reglab/statecodes huggingface dataset:
2023 Iowa Code › Title XV - JUDICIAL BRANCH AND JUDICIAL PROCEDURES › Chapter 633A - IOWA TRUST CODE › Section 633A.4105 - Filling vacancy.

633A.4105 Filling vacancy.
1. A trustee must be appointed to fill a vacancy in the office of the trustee only if the trust has no trustee or the terms of the trust require a vacancy in the office of cotrustee to be filled.
2. A vacancy in the office of trustee shall be filled according to the following:
a. By the person named in or nominated pursuant to the method specified by the terms of the trust.
b. If the terms of the trust do not name a person or specify a method for filling the vacancy, or if the person named or nominated pursuant to the method specified fails to accept, one of the following methods shall be used:
(1) By majority vote of all qualified beneficiaries, who are adults, and the representative of any minor or incompetent qualified beneficiary as provided in section 633A.6303.
(2) By a person appointed by the court on petition of an interested person or of a person named as trustee by the terms of the trust. The court, in selecting a trustee, shall consider any nomination made by the adult beneficiaries and representatives of any minor and incompetent beneficiaries as designated in section 633A.6303.
99 Acts, ch 125, §40, 109; 2000 Acts, ch 1150, §22
C2001, §633.4105
2002 Acts, ch 1107, §6, 7; 2003 Acts, ch 44, §103; 2003 Acts, ch 95, §12; 2005 Acts, ch 38, §54, 55
CS2005, §633A.4105
2023 Iowa Code › Title XV - JUDICIAL BRANCH AND JUDICIAL PROCEDURES › Chapter 633A - IOWA TRUST CODE › Section 633A.4106 - Resignation of trustee.

633A.4106 Resignation of trustee.
1. A trustee who has accepted a trust may resign by any of the following methods:
a. As provided by the terms of the trust.
b. With the consent of the person holding the power to revoke the trust if the holder is competent or is represented by a guardian, conservator, or agent.
c. With the consent of the qualified beneficiaries who are adults if the trust is irrevocable or the holder of the power to revoke lacks competency or is not represented by a guardian, conservator, or agent.
d. Upon written notice to the holder of the power to revoke if the holder substantially changes the trustee’s duties and the trustee does not concur.
e. By filing a petition to resign under section 633A.6202. The resignation takes effect ninety days after the filing, or upon approval of the petition by the court, whichever first occurs. The court must accept the trustee’s resignation but may impose such orders and conditions as are reasonably necessary for the protection of the trust property, including the appointment of a receiver or temporary trustee.
2. The liability for acts or omissions of a resigning trustee or of any sureties on the trustee’s bond is not released or affected by the trustee’s resignation.
99 Acts, ch 125, §41, 109
C2001, §633.4106
2002 Acts, ch 1107, §8; 2005 Acts, ch 38, §54, 55
CS2005, §633A.4106
2023 Iowa Code › Title XV - JUDICIAL BRANCH AND JUDICIAL PROCEDURES › Chapter 633A - IOWA TRUST CODE › Section 633A.4107 - Removal of trustee.

633A.4107 Removal of trustee.
1. A trustee may be removed in accordance with the terms of the trust, or on petition of a settlor, cotrustee, or beneficiary under section 633A.6202.
2. The court may remove a trustee, or order other appropriate relief if any of the following occurs:
a. If the trustee has committed a material breach of the trust.
b. If the trustee is unfit to administer the trust.
c. If hostility or lack of cooperation among cotrustees impairs the administration of the trust.
d. If the trustee’s investment performance is consistently and substantially substandard.
e. If the trustee’s compensation is excessive under the circumstances.
f. If the trustee merges with another institution or the location or place of administration of the trust changes.
g. For other good cause shown.
3. If it appears to the court that trust property or the interests of a beneficiary may suffer loss or injury pending a final decision on a petition for removal of a trustee, the court may suspend the powers of the trustee, compel the trustee to surrender trust property to a cotrustee, receiver, or temporary trustee, or order other appropriate relief.
99 Acts, ch 125, §42, 109; 2000 Acts, ch 1150, §23
C2001, §633.4107
2003 Acts, ch 95, §13; 2005 Acts, ch 38, §54, 55
CS2005, §633A.4107
2023 Iowa Code › Title XV - JUDICIAL BRANCH AND JUDICIAL PROCEDURES › Chapter 633A - IOWA TRUST CODE › Section 633A.4108 - Delivery of property by former trustee.

