Iowa Code 633.83 – Continuation of business
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Upon a showing of advantage to the estate, the court may authorize the fiduciary to continue any business of the estate for the estate’s benefit. The order may be without notice, or after such notice as the court may prescribe. The court may on its own motion, and upon the application of any interested party shall, review the authorization, and upon such review, may revoke or modify the authorization. The order may provide for any of the following:
1. The conduct of the business solely by the fiduciary, or jointly with one or more other persons; the formation of a partnership for the conduct of such business; or the formation of, or for the fiduciary to join in the formation of, a corporation for the conduct of such business.
Terms Used In Iowa Code 633.83
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Court: means , when referring to a court of this state, the district court sitting in probate with jurisdiction of conservatorships and guardianships. See Iowa Code 633.701
- 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
- Fiduciary: A trustee, executor, or administrator.
- Fiduciary: includes personal representative, executor, administrator, guardian, conservator, and the trustee of any trust described in section 633. See Iowa Code 633.3
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Party: means the respondent, petitioner, guardian, conservator, or any other person allowed by the court to participate in a guardianship or protective proceeding. See Iowa Code 633.701
2. The extent of the liability of the estate, or any part of the estate, or of the fiduciary, for obligations incurred in the continuation of the business.
3. Whether liabilities incurred in the conduct of the business are to be chargeable solely to the part of the estate set aside for use in the business, or to the estate as a whole.
4. The period of time for which the business may be conducted.
5. Such other conditions, restrictions, regulations, and requirements as the court may order.