House Journal: Page 739: Tuesday, March 14, 2000
12 accepting delivery of the trust property or exercising
13 powers or performing duties as trustee.
14 2. a person named as trustee who has not yet
15 accepted the office of trustee may in writing reject
16 the trust decline to serve as trustee.
17 3. If there is an immediate risk of damage to the
18 trust property, the person named as trustee may act to
19 preserve the trust property without accepting the
20 office of trustee, if within a reasonable time after
21 acting, the person delivers a written rejection of the
22 trust declination to serve to the settlor, or if the
23 settlor is dead or lacks capacity, to the
24 beneficiaries eligible to receive income or principal
25 distributions from the trust.
26 Sec. ___. Section 633.4104, subsection 1, as
27 enacted by 1999 Iowa Acts, chapter 125, section 39, is
28 amended to read as follows:
29 1. The person named as trustee rejects the trust
30 declines to serve as trustee.
31 Sec. ___. Section 633.4105, as enacted by 1999
32 Iowa Acts, chapter 125, section 40, is amended to read
33 as follows:
34 633.4105 FILLING VACANCY.
35 1. For purposes of this section, "adult
36 beneficiaries" shall not include either of the
37 following:
38 a. Beneficiaries who are not competent and are not
39 represented by a guardian, conservator, or agent.
40 b. Beneficiaries who are not entitled or eligible
41 to receive trust income or a distribution of principal
42 were the trust to terminate at the time the agreement
43 is made.
44 2. 1. a trustee must be appointed to fill a
45 vacancy in the office of the trustee only if the trust
46 has no trustee or the terms of the trust require a
47 vacancy in the office of cotrustee to be filled.
48 3. 2. a vacancy in the office of trustee shall be
49 filled according to the following:
50 a. By the person named in or nominated pursuant to
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1 the method specified by the terms of the trust.
2 b. If the terms of the trust do not name a person
3 or specify a method for filling the vacancy, or if the
4 person named or nominated pursuant to the method
5 specified fails to accept, one of the following
6 methods shall be used:
7 (1) By a trust company designated by agreement of
8 the adult beneficiaries specified in subsection 1.
9 (2) (1) By majority vote of all adult
10 beneficiaries and the parent or legal guardian
© 2000 Cornell College and
League of Women Voters of Iowa
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