Iowa Code 633A.5103 – Trust with uneconomically low value
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Terms Used In Iowa Code 633A.5103
- person: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. 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.5103 Trust with uneconomically low value.
1. On petition by a trustee or other interested person, if the court determines that the value of the trust property is insufficient to justify the cost of administration involved, the court may appoint a new trustee or may modify or terminate the charitable trust.
2. Upon termination of a trust under this section, the court shall distribute the trust property in a manner consistent with the settlor’s charitable purposes.
99 Acts, ch 125, §87, 109
C2001, §633.5103
2005 Acts, ch 38, §54
CS2005, §633A.5103
1. On petition by a trustee or other interested person, if the court determines that the value of the trust property is insufficient to justify the cost of administration involved, the court may appoint a new trustee or may modify or terminate the charitable trust.
2. Upon termination of a trust under this section, the court shall distribute the trust property in a manner consistent with the settlor’s charitable purposes.
99 Acts, ch 125, §87, 109
C2001, §633.5103
2005 Acts, ch 38, §54
CS2005, §633A.5103