633A.4103 Actions by cotrustees.
151 words·~1 min read·
/ia/chapter-633a-iowa-trust-code/633a-4103A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Unless the terms of the trust provide otherwise, the following apply to actions of cotrustees:
1. A power held by cotrustees may be exercised by majority action.
2. If impasse occurs due to the failure to reach a majority decision, any trustee may petition the court to decide the issue, or a majority of the trustees may consent to an alternative form of dispute resolution.
3. If a vacancy occurs in the office of a cotrustee, the remaining cotrustees may act for the trust as if they are the only trustees.
4. If a cotrustee is unavailable to perform duties because of absence, illness, or other temporary incapacity, the remaining cotrustees may act for the trust, as if they were the only trustees, if necessary to accomplish the purposes of the trust or to avoid irreparable injury to the trust property.
99 Acts, ch 125, §38, 109
C2001, §633.4103
CS2005, §633A.4103