Iowa Code 633A.4107 – Removal of trustee
Current as of: 2023 | Check for updates
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1. A trustee may be removed in accordance with the terms of the trust, or on petition of a settlor, cotrustee, or beneficiary under section 633A.6202.
Terms Used In Iowa Code 633A.4107
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- 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
- property: includes personal and real property. See Iowa Code 4.1
- Trustee: A person or institution holding and administering property in trust.
2. The court may remove a trustee, or order other appropriate relief if any of the following occurs:
a. If the trustee has committed a material breach of the trust.
b. If the trustee is unfit to administer the trust.
c. If hostility or lack of cooperation among cotrustees impairs the administration of the trust.
d. If the trustee’s investment performance is consistently and substantially substandard.
e. If the trustee’s compensation is excessive under the circumstances.
f. If the trustee merges with another institution or the location or place of administration of the trust changes.
g. For other good cause shown.
3. If it appears to the court that trust property or the interests of a beneficiary may suffer loss or injury pending a final decision on a petition for removal of a trustee, the court may suspend the powers of the trustee, compel the trustee to surrender trust property to a cotrustee, receiver, or temporary trustee, or order other appropriate relief.