125, §71, 109  C2001, §633.4401  2005 Acts, ch 38, §54, 55  CS2005, §633A.4401  Referred to in §633.750, 633A.4809
IA Code § 633A.4501 (2021)
2021 Iowa Code|Title XV - JUDICIAL BRANCH AND JUDICIAL PROCEDURES|Chapter 633A - IOWA TRUST CODE|Section 633A.4501 - Violations of duties — breach of trust.

633A.4501 Violations of duties — breach of trust.   1. A violation by a trustee of a duty the trustee owes a beneficiary is a breach of trust.   2. The remedies of a beneficiary for breach of trust are exclusively equitable and any action shall be brought in a court of equity.  99 Acts, ch 125, §73, 109  C2001, §633.4501  2005 Acts, ch 38, §54  CS2005, §633A.4501
IA Code § 633A.4502 (2021)
2021 Iowa Code|Title XV - JUDICIAL BRANCH AND JUDICIAL PROCEDURES|Chapter 633A - IOWA TRUST CODE|Section 633A.4502 - Breach of trust — actions.

633A.4502 Breach of trust — actions.   1. Except as provided in section 633A.4213, to remedy a breach of trust which has occurred or may occur, a beneficiary or cotrustee of the trust may request the court to do any of the following:   a. Compel the trustee to perform the trustee’s duties.   b. Enjoin the trustee from committing a breach of trust.   c. Compel the trustee to redress a breach of trust by payment of money or otherwise.   d. Appoint a receiver or temporary trustee to take possession of the trust property and administer the trust.   e. Remove the trustee.   f. Reduce or deny compensation to the trustee.   g. Subject to section 633A.4603, nullify an act of the trustee, impose an equitable lien or a constructive trust on trust property, or trace trust property wrongfully disposed of and recover the property or its proceeds.   h. Order any other appropriate relief.   2. The exception created in subsection 1 of this section does not apply to any trust created prior to July 1, 2002.  99 Acts, ch 125, §74, 109  C2001, §633.4502  2002 Acts, ch 1107, §16; 2005 Acts, ch 38, §54, 55  CS2005, §633A.4502  2009 Acts, ch 52, §10; 2010 Acts, ch 1137, §8
IA Code § 633A.4503 (2021)
2021 Iowa Code|Title XV - JUDICIAL BRANCH AND JUDICIAL PROCEDURES|Chapter 633A - IOWA TRUST CODE|Section 633A.4503 - Breach of trust — liability.

633A.4503 Breach of trust — liability.   A beneficiary may charge a trustee who commits a breach of trust with the amount required to restore the value of the trust property and trust distributions to what they would have been had the breach not occurred, or, if greater, the amount of profit lost by reason of the breach.  99 Acts, ch 125, §75, 109  C2001, §633.4503  2005 Acts, ch 38, §54  CS2005, §633A.4503
IA Code § 633A.4504 (2021)
2021 Iowa Code|Title XV - JUDICIAL BRANCH AND JUDICIAL PROCEDURES|Chapter 633A - IOWA TRUST CODE|Section 633A.4504 - Limitation of action against trustee.

