Iowa Code 633A.4505 – Exculpation of trustee
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Terms Used In Iowa Code 633A.4505
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- 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
- Trustee: A person or institution holding and administering property in trust.
633A.4505 Exculpation of trustee.
A provision in the terms of the trust relieving a trustee of liability for breach of trust is unenforceable to the extent that it does either of the following:
1. Relieves a trustee of liability for breach of trust committed intentionally, with gross negligence, in bad faith, or with reckless indifference to the interest of the beneficiary, or for any profit derived by the trustee from the breach.
2. Was inserted as the result of an abuse by the trustee of a fiduciary or confidential relationship to the settlor.
99 Acts, ch 125, §77, 109
C2001, §633.4505
2005 Acts, ch 38, §54
CS2005, §633A.4505
A provision in the terms of the trust relieving a trustee of liability for breach of trust is unenforceable to the extent that it does either of the following:
1. Relieves a trustee of liability for breach of trust committed intentionally, with gross negligence, in bad faith, or with reckless indifference to the interest of the beneficiary, or for any profit derived by the trustee from the breach.
2. Was inserted as the result of an abuse by the trustee of a fiduciary or confidential relationship to the settlor.
99 Acts, ch 125, §77, 109
C2001, §633.4505
2005 Acts, ch 38, §54
CS2005, §633A.4505