Text: HF02517 Text: HF02519 Text: HF02500 - HF02599 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 HOUSE FILE 2518 1 2 1 3 AN ACT 1 4 RELATING TO PROBATE AND TRUST LAW, INCLUDING CERTAIN NOTIFI- 1 5 CATION PROVISIONS, CERTAIN DISTRIBUTIONS TO MINORS, THE 1 6 EFFECT OF DISSOLUTION OF MARRIAGE ON WILL PROVISIONS, POWERS 1 7 OF ATTORNEY, AND MAKING CERTAIN AMENDMENTS TO THE IOWA TRUST 1 8 CODE. 1 9 1 10 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 1 11 1 12 Section 1. Section 633.32, subsections 1 and 2, Code 1999, 1 13 are amended to read as follows: 1 14 1. OnMayJune 1 andNovemberDecember 1 of each year, the 1 15 clerk shall notify the fiduciary and the fiduciary's attorney 1 16 of any delinquent inventories or reports due by law in any 1 17 pending estate, trust, guardianship, or conservatorship, and 1 18 that unless such delinquent inventory or report is filed 1 19 within sixty days thereafter, the matter shall be reported to 1 20 the presiding judge. If the delinquent inventory is not filed 1 21 within the time so specified, the fiduciary will be subject to 1 22 removal under the provisions of section 633.65 of this Code. 1 23 2. OnJulyAugust 1 andJanuaryFebruary 1 of each year, 1 24 the clerk shall report to the presiding judge all delinquent 1 25 inventories or reports in estates, trusts, guardianships or 1 26 conservatorships on which such notice has been given and no 1 27 report or inventory has been filed in response to the notice. 1 28 Sec. 2. Section 633.108, Code 1999, is amended to read as 1 29 follows: 1 30 633.108 SMALL DISTRIBUTIONS TO MINORS PAYMENT. 1 31 Whenever a minor becomes entitled under the terms of a will 1 32 to a bequest or legacy, to a share of the estate of an 1 33 intestate, or to a beneficial interest in a trust fund upon 1 34 the distribution of the trust fund, and the value of the 1 35 bequest, legacy, share, or interest does not exceed the sum of 2 1 ten thousand dollars,and a conservator for the minor has not2 2been appointed, the court having jurisdiction of the2 3distribution of the funds may, in its discretion, upon the2 4application of the fiduciary, enter an order authorizing the2 5fiduciary to pay the bequest, legacy, share, or interestthe 2 6 personal representative or trustee may pay the bequest, 2 7 legacy, share, or interest to a custodian under any uniform 2 8 transfers to minors Act. Receipt by the custodian, when 2 9 presented to the court or filed with the report of 2 10 distribution of the fiduciary, shall have the same force and 2 11 effect as though the payment had been made to a duly appointed 2 12 and qualified conservator for the minor. 2 13 Sec. 3. Section 633.271, Code 1999, is amended to read as 2 14 follows: 2 15 633.271 EFFECT OF DIVORCE OR DISSOLUTION. 2 16 If after making a will the testator is divorced or the 2 17 marriage is dissolved, all provisions in the will in favor of 2 18 the testator's spouse, including but not limited to 2 19 dispositions, appointments relating to property, and 2 20 nominations to serve in any fiduciary or representative 2 21 capacity, are thereby revoked. In the event the testator and 2 22 spouse remarry each other, the provisions of the will revoked 2 23 by the divorce or dissolution of marriage shall be reinstated 2 24 unless otherwise revoked by the testator. 2 25 Sec. 4. Section 633.304, unnumbered paragraph 2, Code 2 26 1999, is amended to read as follows: 2 27 As used in this section, "heir" means only such person as 2 28 would, in an intestate estate, be entitled to a share under 2 29 section 633.219, subsection 1, 2,or3, or 4of section2 30633.219. 2 31 Sec. 5. Section 633.305, unnumbered paragraph 2, Code 2 32 1999, is amended to read as follows: 2 33 As used in this section, "heir" means only such person as 2 34 would, in an intestate estate, be entitled to a share under 2 35 section 633.219, subsection 1, 2,or3, or 4of section3 1633.219. 3 2 Sec. 6. Section 633.705, Code 1999, is amended to read as 3 3 follows: 3 4 633.705 WHEN POWER OF ATTORNEY NOT AFFECTED BY DISABILITY. 