633A.4108 Delivery of property by former trustee.
Unless a cotrustee remains in office, a former trustee, or if the trustee’s appointment terminated because of death or disability, the former trustee’s personal representative or guardian or conservator, is responsible for and has the powers necessary to protect the trust property and other powers essential to the trust’s administration until the property is delivered to a successor trustee or a person appointed by the court to receive the property.
99 Acts, ch 125, §43, 109
C2001, §633.4108
2005 Acts, ch 38, §54
CS2005, §633A.4108
2023 Iowa Code › Title XV - JUDICIAL BRANCH AND JUDICIAL PROCEDURES › Chapter 633A - IOWA TRUST CODE › Section 633A.4109 - Compensation of trustee.

633A.4109 Compensation of trustee.
1. If the terms of the trust do not specify the trustee’s compensation, a trustee or cotrustee is entitled to compensation that is reasonable under the circumstances.
2. If the terms of the trust specify the trustee’s compensation, the trustee is entitled to be compensated as so provided, except that upon proper showing, the court may allow more or less compensation in the following instances:
a. If the duties of the trustee are substantially different from those contemplated when the trust was created.
b. If the compensation specified by the terms of the trust would be inequitable, or unreasonably low or high.
c. In extraordinary circumstances calling for equitable relief.
99 Acts, ch 125, §44, 109
C2001, §633.4109
2005 Acts, ch 38, §54
CS2005, §633A.4109
2023 Iowa Code › Title XV - JUDICIAL BRANCH AND JUDICIAL PROCEDURES › Chapter 633A - IOWA TRUST CODE › Section 633A.4110 - Repayment for expenditures.

633A.4110 Repayment for expenditures.
A trustee is entitled to be repaid out of the trust property, with interest as appropriate, for all of the following expenditures:
1. Expenditures that were properly incurred in the administration of the trust.
2. To the extent that they benefited the trust, expenditures that were not properly incurred in the administration of the trust.
99 Acts, ch 125, §45, 109
C2001, §633.4110
2005 Acts, ch 38, §54
CS2005, §633A.4110
2023 Iowa Code › Title XV - JUDICIAL BRANCH AND JUDICIAL PROCEDURES › Chapter 633A - IOWA TRUST CODE › Section 633A.4111 - Notice of increased trustee’s fee.

633A.4111 Notice of increased trustee’s fee.
1. As used in this section, “trustee’s fee” includes a trustee’s periodic base fee, rate of percentage compensation, minimum fee, hourly rate, and transaction charge, but does not include fees for extraordinary services.
2. A trustee shall not charge an increased trustee’s fee for administration of a trust unless the trustee first gives at least thirty days’ written notice of the increased fee to all of the following beneficiaries:
a. Each qualified beneficiary.
b. Each beneficiary who was given the last preceding accounting.
c. Each beneficiary who has made a written request to the trustee for notice of an increased trustee’s fee, and has given an address for receiving notice by mail.
3. If a beneficiary files a petition for review of an increased trustee’s fee or for removal of a trustee and serves a copy of the petition on the trustee within the thirty-day period, the increased fee does not take effect until otherwise ordered by the court or the petition is dismissed.
99 Acts, ch 125, §46, 109; 2000 Acts, ch 1150, §24
C2001, §633.4111
2002 Acts, ch 1107, §9; 2005 Acts, ch 38, §54
CS2005, §633A.4111
2023 Iowa Code › Title XV - JUDICIAL BRANCH AND JUDICIAL PROCEDURES › Chapter 633A - IOWA TRUST CODE › Section 633A.4201 - Duty to administer trust — alteration by terms of trust.

