Any state or national bank or trust company, when acting with the consent of its cofiduciary, if any, may cause any investment held in any such capacity to be registered and held in the name of a nominee or nominees of such bank or trust company. Such cofiduciary is hereby empowered to give such consent unless it is specifically forbidden in the instrument creating the fiduciary relationship. Such bank or trust company shall be liable for the acts of any such nominee with respect to any investment so registered.
Iowa Code § 633.124
Investment may be held in name of nominee of bank or trust company
Known as the Iowa Probate Code
The act spans §§ 633–633 (527 sections).
[C66, 71, 73, 75, 77, 79, 81, §633.124]
Official source: Iowa Legislature. Reproduced from public-domain Iowa statutes; confirm against the official source for the current text. Not legal advice.