Iowa Code 524.807 – Payment of deposited funds
Current as of: 2023 | Check for updates
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Terms Used In Iowa Code 524.807
- Bank: means a corporation organized under this chapter, a national bank, a federal savings association, or an out-of-state bank. See Iowa Code 524.103
- notice: means as defined in section 490. See Iowa Code 524.533
- 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
- Trustee: A person or institution holding and administering property in trust.
When any deposit shall be made by any individual in trust for another, and no other or further notice of the existence and terms of a legal and valid trust shall have been given to the state bank, in the event of the death of the trustee, the same or any part thereof, together with interest thereon, may be paid to the individual for whom the deposit was made, or to the individual’s legal representatives; provided that the individual for whom the deposit was made, if a minor, shall not draw the same during the individual’s minority without the consent of the legal representatives of said trustee.