Iowa Code 12I.9 – Property rights to assets in trust
Current as of: 2023 | Check for updates
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1. The assets of the trust shall at all times be preserved, invested, and expended solely and only for the purposes of the trust and shall be held in trust for the account owners and designated beneficiaries.
Terms Used In Iowa Code 12I.9
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- property: includes personal and real property. See Iowa Code 4.1
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
- trust: means the trust created under section 12I. See Iowa Code 12I.1
2. Except as provided in section 12I.4, subsection 3, no property rights in the trust shall exist in favor of the state.
3. Except as provided in section 12I.4, subsection 3, the assets of the trust shall not be transferred or used by the state for any purposes other than the purposes of the trust.