633A.4201 Duty to administer trust — alteration by terms of trust.
1. On acceptance of a trust, the trustee shall administer the trust according to the terms of the trust and according to this trust code, except to the extent the terms of the trust provide otherwise.
2. The terms of the trust may expand, restrict, eliminate, or otherwise alter the duties prescribed by this trust code, and the trustee may reasonably rely on those terms, but nothing in this trust code authorizes a trustee to act in bad faith or in disregard of the purposes of the trust or the interest of the beneficiaries.
99 Acts, ch 125, §47, 109
C2001, §633.4201
2005 Acts, ch 38, §54
CS2005, §633A.4201
2023 Iowa Code › Title XV - JUDICIAL BRANCH AND JUDICIAL PROCEDURES › Chapter 633A - IOWA TRUST CODE › Section 633A.4202 - Duty of loyalty — impartiality — confidential relationship.

633A.4202 Duty of loyalty — impartiality — confidential relationship.
1. A trustee shall administer the trust solely in the interest of the beneficiaries, and shall act with due regard to their respective interests.
2. Any transaction involving the trust which is affected by a material conflict between the trustee’s fiduciary and personal interests is voidable by a beneficiary affected by the transaction unless one of the following applies:
a. The transaction was expressly authorized by the terms of the trust.
b. The beneficiary consented to or affirmed the transaction or released the trustee from liability as provided in section 633A.4506.
c. The transaction is approved by the court after notice to interested persons.
3. A transaction affected by a material conflict between personal and fiduciary interests includes any sale, encumbrance, or other transaction involving the trust property entered into by the trustee, the spouse, descendant, agent, or attorney of a trustee, or corporation or other enterprise in which the trustee has a substantial beneficial interest.
4. A transaction not involving trust property between a trustee and a beneficiary which occurs during the existence of the trust or while the trustee retains significant influence over the beneficiary and from which the trustee obtains an advantage is an abuse of a confidential relationship unless the trustee establishes that the transaction was fair.
5. This section does not apply to any of the following:
a. An agreement between a trustee and a beneficiary relating to the appointment of the trustee.
b. The payment of compensation to the trustee, whether by agreement, the terms of the trust, or this trust code.
c. A transaction between a trust and another trust, decedent’s or conservatorship estate of which the trustee is a fiduciary if the transaction is fair to the beneficiaries of the trust.
d. An investment by a trustee in securities of an investment company or investment trust to which the trustee, or its affiliate, provides services in a capacity other than as trustee if the investment complies with the prudent investor rule. The trustee may be compensated by the investment company or investment trust for providing services from fees charged to the trust if the trustee provides annual notice and a copy of the trustee’s annual report, including the rate and method by which the trustee’s compensation was determined, to the persons specified in section 633A.4213.
e. A deposit of trust money in a regulated financial service institution operated by the trustee.
99 Acts, ch 125, §48, 109
C2001, §633.4202
2002 Acts, ch 1107, §10; 2005 Acts, ch 38, §54, 55
CS2005, §633A.4202
2023 Iowa Code › Title XV - JUDICIAL BRANCH AND JUDICIAL PROCEDURES › Chapter 633A - IOWA TRUST CODE › Section 633A.4203 - Standard of prudence.

633A.4203 Standard of prudence.
A trustee shall administer the trust with the reasonable care, skill, and caution as a prudent person would, by considering the purposes, terms, distribution requirements, and other circumstances of the trust.
99 Acts, ch 125, §49, 109
C2001, §633.4203
2005 Acts, ch 38, §54
CS2005, §633A.4203
2023 Iowa Code › Title XV - JUDICIAL BRANCH AND JUDICIAL PROCEDURES › Chapter 633A - IOWA TRUST CODE › Section 633A.4204 - Costs of administration.

