Iowa Code 359.26 – Transfer of funds
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Terms Used In Iowa Code 359.26
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Clerk: means the recording and recordkeeping officer of a city regardless of title. See Iowa Code 362.2
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
The moneys and assets belonging to each civil township described in section 359.24 shall become the moneys and assets of the city in which the civil township is situated. The township clerks shall turn such moneys and assets over to the city treasurer or clerk, to be disbursed by the city in the same manner and for the same purposes as required by law for the disposition of township funds. The city shall assume all liabilities of a civil township to which the provisions of this section apply.