633A.4504 Limitation of action against trustee.   1. Unless previously barred by adjudication, consent, or other limitation, a claim against a trustee for breach of trust is barred as to a beneficiary who has received an accounting pursuant to section 633A.4213 or other report that adequately discloses the existence of the claim, unless a proceeding to assert the claim is commenced within one year after the receipt of the accounting or report. An accounting or report adequately discloses the existence of a claim if it provides sufficient information so that the beneficiary knows of the claim or reasonably should have inquired into its existence.   2. For the purpose of subsection 1, a beneficiary is deemed to have received an accounting or report in the following instances:   a. In the case of an adult who is reasonably capable of understanding the accounting or report, if it is received by the adult personally.   b. In the case of an adult who is not reasonably capable of understanding the accounting or report, if it is received by the adult’s legal representative, including a guardian ad litem or other person appointed for this purpose.   c. In the case of a minor, if it is received by the minor’s guardian or conservator or, if the minor does not have a guardian or conservator, if it is received by a parent of the minor who does not have a conflict of interest.   3. Any claim for breach of trust against a trustee who has presented an accounting or report to a beneficiary more than one year prior to July 1, 2000, shall be time barred unless some exception stated in this section applies which tolls the statute. Any claim arising under this section within one year of July 1, 2000, shall be time barred after one year unless an exception applies to toll the statute.   4. For the purposes of this section, “report” means a document including but not limited to a letter, delivered by or on behalf of the trustee to a beneficiary of the trust.  99 Acts, ch 125, §76, 109; 2000 Acts, ch 1150, §25  C2001, §633.4504  2005 Acts, ch 38, §54  CS2005, §633A.4504  2012 Acts, ch 1123, §28; 2013 Acts, ch 33, §7, 9  Referred to in §633A.4213, 633A.5108  2013 amendment to subsection 3 applies retroactively to all reports and accountings provided by a trustee, unless an exception applies, to one year from July 1, 2000;  2013 Acts, ch 33, §9
IA Code § 633A.4505 (2021)
2021 Iowa Code|Title XV - JUDICIAL BRANCH AND JUDICIAL PROCEDURES|Chapter 633A - IOWA TRUST CODE|Section 633A.4505 - Exculpation of trustee.

633A.4505 Exculpation of trustee.   A provision in the terms of the trust relieving a trustee of liability for breach of trust is unenforceable to the extent that it does either of the following:   1. Relieves a trustee of liability for breach of trust committed intentionally, with gross negligence, in bad faith, or with reckless indifference to the interest of the beneficiary, or for any profit derived by the trustee from the breach.   2. Was inserted as the result of an abuse by the trustee of a fiduciary or confidential relationship to the settlor.  99 Acts, ch 125, §77, 109  C2001, §633.4505  2005 Acts, ch 38, §54  CS2005, §633A.4505
IA Code § 633A.4506 (2021)
2021 Iowa Code|Title XV - JUDICIAL BRANCH AND JUDICIAL PROCEDURES|Chapter 633A - IOWA TRUST CODE|Section 633A.4506 - Beneficiary’s consent, release, or affirmance — nonliability of trustee.

633A.4506 Beneficiary’s consent, release, or affirmance — nonliability of trustee.   1. A beneficiary shall not hold a trustee liable for a breach of trust if the beneficiary does any of the following:   a. Consents to the conduct constituting the breach.   b. Releases the trustee from liability for the breach.   c. Affirms the transaction constituting the breach.   2. A beneficiary may hold a trustee liable for breach of trust despite a consent, release, or affirmance by the beneficiary if, at the time of the consent, release, or affirmance, all of the following applied:   a. The beneficiary did not know of the beneficiary’s rights.   b. The beneficiary did not know the material facts known to the trustee or which the trustee should have known.   c. The trustee did not reasonably believe that the beneficiary knew the beneficiary’s rights and that the beneficiary knew material facts known to the trustee or which the trustee should have known.   3. A beneficiary may hold a trustee liable for breach of a trust despite a consent, release, or affirmance by the beneficiary if the consent, release, or affirmance was induced by improper conduct of the trustee.  99 Acts, ch 125, §78, 109  C2001, §633.4506  2002 Acts, ch 1107, §17, 18; 2003 Acts, ch 95, §17; 2005 Acts, ch 38, §54  CS2005, §633A.4506  Referred to in §633A.4202
IA Code § 633A.4507 (2021)
2021 Iowa Code|Title XV - JUDICIAL BRANCH AND JUDICIAL PROCEDURES|Chapter 633A - IOWA TRUST CODE|Section 633A.4507 - Attorney fees and costs.

633A.4507 Attorney fees and costs.   In a judicial proceeding involving the administration of a trust, the court, as justice and equity may require, may award costs and expenses, including reasonable attorney fees, to any party, to be paid by another party or from the trust that is the subject of the controversy.  2004 Acts, ch 1015, §29  C2005, §633.4507  2005 Acts, ch 38, §54  CS2005, §633A.4507
IA Code § 633A.4601 (2021)
2021 Iowa Code|Title XV - JUDICIAL BRANCH AND JUDICIAL PROCEDURES|Chapter 633A - IOWA TRUST CODE|Section 633A.4601 - Personal liability — limitations.