633A.4204 Costs of administration.
A trustee may only incur costs that are reasonable in relation to the trust property, purposes, and other circumstances of the trust.
99 Acts, ch 125, §50, 109
C2001, §633.4204
2005 Acts, ch 38, §54
CS2005, §633A.4204
2023 Iowa Code › Title XV - JUDICIAL BRANCH AND JUDICIAL PROCEDURES › Chapter 633A - IOWA TRUST CODE › Section 633A.4205 - Special skills.

633A.4205 Special skills.
A trustee who has special skills or expertise, or is named trustee in reliance upon the trustee’s representation that the trustee has special skills or expertise, has a duty to use those special skills or expertise.
99 Acts, ch 125, §51, 109
C2001, §633.4205
2005 Acts, ch 38, §54
CS2005, §633A.4205
2023 Iowa Code › Title XV - JUDICIAL BRANCH AND JUDICIAL PROCEDURES › Chapter 633A - IOWA TRUST CODE › Section 633A.4206 - Delegation.

633A.4206 Delegation.
1. A trustee shall not delegate to an agent or cotrustee the entire administration of the trust or the responsibility to make or participate in the making of decisions with respect to discretionary distributions, but a trustee may otherwise delegate the performance of functions that a prudent trustee of comparable skills might delegate under similar circumstances.
2. The trustee shall exercise reasonable care, skill, and caution in the following activities:
a. Selecting an agent.
b. Establishing the scope and terms of a delegation, consistent with the purposes and terms of the trust.
c. Periodically reviewing an agent’s overall performance and compliance with the terms of the delegation.
d. Redressing an action or decision of an agent which would constitute a breach of trust if performed by the trustee.
3. A trustee who complies with the requirements of subsections 1 and 2 is not liable to the beneficiaries or to the trust for the decisions or actions of the agent to whom a function was delegated.
4. In performing a delegated function, an agent shall exercise reasonable care to comply with the terms of the delegation.
5. By accepting the delegation of a trust function from the trustee of a trust that is subject to the law of this state, an agent submits to the jurisdiction of the courts of this state.
99 Acts, ch 125, §52, 109
C2001, §633.4206
2005 Acts, ch 38, §54
CS2005, §633A.4206
2023 Iowa Code › Title XV - JUDICIAL BRANCH AND JUDICIAL PROCEDURES › Chapter 633A - IOWA TRUST CODE › Section 633A.4207 - Directory powers.

633A.4207 Directory powers.
1. While a trust is revocable, the trustee may follow a written direction of the settlor that is contrary to the terms of the trust.
2. In addition to any powers granted to a trustee, the terms of the trust may confer powers upon trust directors and trust protectors as set forth in sections 633A.4801 through 633A.4810. A person’s status as a trust director or trust protector under Iowa law shall be determined on the basis of the powers granted and not on the title given to such person in the trust instrument.
99 Acts, ch 125, §53, 109
C2001, §633.4207
2003 Acts, ch 95, §14; 2005 Acts, ch 38, §54
CS2005, §633A.4207
2006 Acts, ch 1104, §11; 2020 Acts, ch 1076, §3, 4
2023 Iowa Code › Title XV - JUDICIAL BRANCH AND JUDICIAL PROCEDURES › Chapter 633A - IOWA TRUST CODE › Section 633A.4208 - Cotrustees.

633A.4208 Cotrustees.
1. If a trust has more than one trustee, each trustee shall perform all of the following duties:
a. Participate in the administration of the trust.
b. Take reasonable steps to prevent a cotrustee from committing a breach of trust, and to compel a cotrustee to redress a breach of trust.
2. A trustee who complies with subsection 1 is not liable to the beneficiaries or to the trust for the decisions or actions of a cotrustee.
99 Acts, ch 125, §54, 109
C2001, §633.4208
2005 Acts, ch 38, §54
CS2005, §633A.4208
2023 Iowa Code › Title XV - JUDICIAL BRANCH AND JUDICIAL PROCEDURES › Chapter 633A - IOWA TRUST CODE › Section 633A.4209 - Control and safeguarding of trust property.