3 5 1. Whenever a principal designates another the principal's 3 6 attorney in fact or agent by a power of attorney in writing 3 7 and the writing contains the words "This power of attorney 3 8 shall not be affected by disability of the principal", or 3 9 "This power of attorney shall become effective upon the 3 10 disability of the principal", or similar words showing the 3 11 intent of the principal that the authority conferred shall be 3 12 exercisable notwithstanding the principal's disability, the 3 13 authority of the attorney in fact or agent is exercisable as 3 14 provided in the power on behalf of the principal 3 15 notwithstanding later disability or incapacity of the 3 16 principal or later uncertainty as to whether the principal is 3 17 dead or alive. All acts done by the attorney in fact or agent 3 18 pursuant to the power during any period of disability or 3 19 incompetence or uncertainty as to whether the principal is 3 20 dead or alive have the same effect and inure to the benefit of 3 21 and bind the principal and the principal's heirs, devisees and 3 22 personal representatives as if the principal were alive, 3 23 competent and not disabled. If a conservator thereafter is 3 24 appointed for the principal, the attorney in fact or agent, 3 25 during the continuance of the appointment, shall account to 3 26 the conservator rather than the principal, and the conservator 3 27 shall have the power to revoke the power of attorney on behalf 3 28 of the principal. 3 29 2. An affidavit, executed by the attorney in fact or agent 3 30 stating that the attorney in fact or agent did not have, at 3 31 the time of doing an act pursuant to the power of attorney, 3 32 actual knowledge of the revocation or termination of the power 3 33 of attorney by death or by the act of the principal, is, in 3 34 the absence of fraud, conclusive proof of the nonrevocation or 3 35 nontermination of the power at that time. If the exercise of 4 1 the power requires execution and delivery of any instrument 4 2 which is recordable, the affidavit when properly acknowledged 4 3 is also recordable. 4 4 Sec. 7. Section 633.1102, subsection 15, as enacted by 4 5 1999 Iowa Acts, chapter 125, section 2, is amended to read as 4 6 follows: 4 7 15. "Term" or "terms", when used in relation to a trust, 4 8 means the manifestation of the settlor's intent regarding a 4 9 trust's provisions at the time of the trust's creation or 4 10 amendment. "Term" includes those concepts expressed directly 4 11 in writing, as well as those inferred from constructional 4 12 preferences or rules, or by other proof admissible under the 4 13 rules of evidence. 4 14 Sec. 8. Section 633.2106, subsections 1 and 2, as enacted 4 15 by 1999 Iowa Acts, chapter 125, section 13, are amended to 4 16 read as follows: 4 17 1. Where the owner of property gratuitously transfers the 4 18 property and manifests in the trust instrument an intention 4 19 that the transferee should hold the property in trust but the 4 20 trust fails, the transferee holds the trust estate as a 4 21 resulting trust for the transferor or the transferor's estate, 4 22 unlessalleither of the following is true: 4 23 a. The transferor manifested in the trust instrument an 4 24 intention that no resulting trust should arise. 4 25 b. The intended trust fails for illegality and the policy 4 26 against unjust enrichment of the transferee is outweighed by 4 27 the policy against giving relief to a person who has entered 4 28 into an illegal transaction. 4 29 2. Where the owner of property gratuitously transfers the 4 30 property subject to a trust which is properly declared and 4 31 which has been fully performed without exhausting the trust 4 32 estate, the trustee holds the surplus as a resulting trust for 4 33 the transferor or the transferor's estate, unless the 4 34 transferor manifested in the trust instrument an intention 4 35 that no resulting trust of the surplus should arise. 