2009 Iowa Code
Title 13 - Commerce
Subtitle 1 - Insurance and Related Regulation
CHAPTER 523I - IOWA CEMETERY ACT
523I.602 - MANAGEMENT BY TRUSTEE.

        523I.602  MANAGEMENT BY TRUSTEE.
         1.  Trustee appointed -- trust funds.  The owners of, or any
      party interested in, a cemetery may, by petition presented to the
      district court of the county where the cemetery is situated, have a
      trustee appointed with authority to receive any and all moneys or
      property that may be donated for and on account of the cemetery and
      to invest, manage, and control the moneys or property under the
      direction of the court.  However, the trustee shall not be authorized
      to receive any gift, except with the understanding that the principal
      sum is to be a permanent fund, and only the net proceeds therefrom
      shall be used in carrying out the purpose of the trust created, and
      all such funds shall be exempt from taxation.
         2.  Requisites of petition.  The petition shall state the
      amount proposed to be placed in such trust fund, the manner of
      investment thereof, and the provisions made for the disposition of
      any surplus income not required for the care and upkeep of the
      property described in such petition.
         3.  Approval of court -- surplus fund.  Such provisions shall
      be subject to the approval of the court and when so approved the
      trust fund and the trustee thereof shall, at all times, be subject to
      the orders and control of the court and such surplus arising from the
      trust fund shall not be used except for charitable, eleemosynary, or
      public purposes under the direction of the court.
         4.  Receipt -- record.  Every such trustee shall execute and
      deliver to the donor a receipt showing the amount of money or other
      property received, and the use to be made of the net proceeds from
      the same, duly attested by the clerk of the court granting letters of
      trusteeship, and the trustee shall keep a signed and attested copy of
      the receipt.
         5.  Investments.  Any such trustee may receive and invest all
      moneys and property, so donated or bequeathed, and that portion of
      cemetery lot sales and permanent charges made against interment
      spaces which has been set aside in a perpetual care fund, in such
      authorized investments and in the manner prescribed in section
      636.23.
         6.  Bond -- approval -- oath.  Every such trustee before
      entering upon the discharge of the trustee's duties or at any time
      thereafter when required by the court shall give a bond in an amount
      as may be required by the court, approved by the clerk, and
      conditioned for the faithful discharge of the trustee's duties, and
      take and subscribe an oath the same in substance as the condition of
      the bond, which bond and oath must be filed with the clerk.
         7.  Clerk -- duty of.  At the time of filing each bond and
      oath the clerk shall at once advise the court as to the amount of the
      principal fund in the hands of such trustee, the amount of the bond
      filed, and whether it is good and sufficient for the amount given.
         8.  Compensation -- costs.  Such trustee shall serve without
      compensation, but may, out of the income received, pay all proper
      items of expense incurred in the performance of the trustee's duties,
      including cost of the bond, if any.
         9.  Annual report.  Such trustee shall make a full report of
      the trustee's doings in the month of January following appointment
      and in January of each successive year.  In each report the trustee
      shall apportion the net proceeds received from the sum total of the
      permanent funds assigned to the trustee in trust.
         10.  Removal -- vacancy filled.  Any such trustee may be
      removed by the court at any time for cause, and in the event of
      removal or death, the court shall appoint a new trustee and require
      the new trustee's predecessor or the predecessor's personal
      representative to make a full accounting.  

         2005 Acts, ch 128, §50; 2009 Acts, ch 21, §8
         Referred to in § 602.8102(81)