Iowa Code 633.368 – Property for payment of creditor’s claims
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Terms Used In Iowa Code 633.368
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Charges: includes costs of administration, funeral expenses, cost of monument, and federal estate taxes. See Iowa Code 633.3
- Debts: includes liabilities of the decedent which survive, whether arising in contract, tort, or otherwise. See Iowa Code 633.3
- Decedent: A deceased person.
- Estate: means the real and personal property of either a decedent or a ward, and may also refer to the real and personal property of a trust described in section 633. See Iowa Code 633.3
- Personal representative: includes executor and administrator. See Iowa Code 633.3
- Property: includes both real and personal property. See Iowa Code 633.3
The property liable for the payment of debts and charges against a decedent‘s estate shall include all property transferred by the decedent with intent to defraud the decedent’s creditors or any of them, or transferred by any other means which is in law void or voidable as against the creditors or any of them; and the right to recover such property, so far as necessary for the payment of the debts and charges against the estate of the decedent, shall be exclusively in the personal representative, who shall take such steps as may be necessary to recover the same. Such property shall constitute general assets for the payment of all creditors.