5 1 Sec. 9. Section 633.2201, as enacted by 1999 Iowa Acts, 5 2 chapter 125, section 15, is amended to read as follows: 5 3 633.2201 TERMINATIONOR MODIFICATIONOF TRUST. 5 4 1. In addition to the methods specified in sections 5 5 633.2202 through 633.2205, a trust terminates when any of the 5 6 following occurs: 5 7 a. The term of the trust expires. 5 8 b. The trust purpose is fulfilled. 5 9 c. The trust purpose becomes unlawful or impossible to 5 10 fulfill. 5 11 d. The trust is revoked. 5 12 2. On termination of a trust, the trustee may exercise the 5 13 powers necessary to wind up the affairs of the trust and 5 14 distribute the trust property to those entitled to the trust 5 15 property. 5 16 3. For purposes of sections 633.2202 through 633.2205, a 5 17 beneficiary is limited to a person that is an eligible 5 18 recipient of income or principal, or would receive principal 5 19 or income from the trust if it were terminated. 5 20 Sec. 10. Section 633.2203, as enacted by 1999 Iowa Acts, 5 21 chapter 125, section 17, is amended to read as follows: 5 22 633.2203 MODIFICATION OR TERMINATION OF IRREVOCABLE TRUST 5 23IF NO MATERIAL PURPOSE. 5 24 1. An irrevocable trust may be terminated or modified 5 25eitherby the courtor uponwith the consent of all of the 5 26 beneficiaries if continuance of the trust on the same or 5 27 different terms is not necessary to carry out a material 5 28 purpose. 5 292. Upon petition to the court by the settlor, trustee, or5 30other interested person, the court may set aside an improper5 31termination or modification by the beneficiaries.5 323.2. Upon termination of the trust, thetrusteecourt 5 33 shalldistributeorder the distribution of trust property in 5 34 accordance with the probable intention of the settloror as5 35agreed by the beneficiaries. 6 14.3. For purposes of this section, the consent of a 6 2 person who may bind a beneficiary is considered the consent of 6 3 the beneficiary. 6 4 Sec. 11. 1999 Iowa Acts, chapter 125, is amended by adding 6 5 the following new section: 6 6 SEC. 110. NEW SECTION. 633.2203A MODIFICATION OF 6 7 ADMINISTRATIVE PROVISIONS BY COURT FOR CHANGE OF 6 8 CIRCUMSTANCES. 6 9 On petition by a trustee or beneficiary, the court may 6 10 modify the administrative provisions of the trust, if, owing 6 11 to circumstances not known to the settlor and not anticipated 6 12 by the settlor, the continuation of the trust under its terms 6 13 would defeat or substantially impair the accomplishment of the 6 14 purposes of the trust. If necessary to carry out the purposes 6 15 of the trust, the court may order the trustee to do acts that 6 16 are not authorized or are forbidden by the trust instrument. 6 17 Sec. 12. Section 633.2206, subsection 1, as enacted by 6 18 1999 Iowa Acts, chapter 125, section 20, is amended to read as 6 19 follows: 6 20 1. A trustee, without approval of court, may combine two 6 21 or more trusts with substantially similar beneficial interests 6 22 unless the trust is a court reporting trust. 6 23 Sec. 13. Section 633.2207, as enacted by 1999 Iowa Acts, 6 24 chapter 125, section 21, is amended to read as follows: 6 25 633.2207 DIVISION OF TRUSTS. 6 26 1. Without approval of a court, a trustee may divide a 6 27 trust into two or more separate trusts with substantially 6 28 similar terms if the division will not defeat or substantially 6 29 impair the accomplishment of the trust purposes or the rights 6 30 of the beneficiaries unless the trust is a court reporting 6 31 trust. 6 32 2. On petition by a trustee or beneficiary, the court may 6 33 divide a trust into two or more separate trusts, whether or 6 34 not their terms are similar, if the court determines that 6 35 dividing the trust is in the best interest of the 7 1 beneficiaries and will not defeat or substantially impair the 7 2 accomplishment of the trust purposes or the rights of the 7 3 beneficiaries. To facilitate the division, the trustee may 7 4 divide the trust assets in kind, by pro rata or non-pro rata 7 5 division, or by any combination of the methods. 