Iowa Code 633A.4103 – Actions by cotrustees
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Iowa Code 633A.4103
- 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
- property: includes personal and real property. See Iowa Code 4.1
- Trustee: A person or institution holding and administering property in trust.
633A.4103 Actions by cotrustees.
Unless the terms of the trust provide otherwise, the following apply to actions of cotrustees:
1. A power held by cotrustees may be exercised by majority action.
2. If impasse occurs due to the failure to reach a majority decision, any trustee may petition the court to decide the issue, or a majority of the trustees may consent to an alternative form of dispute resolution.
3. If a vacancy occurs in the office of a cotrustee, the remaining cotrustees may act for the trust as if they are the only trustees.
4. If a cotrustee is unavailable to perform duties because of absence, illness, or other temporary incapacity, the remaining cotrustees may act for the trust, as if they were the only trustees, if necessary to accomplish the purposes of the trust or to avoid irreparable injury to the trust property.
99 Acts, ch 125, §38, 109
C2001, §633.4103
2005 Acts, ch 38, §54
CS2005, §633A.4103
Unless the terms of the trust provide otherwise, the following apply to actions of cotrustees:
1. A power held by cotrustees may be exercised by majority action.
2. If impasse occurs due to the failure to reach a majority decision, any trustee may petition the court to decide the issue, or a majority of the trustees may consent to an alternative form of dispute resolution.
3. If a vacancy occurs in the office of a cotrustee, the remaining cotrustees may act for the trust as if they are the only trustees.
4. If a cotrustee is unavailable to perform duties because of absence, illness, or other temporary incapacity, the remaining cotrustees may act for the trust, as if they were the only trustees, if necessary to accomplish the purposes of the trust or to avoid irreparable injury to the trust property.
99 Acts, ch 125, §38, 109
C2001, §633.4103
2005 Acts, ch 38, §54
CS2005, §633A.4103