Iowa Code 638.15 – Fiduciary duty and authority
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Terms Used In Iowa Code 638.15
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Decedent: A deceased person.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Fiduciary: A trustee, executor, or administrator.
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
- property: includes personal and real property. See Iowa Code 4.1
638.15 Fiduciary duty and authority.
1. The legal duties imposed on a fiduciary charged with managing tangible property apply
to the management of digital assets, including all of the following:
a. The duty of care.
b. The duty of loyalty.
c. The duty of confidentiality.
2. All of the following apply to a fiduciary’s or a designated recipient’s authority with respect to a digital asset of a user:
a. Except as otherwise provided in § 638.4, the fiduciary’s or designated recipient’s authority is subject to the applicable terms of service.
b. The fiduciary’s or designated recipient’s authority is subject to other applicable law, including copyright law.
c. In the case of a fiduciary, the fiduciary’s authority is limited by the scope of the fiduciary’s duties.
d. The fiduciary’s or designated recipient’s authority shall not be used to impersonate the user.
3. A fiduciary with authority over the property of a decedent, ward, principal, or settlor has the right to access any digital asset in which the decedent, ward, principal, or settlor had a right or interest and that is not held by a custodian or subject to a terms-of-service agreement.
4. A fiduciary acting within the scope of the fiduciary’s duties is an authorized user of the property of the decedent, ward, principal, or settlor for the purpose of applicable computer-fraud and unauthorized-computer-access laws, including § 716.6B.
5. A fiduciary with authority over the tangible, personal property of a decedent, ward, principal, or settlor possesses all of the following authority:
a. Has the right to access the property and any digital asset stored in the property.
b. Is an authorized user for the purpose of computer-fraud and unauthorized-computer-access laws, including § 716.6B.
6. A custodian may disclose information in an account to a fiduciary of the user when the information is required to terminate an account used to access digital assets licensed to the user.
7. A fiduciary of a user may request a custodian to terminate the user’s account. A request for termination must be in writing, in either physical or electronic form, and accompanied by all of the following:
a. If the user is deceased, a certified copy of the death certificate of the user.
b. A certified copy of the letters of appointment of the personal representative, an original affidavit made pursuant to § 633.356, a file-stamped copy of the court order authorizing the personal representative to administer the user’s estate, power of attorney, or trust, including a certification of trust, giving the fiduciary authority over the account.
c. If requested by the custodian, any of the following:
(1) A number, username, address, or other unique subscriber or account identifier assigned by the custodian to identify the user’s account.
(2) Evidence linking the account to the user.
(3) A finding by the court that the user had a specific account with the custodian, identifiable by the information specified in subparagraph (1).
2017 Acts, ch 79, §18
Referred to in §638.16
1. The legal duties imposed on a fiduciary charged with managing tangible property apply
to the management of digital assets, including all of the following:
a. The duty of care.
b. The duty of loyalty.
c. The duty of confidentiality.
2. All of the following apply to a fiduciary’s or a designated recipient’s authority with respect to a digital asset of a user:
a. Except as otherwise provided in § 638.4, the fiduciary’s or designated recipient’s authority is subject to the applicable terms of service.
b. The fiduciary’s or designated recipient’s authority is subject to other applicable law, including copyright law.
c. In the case of a fiduciary, the fiduciary’s authority is limited by the scope of the fiduciary’s duties.
d. The fiduciary’s or designated recipient’s authority shall not be used to impersonate the user.
3. A fiduciary with authority over the property of a decedent, ward, principal, or settlor has the right to access any digital asset in which the decedent, ward, principal, or settlor had a right or interest and that is not held by a custodian or subject to a terms-of-service agreement.
4. A fiduciary acting within the scope of the fiduciary’s duties is an authorized user of the property of the decedent, ward, principal, or settlor for the purpose of applicable computer-fraud and unauthorized-computer-access laws, including § 716.6B.
5. A fiduciary with authority over the tangible, personal property of a decedent, ward, principal, or settlor possesses all of the following authority:
a. Has the right to access the property and any digital asset stored in the property.
b. Is an authorized user for the purpose of computer-fraud and unauthorized-computer-access laws, including § 716.6B.
6. A custodian may disclose information in an account to a fiduciary of the user when the information is required to terminate an account used to access digital assets licensed to the user.
7. A fiduciary of a user may request a custodian to terminate the user’s account. A request for termination must be in writing, in either physical or electronic form, and accompanied by all of the following:
a. If the user is deceased, a certified copy of the death certificate of the user.
b. A certified copy of the letters of appointment of the personal representative, an original affidavit made pursuant to § 633.356, a file-stamped copy of the court order authorizing the personal representative to administer the user’s estate, power of attorney, or trust, including a certification of trust, giving the fiduciary authority over the account.
c. If requested by the custodian, any of the following:
(1) A number, username, address, or other unique subscriber or account identifier assigned by the custodian to identify the user’s account.
(2) Evidence linking the account to the user.
(3) A finding by the court that the user had a specific account with the custodian, identifiable by the information specified in subparagraph (1).
2017 Acts, ch 79, §18
Referred to in §638.16