Text: SSB00087                          Text: SSB00089
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Senate Study Bill 88

Bill Text

PAG LIN
  1  1    Section 1.  Section 524.810, Code 1997, is amended to read
  1  2 as follows:
  1  3    524.810  SEARCH PROCEDURE ON DEATH.
  1  4    A state bank shall permit the person named in a court order
  1  5 for the purpose or, if no order has been served upon the state
  1  6 bank, the spouse, a parent, an adult descendant, or a person
  1  7 named as executor in a copy of a purported will produced by
  1  8 the person, to open and examine have access to the contents of
  1  9 a safe deposit box leased by a decedent, or to examine any
  1 10 property delivered by a decedent for safekeeping, in the
  1 11 presence of an officer of the state bank.  The state bank
  1 12 shall, if requested by such person, and upon their receipt
  1 13 therefor, deliver:
  1 14    1.  Any writing purported to be a will of the decedent to
  1 15 the court having jurisdiction of the decedent's estate.
  1 16    2.  Any writing purported to be a deed to a burial plot, or
  1 17 to give burial instructions, to the person making the request
  1 18 for a search.
  1 19    3.  Any document purported to be an insurance policy on the
  1 20 life of the decedent to the beneficiary named therein.  A
  1 21 state bank shall prepare and keep a list of any contents
  1 22 delivered pursuant to this section describing the nature of
  1 23 the property and the individual to whom delivered, and place a
  1 24 copy of the list in the safe deposit box from which such
  1 25 contents were removed.
  1 26    Sec. 2.  Section 450.86, Code 1997, is repealed.  
  1 27                           EXPLANATION
  1 28    This bill repeals section 450.86, which prohibits a safe
  1 29 deposit company, trust company, bank, or other institution or
  1 30 person holding securities or certain other assets which are
  1 31 located in a safe deposit box or other security enclosure of
  1 32 the decedent, from delivering or transferring the assets,
  1 33 after receiving knowledge of the death, to the transferee,
  1 34 joint owner, or beneficiary of the decedent unless the tax for
  1 35 which the securities or assets are liable under the
  2  1 inheritance tax chapter is first paid, or the payment is
  2  2 secured by bond as provided in chapter 450.  The repealed
  2  3 section also provides for an inventory of the contents of the
  2  4 safe deposit box or other security enclosure to be reported to
  2  5 the department of revenue and finance prior to delivery to the
  2  6 personal representative.
  2  7    The bill also amends section 524.810, which specifically
  2  8 applies to state banks, by striking language which requires a
  2  9 safe deposit box of a decedent to be opened in the presence of
  2 10 an officer of the state bank.  The bill eliminates provisions
  2 11 requiring a state bank to provide, upon request of certain
  2 12 persons, any writing purported to be a will of the decedent to
  2 13 the court having jurisdiction of the decendent's estate, any
  2 14 writing purported to be a deed to a burial plot or giving
  2 15 burial instructions to the person making the request for a
  2 16 search, or any document purported to be an insurance policy on
  2 17 the life of the decedent to the beneficiary.
  2 18    Pursuant to section 524.108, the amendment to section
  2 19 524.810 would also apply to any other person in Iowa in the
  2 20 business of leasing safe deposit boxes.  
  2 21 LSB 1717SC 77
  2 22 mj/jw/5

Text: SSB00087                          Text: SSB00089
Text: SSB00000 - SSB00099               Text: SSB Index
Bills and Amendments: General Index     Bill History: General Index

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