Iowa Code 249F.2 – Creation of debt
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Iowa Code 249F.2
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Department: means the department of human services. See Iowa Code 249L.2
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Medical assistance: means "mandatory medical assistance" "optional medical assistance" "discretionary medical assistance" or "Medicare cost sharing" as each is defined in section 249A. See Iowa Code 249F.1
- Transfer of assets: means any transfer or assignment of a legal or equitable interest in property, as defined in section 702. See Iowa Code 249F.1
- Transferee: means the person who receives a transfer of assets. See Iowa Code 249F.1
- Transferor: means the person who makes a transfer of assets. See Iowa Code 249F.1
A transfer of assets creates a debt due and owing to the department of human services from the transferee in an amount equal to medical assistance provided to or on behalf of the transferor, on or after the date of the transfer of assets, but not exceeding the fair market value of the assets at the time of the transfer.