633A.4209 Control and safeguarding of trust property.
A trustee shall take reasonable steps under the circumstances to take control of and to safeguard the trust property unless it is in the best interests of the trust to abandon or refuse acceptance of the property.
99 Acts, ch 125, §55, 109
C2001, §633.4209
2005 Acts, ch 38, §54
CS2005, §633A.4209
2023 Iowa Code › Title XV - JUDICIAL BRANCH AND JUDICIAL PROCEDURES › Chapter 633A - IOWA TRUST CODE › Section 633A.4210 - Separation and identification of trust property.

633A.4210 Separation and identification of trust property.
A trustee shall do all of the following:
1. Keep the trust property separate from other property of the trustee unless the trust provides otherwise.
2. Cause the trust property to be designated in such a manner that the interest of the trust clearly appears.
99 Acts, ch 125, §56, 109
C2001, §633.4210
2005 Acts, ch 38, §54
CS2005, §633A.4210
2023 Iowa Code › Title XV - JUDICIAL BRANCH AND JUDICIAL PROCEDURES › Chapter 633A - IOWA TRUST CODE › Section 633A.4211 - Enforcement and defense of claims and actions.

633A.4211 Enforcement and defense of claims and actions.
A trustee shall take reasonable steps to enforce claims of the trust, to defend claims against the trust, and to defend against actions that may result in a loss to the trust.
99 Acts, ch 125, §57, 109
C2001, §633.4211
2002 Acts, ch 1107, §11; 2005 Acts, ch 38, §54
CS2005, §633A.4211
2023 Iowa Code › Title XV - JUDICIAL BRANCH AND JUDICIAL PROCEDURES › Chapter 633A - IOWA TRUST CODE › Section 633A.4212 - Prior fiduciaries.

633A.4212 Prior fiduciaries.
A trustee shall take reasonable steps to do all of the following:
1. Compel a former trustee or other fiduciary to deliver trust property to the trustee.
2. Redress a breach of trust known to the trustee to have been committed by a prior trustee or other fiduciary.
99 Acts, ch 125, §58, 109
C2001, §633.4212
2005 Acts, ch 38, §54
CS2005, §633A.4212
2023 Iowa Code › Title XV - JUDICIAL BRANCH AND JUDICIAL PROCEDURES › Chapter 633A - IOWA TRUST CODE › Section 633A.4214 - Duties with regard to discretionary powers.

633A.4214 Duties with regard to discretionary powers.
1. A trustee shall exercise a discretionary power within the bounds of reasonable judgment and in accordance with applicable fiduciary principles and the terms of the trust.
2. Notwithstanding the use of such terms as “absolute”, “sole”, or “uncontrolled” in the grant of discretion, a trustee shall act in accordance with fiduciary principles and shall not act in bad faith or in disregard of the purposes of the trust or the power. Absent an abuse of discretion, a trustee’s exercise of discretion is not subject to control by a court.
3. Subject to paragraph “c” and unless the terms of the trust expressly indicate that a rule in this subsection does not apply, all of the following shall apply:
a. A person other than a settlor who is a beneficiary and trustee of a trust that confers on the trustee the power to make discretionary distributions to or for the trustee’s personal benefit may exercise the power only in accordance with an ascertainable standard relating to the trustee’s individual health, education, support, or maintenance within the meaning of section 2041(b)(1)(A) or 2514(c)(1) of the Internal Revenue Code of 1986.
b. A trustee shall not exercise a power to make discretionary distributions to satisfy a legal obligation of support that the trustee personally owes to another person.
c. This subsection does not apply to the following:
(1) A power held by the settlor’s spouse who is the trustee of a trust for which a marital deduction, as defined in section 2056(b)(5) or 2523(e) of the Internal Revenue Code of 1986, was previously allowed.
(2) A trust that may be revoked or amended by the settlor.
(3) A trust, if contributions to the trust qualify for an annual exclusion under section 2503(c) of the Internal Revenue Code of 1986.
4. A power whose exercise is limited or prohibited by subsection 3 may be exercised by a majority of the remaining trustees whose exercise of the power is not so limited or prohibited. If the power of all trustees is so limited or prohibited, the court may appoint a special fiduciary with authority to exercise the power.
99 Acts, ch 125, §60, 109
C2001, §633.4214
2002 Acts, ch 1107, §13; 2003 Acts, ch 95, §16; 2003 Acts, ch 108, §109; 2005 Acts, ch 38, §54
CS2005, §633A.4214
2023 Iowa Code › Title XV - JUDICIAL BRANCH AND JUDICIAL PROCEDURES › Chapter 633A - IOWA TRUST CODE › Section 633A.4301 - Short title.

