Iowa Code § 524.807
Payment of deposited funds
Redline — January 1, 2012 → current.View current text →
Current — January 1, 2013
As of January 1, 2012
When any deposit shall be made by any individual in trust for another, and no other or further notice of the existence and terms of a legal and valid trust shall have been given to the state bank, in the event of the death of the trustee, the same or any part thereof, together with interest thereon, may be paid to the individual for whom the deposit was made, or to the individual’s legal representatives; provided that the individual for whom the deposit was made, if a minor, shall not draw the same during the individual’s minority without the consent of the legal representatives of said trustee.
When any deposit shall be made by any individual in trust for another, and no other or further notice of the existence and terms of a legal and valid trust shall have been given to the state bank, in the event of the death of the trustee, the same or any part thereof, together with interest thereon, may be paid to the individual for whom the deposit was made, or to the individual’s legal representatives; provided that the individual for whom the deposit was made, if a minor, shall not draw the same during the individual’s minority without the consent of the legal representatives of said trustee.
Referred to in
Official source: Iowa Legislature. Reproduced from public-domain Iowa statutes; confirm against the official source for the current text. Not legal advice.