633A.4601 Personal liability — limitations.   1. Except as otherwise provided in the contract or in this part, a trustee is not personally liable on a contract properly entered into in the trustee’s fiduciary capacity in the course of administration of the trust unless the trustee fails to reveal the representative capacity or identify the trust in the contract.   2. A trustee is personally liable for obligations arising from ownership or control of trust property, including liability for environmental law violations, and for torts committed in the course of administering a trust only if the trustee is personally at fault.   3. A claim based on a contract entered into by a trustee in the trustee’s representative capacity, on an obligation arising from ownership or control of trust property, or on a tort committed in the course of administering a trust may be asserted against the trust by proceeding against the trustee in the trustee’s representative capacity, whether or not the trustee is personally liable on the claim.   4. A question of liability as between the trust and the trustee personally may be determined in a proceeding brought under section 633A.6202.  99 Acts, ch 125, §79, 109  C2001, §633.4601  2002 Acts, ch 1107, §19; 2005 Acts, ch 38, §54, 55  CS2005, §633A.4601
IA Code § 633A.4602 (2021)
2021 Iowa Code|Title XV - JUDICIAL BRANCH AND JUDICIAL PROCEDURES|Chapter 633A - IOWA TRUST CODE|Section 633A.4602 - Dissenting cotrustees.

633A.4602 Dissenting cotrustees.   1. A cotrustee who does not join in exercising a power is not liable to a third party for the consequences of the exercise of the power.   2. A dissenting cotrustee who joins in an action at the direction of the majority cotrustees is not liable to a third party for the action if the dissenting cotrustee expresses the dissent in writing to any other cotrustee at or before the action is taken.   3. This section does not excuse a cotrustee from liability for failure to discharge a cotrustee’s duties as a trustee.  99 Acts, ch 125, §80, 109  C2001, §633.4602  2005 Acts, ch 38, §54  CS2005, §633A.4602
IA Code § 633A.4603 (2021)
2021 Iowa Code|Title XV - JUDICIAL BRANCH AND JUDICIAL PROCEDURES|Chapter 633A - IOWA TRUST CODE|Section 633A.4603 - Obligations of third parties.

633A.4603 Obligations of third parties.   1. With respect to a third party dealing with a trustee or assisting a trustee in the conduct of a transaction, if the third party acts in good faith and for a valuable consideration and without knowledge that the trustee is exceeding the trustee’s powers or is improperly exercising them, the following apply:   a. A third party is not bound to inquire as to whether a trustee has power to act or is properly exercising a power and may assume without inquiry the existence of a trust power and its proper exercise.   b. A third party is fully protected in dealing with or assisting a trustee, as if the trustee has and is properly exercising the power the trustee purports to exercise.   2. A third party who acts in good faith is not bound to ensure the proper application of trust property paid or delivered to the trustee.   3. If a third party acting in good faith and for a valuable consideration enters into a transaction with a former trustee without knowledge that the person is no longer a trustee, the third party is fully protected as if the former trustee were still a trustee.  99 Acts, ch 125, §81, 109  C2001, §633.4603  2005 Acts, ch 38, §54  CS2005, §633A.4603  Referred to in §633A.4502
IA Code § 633A.4605 (2021)
2021 Iowa Code|Title XV - JUDICIAL BRANCH AND JUDICIAL PROCEDURES|Chapter 633A - IOWA TRUST CODE|Section 633A.4605 - Liability for wrongful taking, concealing, or disposing of trust property.

633A.4605 Liability for wrongful taking, concealing, or disposing of trust property.   A person who, in bad faith, wrongfully takes, conceals, or disposes of trust property is liable for twice the value of the property, attorney fees, court costs, and where consistent with existing law, punitive damages, recoverable in an action by a trustee for the benefit of the trust.  99 Acts, ch 125, §83, 109  C2001, §633.4605  2005 Acts, ch 38, §54  CS2005, §633A.4605
IA Code § 633A.4606 (2021)
2021 Iowa Code|Title XV - JUDICIAL BRANCH AND JUDICIAL PROCEDURES|Chapter 633A - IOWA TRUST CODE|Section 633A.4606 - Interest as general partner.