7 6 Sec. 14. Section 633.3101, subsection 1, as enacted by 7 7 1999 Iowa Acts, chapter 125, section 25, is amended to read as 7 8 follows: 7 9 1.The competency necessary toTo create, revoke, or 7 10 modify a revocable trust,that contains dispositive provisions7 11upon the death ofthe settloris the same as the competency7 12required to make a willmust be competent. An aggrieved 7 13 person shall have all causes of action and remedies available 7 14 to the aggrieved person in attacking the creation, revocation, 7 15 or modification of a revocable trust as one would if attacking 7 16 the propriety of the execution of a will. 7 17 Sec. 15. Section 633.3104, subsection 2, as enacted by 7 18 1999 Iowa Acts, chapter 125, section 28, is amended to read as 7 19 follows: 7 20 2. Following the death of a settlor, the property of a 7 21 revocable trust subject to the settlor's power of revocation 7 22 at the time of death is subject to the claims of the settlor's 7 23 creditors and costs of administration of the settlor's estate 7 24 to the extent of the value of the property over which the 7 25settlor'ssettlor had a power of revocationand, if the 7 26 settlor's estate is inadequate to satisfy those claims and 7 27 costs. 7 28 Sec. 16. Section 633.3107, subsection 1, as enacted by 7 29 1999 Iowa Acts, chapter 125, section 31, is amended to read as 7 30 follows: 7 31 1. If, after executing a revocable trust, the settlor is 7 32 divorced or the settlor's marriage is dissolved, all 7 33 provisions in the trust in favor of the settlor's spouse 7 34 including, but not limited to, dispositions, appointments of 7 35 property, and nominations to serve in any fiduciary or 8 1 representative capacity are revoked by divorce or dissolution 8 2 of marriage. 8 3 Sec. 17. Section 633.3108, as enacted by 1999 Iowa Acts, 8 4 chapter 125, section 32, is amended to read as follows: 8 5 633.3108 LIMITATION ON CONTEST OF REVOCABLE TRUST. 8 6 Unless notice is given as provided in section 633.3109, the 8 7 following provisions shall apply: 8 8 1. Unless previously barred by adjudication, consent, or 8 9 other limitation, a proceeding to contest the validity of a 8 10 revocable trust must be brought no later than one year 8 11 following the death of the settlor. 8 12 2. Unless the trustee is a party to a pending proceeding 8 13 contesting its validity, six months following the death of the 8 14 settlor, the trustee of a revocable trust may assume the 8 15 trust's validity and proceed to distribute the trust property 8 16 in accordance with the terms of the trust, without liability 8 17 for so doing. Liability for an improper distribution in such 8 18 a case is solely on the beneficiaries. 8 193. If notice is given pursuant to section 633.3109, the8 20six month period in subsection 2 is ineffectual and the8 21applicable time period shall be determined by section8 22633.3109.8 23 Sec. 18. Section 633.3109, as enacted by 1999 Iowa Acts, 8 24 chapter 125, section 33, is amended to read as follows: 8 25 633.3109 NOTICE TO CREDITORS, HEIRS, SPOUSE, AND 8 26 BENEFICIARIES. 8 27 1. As used in this section, "intestateheir" means only 8 28 such person as would, in an intestate estate, be entitled to a 8 29 share under section 633.219, subsection 1, 2,or3, or 4. 8 30 2. A creditor of a deceased settlor of a revocable trust 8 31 must bring suit to enforce its claim against the assets of the 8 32 decedent's trust within one year of the decedent's death or be 8 33 forever barred from collection against the trust assets. If a 8 34 probate administration is commenced for the decedent and 8 35 notice is properly given pursuant to section 633.230 or 9 1 633.304, a creditor's rights shall be determined under those 9 2 sections and section 633.3104. 