A safe deposit company, trust company, bank, or other institution or person holding securities or assets, exclusive of life insurance policies payable to named beneficiaries, which securities or other assets are located in a safety deposit box or other security enclosure of the decedent, after receiving knowledge of the death shall not deliver or transfer them to the transferee, joint owner, or beneficiary of the decedent unless the tax for which the securities or assets are liable under this chapter is first paid, or the payment is secured by bond as provided in this chapter. However, all the contents shall be reported in writing to the department of revenue and finance, and thereafter may be delivered to the personal representative. The director of revenue and finance, personally or by any person duly authorized by the director, shall examine the securities or assets at the time of a proposed delivery or transfer. Failure to give written notice of the contents of the safety deposit box or other security enclosure to the department of revenue and finance at the time of or prior to the delivery of the securities or assets to the personal representative or transferee, joint owner, or beneficiary renders the safe deposit company, trust company, bank, or other institution or person liable for the payment of the tax upon the securities or assets as provided in this chapter.
[S13, § 1481-a36; C24, 27, 31, 35, 39, § 7389; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, § 450.86]
83 Acts, ch 177, § 30, 38
Iowa General Assembly
Search: Iowa Code 1997
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