House Journal: Page 734: Tuesday, March 14, 2000
17 modified either by the court or upon with the consent
18 of all of the beneficiaries if continuance of the
19 trust on the same or different terms is not necessary
20 to carry out a material purpose.
21 2. Upon petition to the court by the settlor,
22 trustee, or other interested person, the court may set
23 aside an improper termination or modification by the
24 beneficiaries.
25 3. 2. Upon termination of the trust, the trustee
26 court shall distribute order the distribution of trust
27 property in accordance with the probable intention of
28 the settlor or as agreed by the beneficiaries.
29 4. 3. For purposes of this section, the consent of
30 a person who may bind a beneficiary is considered the
31 consent of the beneficiary.
32 Sec. ___. 1999 Iowa Acts, chapter 125, is amended
33 by adding the following new section:
34 SEC. 110. NEW SECTION. 633.2203a MODIFICATION OF
35 ADMINISTRATIVE PROVISIONS BY COURT FOR CHANGE OF
36 CIRCUMSTANCES.
37 On petition by a trustee or beneficiary, the court
38 may modify the administrative provisions of the trust,
39 if, owing to circumstances not known to the settlor
40 and not anticipated by the settlor, the continuation
41 of the trust under its terms would defeat or
42 substantially impair the accomplishment of the
43 purposes of the trust. If necessary to carry out the
44 purposes of the trust, the court may order the trustee
45 to do acts that are not authorized or are forbidden by
46 the trust instrument.
47 Sec. ___. Section 633.2206, subsection 1, as
48 enacted by 1999 Iowa Acts, chapter 125, section 20, is
49 amended to read as follows:
50 1. A trustee, without approval of court, may
Page 3
1 combine two or more trusts with substantially similar
2 beneficial interests unless the trust is a court
3 reporting trust.
4 Sec. ___. Section 633.2207, as enacted by 1999
5 Iowa Acts, chapter 125, section 21, is amended to read
6 as follows:
7 633.2207 DIVISION OF TRUSTS.
8 1. Without approval of a court, a trustee may
9 divide a trust into two or more separate trusts with
10 substantially similar terms if the division will not
11 defeat or substantially impair the accomplishment of
12 the trust purposes or the rights of the beneficiaries
13 unless the trust is a court reporting trust.
14 2. On petition by a trustee or beneficiary, the
15 court may divide a trust into two or more separate
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