Iowa Code 633A.4102 – Trustee’s bond
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Terms Used In Iowa Code 633A.4102
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- property: includes personal and real property. See Iowa Code 4.1
- Trustee: A person or institution holding and administering property in trust.
633A.4102 Trustee‘s bond.
1. A trustee is not required to give a bond to secure performance of the trustee’s duties
unless one of the following applies:
a. A bond is expressly required by the terms of the trust.
b. A bond is found by the court to be necessary to protect the interests of beneficiaries, regardless of the terms of the trust.
2. If a bond is required, it must be filed, and be in an amount and with sureties and liabilities as the court may order. The court may excuse a requirement of a bond, reduce or increase the amount of a bond, release a surety, or permit the substitution of another bond with the same or different sureties.
3. The amount of a bond otherwise required may be reduced by the value of trust property deposited with a financial institution in a manner that prevents its unauthorized disposition, and by the value of real property which the trustee, by express limitation of power, lacks power to convey without court authorization.
4. Except as otherwise provided by the terms of the trust or ordered by the court, the cost of a bond is charged to the trust.
5. A bank or trust company shall not be required to give a bond, whether or not the terms of the trust require a bond.
99 Acts, ch 125, §37, 109
C2001, §633.4102
2005 Acts, ch 38, §54
CS2005, §633A.4102
Referred to in §633A.6105
1. A trustee is not required to give a bond to secure performance of the trustee’s duties
unless one of the following applies:
a. A bond is expressly required by the terms of the trust.
b. A bond is found by the court to be necessary to protect the interests of beneficiaries, regardless of the terms of the trust.
2. If a bond is required, it must be filed, and be in an amount and with sureties and liabilities as the court may order. The court may excuse a requirement of a bond, reduce or increase the amount of a bond, release a surety, or permit the substitution of another bond with the same or different sureties.
3. The amount of a bond otherwise required may be reduced by the value of trust property deposited with a financial institution in a manner that prevents its unauthorized disposition, and by the value of real property which the trustee, by express limitation of power, lacks power to convey without court authorization.
4. Except as otherwise provided by the terms of the trust or ordered by the court, the cost of a bond is charged to the trust.
5. A bank or trust company shall not be required to give a bond, whether or not the terms of the trust require a bond.
99 Acts, ch 125, §37, 109
C2001, §633.4102
2005 Acts, ch 38, §54
CS2005, §633A.4102
Referred to in §633A.6105