Iowa Code 633A.4702 – Discretionary language prevails over other standard
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Terms Used In Iowa Code 633A.4702
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Trustee: A person or institution holding and administering property in trust.
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
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