House Journal: Page 740: Tuesday, March 14, 2000
11 representative of any minor or incompetent
12 beneficiary, as defined by section 633.6303.
13 (3) (2) By a person appointed by the court on
14 petition of an interested person or of a person named
15 as trustee by the terms of the trust. The court, in
16 selecting a trustee, shall consider any nomination
17 made by the adult beneficiaries and representatives.
18 3. Beneficiaries entitled to vote are those who
19 are currently entitled or eligible to receive trust
20 income or a distribution of principal if the trust
21 were to terminate at the time of the vote.
22 Sec. ___. Section 633.4107, subsection 1, as
23 enacted by 1999 Iowa Acts, chapter 125, section 42, is
24 amended to read as follows:
25 1. a trustee may be removed in accordance with the
26 terms of the trust, by the court on its own motion, or
27 on petition of a settlor, cotrustee, or beneficiary
28 under section 633.6202.
29 Sec. ___. Section 633.4111, subsection 2,
30 paragraph b, as enacted by 1999 Iowa Acts, chapter
31 125, section 46, is amended to read as follows:
32 b. Each beneficiary who was given the last
33 preceding account accounting.
34 Sec. ___. Section 633.4504 as enacted by 1999 Iowa
35 Acts, chapter 125, section 76, is amended to read as
36 follows:
37 633.4504 LIMITATION OF ACTION AGAINST TRUSTEE
38 FOLLOWING FINAL ACCOUNT.
39 1. Unless previously barred by adjudication,
40 consent, or other limitation, a claim against a
41 trustee for breach of trust is barred as to a
42 beneficiary who has received a final account or other
43 report adequately disclosing the existence of the
44 claim, unless a proceeding to assert the claim is
45 commenced within one year after the later earlier of
46 the receipt of the account accounting or report or of
47 the termination of the trust relationship between the
48 trustee and beneficiary. An account or report
49 adequately discloses the existence of a claim if it
50 provides sufficient information so that the
Page 9
1 beneficiary knows of the claim or reasonably should
2 have inquired into its existence.
3 2. For the purpose of subsection 1, a beneficiary
4 is deemed to have received an account or report in the
5 following instances:
6 a. In the case of an adult who is reasonably
7 capable of understanding the account or report, if it
8 is received by the adult personally.
9 b. In the case of an adult who is not reasonably
© 2000 Cornell College and
League of Women Voters of Iowa
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