9 3 3. If no notice is given to creditors and heirs pursuant 9 4 to subsection12, a creditor's rights may be established or 9 5 terminated if the trustee gives notice as follows: 9 6 a. The trustee shall publish a notice once each week for 9 7 two consecutive weeks in a daily or weekly newspaper of 9 8 general circulation published in the county in which the 9 9settlor was domicileddecedent was a resident at the time of 9 10 death, and in any county of which the decedent was a 9 11 nonresident but in which some real estate of the trust is 9 12 located. If the decedent was not a resident of Iowa, but the 9 13 principal place of administration is in Iowa, the trustee 9 14 shall publish notice in the county that is the principal place 9 15 of administration pursuant to section 633.6102. 9 16 b. Ifthe decedent was a nonresident of the county in9 17which some real estate of the trust is located, andat any 9 18 time during the pendency of the trust administration the 9 19 trustee has knowledge of the name and address of a person 9 20 believed to own or possess a claim which will not, or may not, 9 21 be paid or otherwise satisfied during administration, the 9 22 trustee shall provide a notice by ordinary mail to each such 9 23 claimant at the claimant's last known address. 9 24 c. As soon as practicable, the trustee shall give a notice 9 25 by ordinary mail to the surviving spouse, theintestateheirs 9 26 of the decedent, and each beneficiary under the trust whose 9 27 identities are reasonably ascertainable, at such person's last 9 28 known addresses. 9 29 d. The notice in paragraphs "a", "b", and "c" shall 9 30 include notification of the decedent's death, and the fact 9 31 that any action to contest the validity of the trust must be 9 32 brought within the later to occur of sixty days from the date 9 33 of the second publication of the notice made pursuant to 9 34 paragraph "a" or thirty days from the date of mailing of the 9 35 notice pursuant to paragraph "b" or "c". A person who does 10 1 not make a claim within the appropriate period is forever 10 2 barred. 10 3 e. The trustee shall give notice to debtors to make 10 4 payment, and to creditors having claims against the trust 10 5 assets to mail proof of their claim to the trustee via 10 6 certified mail, return receipt requested, within the later to 10 7 occur of sixty days from the second publication of the notice 10 8 or thirty days from the date of mailing of the notice, or 10 9 thereafter be forever barred. 10 10 4. The notice described in subsection 3 shall be 10 11 substantially in the following form: 10 12 To all persons regarding _______________, deceased, who 10 13 died on or about _____________________, (year)____. You are 10 14 hereby notified that ____________ is the trustee of the 10 15 __________ Trust. At this time, no probate administration is 10 16 contemplated with regard to the above-referenced decedent's 10 17 estate. 10 18 Any action to contest the validity of the trust must be 10 19 brought in the District Court of ________________ County, 10 20 Iowa, within the later to occur of sixty days from the date of 10 21 second publication of this notice, or thirty days from the 10 22 date of mailing this notice to all heirs of the decedent, 10 23 spouse of the decedent, and beneficiaries under the trust 10 24 whose identities are reasonably ascertainable. Any claim not 10 25 filed within this period shall be forever barred. 10 26 Notice is further given that all persons indebted to the 10 27 decedent or to the trust are requested to make immediate 10 28 payment to the undersigned trustee. Creditors having claims 10 29 against the trust must mail them to the trustee at the address 10 30 listed below via certified mail, return receipt requested. 10 31 Unless creditor claims are mailed by the later to occur of 10 32 sixty days from the second publication of this notice or 10 33 thirty days from the date of mailing this notice, a claim 10 34 shall be forever barred, unless otherwise allowed or paid. 10 35 Dated this _______ day of ______________, (year)____. 