Iowa Code 633.555 – Procedure in lieu of conservatorship for minor
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Terms Used In Iowa Code 633.555
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- 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
- person: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
- property: includes personal and real property. See Iowa Code 4.1
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
- Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
- Trustee: A person or institution holding and administering property in trust.
633.555 Procedure in lieu of conservatorship for minor.
1. If a conservator has not been appointed for a minor, money due to a minor or other property to which a minor is entitled, not exceeding in the aggregate fifty thousand dollars in value, shall be paid or delivered to one or more of the following:
a. A custodian under the uniform transfer to minor account established for the protected
person pursuant to chapter 565B or the laws of any other state.
b. A custodial trustee under a uniform custodial trust account established for the protected person pursuant to chapter 633F or the laws of any other state.
c. An account owner or participant under a college savings plan account established for
the protected person pursuant to section 529 of the Internal Revenue Code or chapter 12D.
d. The account owner under an ABLE account established for the protected person with disabilities pursuant to section 529A of the Internal Revenue Code or chapter 12I.
e. The structured settlement obligor, as defined in section 682.2, of a structured
settlement, as defined in § 682.2, established for the benefit of the protected person, where the protected person will not begin receiving payments from the structured settlement prior to reaching age eighteen.
2. If a conservator has not been appointed for a minor, and the money due to a minor or other property to which a minor is entitled exceeds fifty thousand dollars in the aggregate, the property may be paid or delivered in the manner set forth in subsection 1 only if such transfer is authorized by the court.
3. The written receipt of the custodian constitutes an acquittance of the person making the payment of money or delivery of property.
[C51, §1493, 1494; R60, §2545, 2546; C73, §2243; C97, §3194; C24, 27, 31, 35, 39, §12575;
C46, 50, 54, 58, 62, §668.3; C66, 71, 73, 75, 77, 79, 81, §633.574; 82 Acts, ch 1052, §2]
84 Acts, ch 1067, §48; 95 Acts, ch 63, §6; 2005 Acts, ch 38, §29; 2019 Acts, ch 57, §28, 42 – 44
C2020, §633.555
2023 Acts, ch 124, §5, 9
See also chapter 565B, §633.108, 633.681
Former §633.555 repealed effective January 1, 2020, by 2019 Acts, ch 57, §41, 43
2023 amendment applies to estates, trusts, and conservatorships in existence on or after July 1, 2023, that were opened or created before, on, or after July 1, 2023; 2023 Acts, ch 124, §9
Section amended
1. If a conservator has not been appointed for a minor, money due to a minor or other property to which a minor is entitled, not exceeding in the aggregate fifty thousand dollars in value, shall be paid or delivered to one or more of the following:
a. A custodian under the uniform transfer to minor account established for the protected
person pursuant to chapter 565B or the laws of any other state.
b. A custodial trustee under a uniform custodial trust account established for the protected person pursuant to chapter 633F or the laws of any other state.
c. An account owner or participant under a college savings plan account established for
the protected person pursuant to section 529 of the Internal Revenue Code or chapter 12D.
d. The account owner under an ABLE account established for the protected person with disabilities pursuant to section 529A of the Internal Revenue Code or chapter 12I.
e. The structured settlement obligor, as defined in section 682.2, of a structured
settlement, as defined in § 682.2, established for the benefit of the protected person, where the protected person will not begin receiving payments from the structured settlement prior to reaching age eighteen.
2. If a conservator has not been appointed for a minor, and the money due to a minor or other property to which a minor is entitled exceeds fifty thousand dollars in the aggregate, the property may be paid or delivered in the manner set forth in subsection 1 only if such transfer is authorized by the court.
3. The written receipt of the custodian constitutes an acquittance of the person making the payment of money or delivery of property.
[C51, §1493, 1494; R60, §2545, 2546; C73, §2243; C97, §3194; C24, 27, 31, 35, 39, §12575;
C46, 50, 54, 58, 62, §668.3; C66, 71, 73, 75, 77, 79, 81, §633.574; 82 Acts, ch 1052, §2]
84 Acts, ch 1067, §48; 95 Acts, ch 63, §6; 2005 Acts, ch 38, §29; 2019 Acts, ch 57, §28, 42 – 44
C2020, §633.555
2023 Acts, ch 124, §5, 9
See also chapter 565B, §633.108, 633.681
Former §633.555 repealed effective January 1, 2020, by 2019 Acts, ch 57, §41, 43
2023 amendment applies to estates, trusts, and conservatorships in existence on or after July 1, 2023, that were opened or created before, on, or after July 1, 2023; 2023 Acts, ch 124, §9
Section amended