Iowa Code 633A.4602 – Dissenting cotrustees
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Iowa Code 633A.4602
- Trustee: A person or institution holding and administering property in trust.
633A.4602 Dissenting cotrustees.
1. A cotrustee who does not join in exercising a power is not liable to a third party for the consequences of the exercise of the power.
2. A dissenting cotrustee who joins in an action at the direction of the majority cotrustees is not liable to a third party for the action if the dissenting cotrustee expresses the dissent in writing to any other cotrustee at or before the action is taken.
3. This section does not excuse a cotrustee from liability for failure to discharge a cotrustee’s duties as a trustee.
99 Acts, ch 125, §80, 109
C2001, §633.4602
2005 Acts, ch 38, §54
CS2005, §633A.4602
1. A cotrustee who does not join in exercising a power is not liable to a third party for the consequences of the exercise of the power.
2. A dissenting cotrustee who joins in an action at the direction of the majority cotrustees is not liable to a third party for the action if the dissenting cotrustee expresses the dissent in writing to any other cotrustee at or before the action is taken.
3. This section does not excuse a cotrustee from liability for failure to discharge a cotrustee’s duties as a trustee.
99 Acts, ch 125, §80, 109
C2001, §633.4602
2005 Acts, ch 38, §54
CS2005, §633A.4602