11 1 _________________________________________ Trust 11 2 ____________________________ 11 3 Trustee 11 4 Address: ___________________ 11 5 ___________________ 11 6 Date of second publication ______ day of ____________, 11 7 (year) ____. 11 8 5. The claimant either must receive satisfaction of its 11 9 claimwithin sixty days of mailing its claim to the trustee, 11 10 or must file suit against the trust to enforce collection of 11 11 the creditor's claim within sixty days of mailing its claim to 11 12 the trustee. The trustee and creditor may agree to extend the 11 13 limitations period for filing an action to enforce the claim. 11 14 If the claimant fails to properly file its claim within the 11 15 established time period or bring an action to enforce its 11 16 claim within the established time period, the creditor's claim 11 17 shall be forever barred. 11 18 Sec. 19. Section 633.3111, subsection 2, as enacted by 11 19 1999 Iowa Acts, chapter 125, section 35, is amended to read as 11 20 follows: 11 21 2. A trustee shall be entitled to indemnification from the 11 22 beneficiaries for all amounts paid to creditors under this 11 23 section, to the extent of distributions made. 11 24 Sec. 20. Section 633.4101, as enacted by 1999 Iowa Acts, 11 25 chapter 125, section 36, is amended to read as follows: 11 26 633.4101 ACCEPTANCE ORREJECTION OF TRUST BYDECLINATION 11 27 TO SERVE AS TRUSTEE. 11 28 1. A person named as trustee accepts the office of trustee 11 29 by doing one of the following: 11 30 a. Signing the trust instrument, or signing a separate 11 31 written acceptance. 11 32 b. Except as provided in subsection 3, knowingly accepting 11 33 delivery of the trust property or exercising powers or 11 34 performing duties as trustee. 11 35 2. A person named as trustee who has not yet accepted the 12 1 office of trustee may in writingreject the trustdecline to 12 2 serve as trustee. 12 3 3. If there is an immediate risk of damage to the trust 12 4 property, the person named as trustee may act to preserve the 12 5 trust property without accepting the office of trustee, if 12 6 within a reasonable time after acting, the person delivers a 12 7 writtenrejection of the trustdeclination to serve to the 12 8 settlor, or if the settlor is dead or lacks capacity, to the 12 9 beneficiaries eligible to receive income or principal 12 10 distributions from the trust. 12 11 Sec. 21. Section 633.4104, subsection 1, as enacted by 12 12 1999 Iowa Acts, chapter 125, section 39, is amended to read as 12 13 follows: 12 14 1. The person named as trusteerejects the trustdeclines 12 15 to serve as trustee. 12 16 Sec. 22. Section 633.4105, as enacted by 1999 Iowa Acts, 12 17 chapter 125, section 40, is amended to read as follows: 12 18 633.4105 FILLING VACANCY. 12 191. For purposes of this section, "adult beneficiaries"12 20shall not include either of the following:12 21a. Beneficiaries who are not competent and are not12 22represented by a guardian, conservator, or agent.12 23b. Beneficiaries who are not entitled or eligible to12 24receive trust income or a distribution of principal were the12 25trust to terminate at the time the agreement is made.12 262.1. A trustee must be appointed to fill a vacancy in the 12 27 office of the trustee only if the trust has no trustee or the 12 28 terms of the trust require a vacancy in the office of 12 29 cotrustee to be filled. 12 303.2. A vacancy in the office of trustee shall be filled 12 31 according to the following: 12 32 a. By the person named in or nominated pursuant to the 12 33 method specified by the terms of the trust. 12 34 b. If the terms of the trust do not name a person or 12 35 specify a method for filling the vacancy, or if the person 13 1 named or nominated pursuant to the method specified fails to 13 2 accept, one of the following methods shall be used: 13 3(1) By a trust company designated by agreement of the13 4adult beneficiaries specified in subsection 1.13 5(2)(1) By majority vote of all adult beneficiaries and 13 6 theparent or legal guardianrepresentative of any minor or 13 7 incompetent beneficiary, as defined by section 633.6303. 