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Senate File 2134

Partial Bill History

Bill Text

PAG LIN
  1  1                                            SENATE FILE 2134
  1  2 
  1  3                             AN ACT
  1  4 RELATING TO THE TRANSFER OF CERTAIN DEPOSIT AND INVESTMENT 
  1  5    ACCOUNTS UPON THE DEATH OF THE DECEDENT.  
  1  6 
  1  7 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
  1  8 
  1  9    Section 1.  Section 524.805, subsection 8, Code 2001, is
  1 10 amended to read as follows:
  1 11    8.  A state bank may receive deposits from one or more
  1 12 persons with the provision that upon the death of the
  1 13 depositors the deposit account shall be the property of the
  1 14 person or persons designated by the deceased depositors as
  1 15 shown on the deposit account records of the state bank.  The
  1 16 account is subject to the debts of the deceased depositors and
  1 17 the payment of Iowa inheritance tax provided, that upon the
  1 18 expiration of six months after the date of death of the
  1 19 deceased depositors, the receipt or acquittance of the persons
  1 20 designated is a valid and sufficient release and discharge of
  1 21 the state bank for the delivery of any part or all of the
  1 22 account.  After payment by the state bank, the proceeds shall
  1 23 remain subject to the debts of the decedent and the payment of
  1 24 Iowa inheritance tax, if any.  A state bank paying the person
  1 25 or persons designated shall not be liable as a result of that
  1 26 action for any debts of the decedent or for any estate,
  1 27 inheritance, or succession taxes which may be due this state.
  1 28    Sec. 2.  Section 633.801, subsection 7, Code 2001, is
  1 29 amended to read as follows:
  1 30    7.  "Security account" means either any of the following:
  1 31    a.  Any of the following:
  1 32    (1)  A reinvestment account associated with a security.
  1 33    (2)  A securities account with a broker.
  1 34    (3)  A cash balance in a brokerage account.
  1 35    (4)  Cash, interest, earnings, or dividends earned or
  2  1 declared on a security in an account, a reinvestment account,
  2  2 or a brokerage account, whether or not credited to the account
  2  3 before the owner's death.
  2  4    b.  A cash balance or other property held for or due to the
  2  5 owner of a security as a replacement for or product of an
  2  6 account security, whether or not credited to the account
  2  7 before the owner's death.
  2  8    c.  An investment management or custody account with a
  2  9 bank, trust company, or a trust division of a bank with trust
  2 10 powers, including the securities in the account, cash balance
  2 11 in the account, cash, cash equivalents, interest, earnings,
  2 12 and dividends earned or declared on a security in the account
  2 13 whether or not credited to the account before the owner's
  2 14 death.  For purposes of this paragraph, "bank" means an entity
  2 15 as defined in section 12C.1.  
  2 16 
  2 17 
  2 18 
  2 19                                                             
  2 20                               MARY E. KRAMER
  2 21                               President of the Senate
  2 22 
  2 23 
  2 24                                                             
  2 25                               BRENT SIEGRIST
  2 26                               Speaker of the House
  2 27 
  2 28    I hereby certify that this bill originated in the Senate and
  2 29 is known as Senate File 2134, Seventy-ninth General Assembly.
  2 30 
  2 31 
  2 32                                                             
  2 33                               MICHAEL E. MARSHALL
  2 34                               Secretary of the Senate
  2 35 Approved                , 2002
  3  1 
  3  2 
  3  3                                
  3  4 THOMAS J. VILSACK
  3  5 Governor
     

Text: SF02133                           Text: SF02135
Text: SF02100 - SF02199                 Text: SF Index
Bills and Amendments: General Index     Bill History: General Index

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