Iowa Code 633A.4601 – Personal liability — limitations
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Terms Used In Iowa Code 633A.4601
- Contract: A legal written agreement that becomes binding when signed.
- Fiduciary: A trustee, executor, or administrator.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- property: includes personal and real property. See Iowa Code 4.1
- Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
- Trustee: A person or institution holding and administering property in trust.
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 § 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
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 § 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