13 8(3)(2) By a person appointed by the court on petition of 13 9 an interested person or of a person named as trustee by the 13 10 terms of the trust. The court, in selecting a trustee, shall 13 11 consider any nomination made by the adult beneficiaries and 13 12 representatives. 13 13 3. Beneficiaries entitled to vote are those who are 13 14 currently entitled or eligible to receive trust income or a 13 15 distribution of principal if the trust were to terminate at 13 16 the time of the vote. 13 17 Sec. 23. Section 633.4107, subsection 1, as enacted by 13 18 1999 Iowa Acts, chapter 125, section 42, is amended to read as 13 19 follows: 13 20 1. A trustee may be removed in accordance with the terms 13 21 of the trust,by the court on its own motion,or on petition 13 22 of a settlor, cotrustee, or beneficiary under section 13 23 633.6202. 13 24 Sec. 24. Section 633.4111, subsection 2, paragraph b, as 13 25 enacted by 1999 Iowa Acts, chapter 125, section 46, is amended 13 26 to read as follows: 13 27 b. Each beneficiary who was given the last preceding 13 28accountaccounting. 13 29 Sec. 25. Section 633.4504, as enacted by 1999 Iowa Acts, 13 30 chapter 125, section 76, is amended to read as follows: 13 31 633.4504 LIMITATION OF ACTION AGAINST TRUSTEEFOLLOWING13 32FINAL ACCOUNT. 13 33 1. Unless previously barred by adjudication, consent, or 13 34 other limitation, a claim against a trustee for breach of 13 35 trust is barred as to a beneficiary who has received a final 14 1 account or other report adequately disclosing the existence of 14 2 the claim, unless a proceeding to assert the claim is 14 3 commenced within one year after thelaterearlier of the 14 4 receipt of theaccountaccounting or reportorof the 14 5 termination of the trust relationship between the trustee and 14 6 beneficiary. An account or report adequately discloses the 14 7 existence of a claim if it provides sufficient information so 14 8 that the beneficiary knows of the claim or reasonably should 14 9 have inquired into its existence. 14 10 2. For the purpose of subsection 1, a beneficiary is 14 11 deemed to have received an account or report in the following 14 12 instances: 14 13 a. In the case of an adult who is reasonably capable of 14 14 understanding the account or report, if it is received by the 14 15 adult personally. 14 16 b. In the case of an adult who is not reasonably capable 14 17 of understanding the account or report, if it is received by 14 18 the adult's legal representative, including a guardian ad 14 19 litem or other person appointed for this purpose. 14 20 c. In the case of a minor, if it is received by the 14 21 minor's guardian or conservator or, if the minor does not have 14 22 a guardian or conservator, if it is received by a parent of 14 23 the minor who does not have a conflict of interest. 14 24 3. Any claim for breach of trust against a trustee who has 14 25 presented a final report to a beneficiary more than one year 14 26 prior to the effective date of this Act shall be time barred 14 27 unless some exception stated in this section applies which 14 28 tolls the statute. Any claim arising under this section 14 29 within one year of the effective date of the Act shall be time 14 30 barred after one year unless an exception applies to toll the 14 31 statute. 14 32 Sec. 26. 1999 Iowa Acts, chapter 125, section 69, is 14 33 repealed. 14 34 14 35 15 1 15 2 BRENT SIEGRIST 15 3 Speaker of the House 15 4 15 5 15 6 15 7 MARY E. KRAMER 15 8 President of the Senate 15 9 15 10 I hereby certify that this bill originated in the House and 15 11 is known as House File 2518, Seventy-eighth General Assembly. 15 12 15 13 15 14 15 15 ELIZABETH ISAACSON 15 16 Chief Clerk of the House 15 17 Approved , 2000 15 18 15 19 15 20 15 21 THOMAS J. VILSACK 15 22 Governor
Text: HF02517 Text: HF02519 Text: HF02500 - HF02599 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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