633A.4301 Short title.
This part may be cited as the “Uniform Prudent Investor Act”.
99 Acts, ch 125, §61, 109
C2001, §633.4301
2005 Acts, ch 38, §54, 55
CS2005, §633A.4301
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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 be abated last.
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; 2021 Acts, ch 5, §3
2023 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
2023 Iowa Code › Title XV - JUDICIAL BRANCH AND JUDICIAL PROCEDURES › Chapter 633A - IOWA TRUST CODE › Section 633A.4706 - Small distributions to minors — payment.

633A.4706 Small distributions to minors — payment.
When a minor becomes entitled under the terms of the trust to a beneficial interest in the trust upon the distribution of the trust fund and the value of the interest does not exceed the sum of twenty-five thousand dollars, the trustee may pay the interest to a custodian under any uniform transfers to minors Act. Receipt by the custodian shall have the same force and effect as though payment had been made to a duly appointed and qualified conservator for the minor.
2005 Acts, ch 38, §47
Uniform transfers to minors, see chapter 565B
2023 Iowa Code › Title XV - JUDICIAL BRANCH AND JUDICIAL PROCEDURES › Chapter 633A - IOWA TRUST CODE › Section 633A.4707 - Person causing death.

633A.4707 Person causing death.
A person who intentionally and unjustifiably causes or procures the death of another shall not receive any property, benefit, or other interest as a beneficiary of a trust by reason of such death. Any property, benefit, or other interest that such person would have received because of such death shall be distributed as if the person causing the death died before the person whose death was intentionally and unjustifiably caused or procured.
2006 Acts, ch 1104, §14, 16
2023 Iowa Code › Title XV - JUDICIAL BRANCH AND JUDICIAL PROCEDURES › Chapter 633A - IOWA TRUST CODE › Section 633A.4801 - Governing instrument may provide trust director or trust protector with powers and immunities of trustee.

633A.4801 Governing instrument may provide trust director or trust protector with powers and immunities of trustee.
Any governing instrument providing for a trust director or trust protector may also provide such trust director or trust protector with some, none, or all of the rights, powers, privileges, benefits, immunities, or authorities available to a trustee under the law of this state or under the governing instrument. Unless the governing instrument provides otherwise, a trust director or trust protector has no greater liability to any person than would a trustee holding or benefiting from the rights, powers, privileges, benefits, immunities, or authority provided or allowed by the governing instrument to such trust director or trust protector.
2020 Acts, ch 1076, §7
Referred to in §633A.4207
2023 Iowa Code › Title XV - JUDICIAL BRANCH AND JUDICIAL PROCEDURES › Chapter 633A - IOWA TRUST CODE › Section 633A.4803 - Death of settlor.

633A.4803 Death of settlor.
An excluded fiduciary may continue to follow the direction of the trust director upon the incapacity or death of the settlor if the instrument so allows.
2020 Acts, ch 1076, §9
Referred to in §633A.4207
2023 Iowa Code › Title XV - JUDICIAL BRANCH AND JUDICIAL PROCEDURES › Chapter 633A - IOWA TRUST CODE › Section 633A.4804 - Excluded fiduciary’s liability for loss if trust protector appointed.

633A.4804 Excluded fiduciary’s liability for loss if trust protector appointed.
If an instrument appoints a trust protector, the excluded fiduciary is not liable for any loss resulting from any action taken upon the trust protector’s direction.
2020 Acts, ch 1076, §10
Referred to in §633A.4207