Iowa Code 637.606 – Petition to court to convert trust
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Terms Used In Iowa Code 637.606
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- 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
- 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
- Trustee: A person or institution holding and administering property in trust.
637.606 Petition to court to convert trust.
1. If any trustee desires to do any of the following but does not have the ability to or elects not to do so under the provisions of § 637.602 or 637.604, the trustee may petition the court for such order as the trustee deems appropriate:
a. Convert an income trust to a total return unitrust.
b. Reconvert a total return unitrust to an income trust.
c. Change the percentage used to calculate the unitrust amount or the method used to
determine the fair market value of the trust.
2. If, however, there is only one trustee of such trust and such trustee is an interested
trustee or in the event there are two or more trustees of such trust and a majority of them
are interested trustees, the court, in its own discretion or upon the petition of such trustee or
trustees or any person interested in the trust, may appoint a disinterested person who, acting
in a fiduciary capacity, shall present such information to the court as necessary to enable the
court to make its determinations.
2002 Acts, ch 1086, §10, 21; 2013 Acts, ch 30, §261
Referred to in §637.613
1. If any trustee desires to do any of the following but does not have the ability to or elects not to do so under the provisions of § 637.602 or 637.604, the trustee may petition the court for such order as the trustee deems appropriate:
a. Convert an income trust to a total return unitrust.
b. Reconvert a total return unitrust to an income trust.
c. Change the percentage used to calculate the unitrust amount or the method used to
determine the fair market value of the trust.
2. If, however, there is only one trustee of such trust and such trustee is an interested
trustee or in the event there are two or more trustees of such trust and a majority of them
are interested trustees, the court, in its own discretion or upon the petition of such trustee or
trustees or any person interested in the trust, may appoint a disinterested person who, acting
in a fiduciary capacity, shall present such information to the court as necessary to enable the
court to make its determinations.
2002 Acts, ch 1086, §10, 21; 2013 Acts, ch 30, §261
Referred to in §637.613