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2009 Iowa Code
Title 13 - Commerce
Subtitle 1 - Insurance and Related Regulation
CHAPTER 523I - IOWA CEMETERY ACT
523I.507 - INVESTMENT OF CARE FUNDS BY GOVERNMENTAL SUBDIVISIONS.

        523I.507  INVESTMENT OF CARE FUNDS BY GOVERNMENTAL
      SUBDIVISIONS.
         Notwithstanding section 12B.10, a perpetual care cemetery owned by
      a governmental subdivision may invest and reinvest deposits pursuant
      to the requirements of this chapter.  The trustee shall use the
      judgment and care under the circumstances then prevailing that
      persons of prudence, discretion, and intelligence exercise in the
      management of their own affairs, not in regard to speculation but in
      regard to the permanent disposition of their funds, considering the
      probable income as well as the probable safety of their capital.  The
      trustee of the trust funds has a fiduciary duty to make reasonable
      investment decisions and to properly oversee and manage the funds
      entrusted to the trust fund.
         Section History: Recent Form
         2005 Acts, ch 128, §47

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