Iowa Code 633A.4109 – Compensation of trustee
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1. If the terms of the trust do not specify the trustee‘s compensation, a trustee or cotrustee is entitled to compensation that is reasonable under the circumstances.
Terms Used In Iowa Code 633A.4109
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- 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
- Trustee: A person or institution holding and administering property in trust.
2. If the terms of the trust specify the trustee’s compensation, the trustee is entitled to be compensated as so provided, except that upon proper showing, the court may allow more or less compensation in the following instances:
a. If the duties of the trustee are substantially different from those contemplated when the trust was created.
b. If the compensation specified by the terms of the trust would be inequitable, or unreasonably low or high.
c. In extraordinary circumstances calling for equitable relief.