633A.4606 Interest as general partner.   1. Except as otherwise provided in subsection 3 or unless personal liability is imposed in the contract, a trustee who holds an interest as a general partner in a general or limited partnership is not personally liable on a contract entered into by the partnership after the trust’s acquisition of the interest if the fiduciary capacity was disclosed in the contract or in a statement previously filed pursuant to section 486A.303 or 488.201.   2. Except as otherwise provided in subsection 3, a trustee who holds an interest as a general partner is not personally liable for torts committed by the partnership or for obligations arising from ownership or control of the interest unless the trustee is personally at fault.   3. The immunity provided by this section does not apply if an interest in the partnership is held by the trustee in a capacity other than that of trustee or is held by the trustee’s spouse or one or more of the trustee’s descendants, siblings, or parents, or the spouse of any of the trustee’s descendants, siblings, or parents.   4. If the trustee of a revocable trust holds an interest as a general partner, the settlor shall be personally liable for contracts and other obligations of the partnership as if the settlor were a general partner.  2012 Acts, ch 1123, §29, 32
IA Code § 633A.4702 (2021)
2021 Iowa Code|Title XV - JUDICIAL BRANCH AND JUDICIAL PROCEDURES|Chapter 633A - IOWA TRUST CODE|Section 633A.4702 - Discretionary language prevails over other standard.

633A.4702 Discretionary language prevails over other standard.   In the absence of clear and convincing evidence to the contrary, language in a governing instrument granting a trustee discretion to make or withhold a distribution shall prevail over any language in the governing instrument indicating that the beneficiary may have a legally enforceable right to distributions or indicating a standard for payments or distributions.  2004 Acts, ch 1015, §30  C2005, §633.4702  2005 Acts, ch 38, §54  CS2005, §633A.4702
IA Code § 633A.4703 (2021)
2021 Iowa Code|Title XV - JUDICIAL BRANCH AND JUDICIAL PROCEDURES|Chapter 633A - IOWA TRUST CODE|Section 633A.4703 - General order for abatement.

633A.4703 General order for abatement.   Except as otherwise provided by the governing instrument, where necessary to abate shares of the beneficiaries of a trust for the payment of debts and charges, federal estate taxes, bequests, the share of the surviving spouse who takes an elective share, and the shares of children born or adopted after the execution of the trust, abatement shall occur in the following order:   1. Shares allocated to the residuary beneficiaries of the trust shall be abated first, on a pro rata basis.   2. Shares defined by a dollar amount, on a pro rata basis.   3. Shares described as specific items of property whether tangible or intangible shall be abated last, and such abatement shall be done as equitably by the trustee among the various beneficiaries as circumstances reasonably allow.   4. Notwithstanding subsections 1, 2, or 3, a disposition in favor of the settlor’s surviving spouse who does not take an elective share shall not be abated where such abatement would have the effect of increasing the amount of federal estate or federal gift taxes payable by a person or an entity.  2005 Acts, ch 38, §44; 2007 Acts, ch 134, §19, 20, 28; 2008 Acts, ch 1119, §31; 2010 Acts, ch 1138, §60; 2014 Acts, ch 1076, §24
IA Code § 633A.4704 (2021)
2021 Iowa Code|Title XV - JUDICIAL BRANCH AND JUDICIAL PROCEDURES|Chapter 633A - IOWA TRUST CODE|Section 633A.4704 - Simultaneous death.

633A.4704 Simultaneous death.   If the determination of the successor of a beneficial interest in a trust is dependent upon whether a beneficiary has survived the death of a settlor, of another beneficiary, or of any other person, the uniform simultaneous death Act, sections 633.523 through 633.528, shall govern the determination of who shall be considered to have died first.  2005 Acts, ch 38, §45
IA Code § 633A.4705 (2021)
2021 Iowa Code|Title XV - JUDICIAL BRANCH AND JUDICIAL PROCEDURES|Chapter 633A - IOWA TRUST CODE|Section 633A.4705 - Principal and income.

633A.4705 Principal and income.   Chapter 637 shall apply to trusts subject to this chapter.  2005 Acts, ch 38, §46