Iowa Code 637.604 – Interested trustee’s authority to convert
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Terms Used In Iowa Code 637.604
- 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.
637.604 Interested trustee‘s authority to convert.
If there is no trustee of the trust other than an interested trustee, the interested trustee or,
where two or more persons are acting as trustee and are interested trustees, a majority of such interested trustees may, in the trustee’s sole discretion and without the approval of the court, do any of the following subject to the requirements of § 637.605:
1. Convert an income trust to a total return unitrust.
2. Reconvert a total return unitrust to an income trust.
3. Change the method used to determine the fair market value of the trust.
2002 Acts, ch 1086, §8, 21
Referred to in §637.605, 637.606, 637.613
If there is no trustee of the trust other than an interested trustee, the interested trustee or,
where two or more persons are acting as trustee and are interested trustees, a majority of such interested trustees may, in the trustee’s sole discretion and without the approval of the court, do any of the following subject to the requirements of § 637.605:
1. Convert an income trust to a total return unitrust.
2. Reconvert a total return unitrust to an income trust.
3. Change the method used to determine the fair market value of the trust.
2002 Acts, ch 1086, §8, 21
Referred to in §637.605, 637.606, 637.613