2009 Iowa Code
Title 15 - Judicial Branch and Judicial Procedures
Subtitle 4 - Probate - Fiduciaries
CHAPTER 633A - IOWA TRUST CODE
633A.2106 - RESULTING TRUSTS.

        633A.2106  RESULTING TRUSTS.
         1.  Where the owner of property gratuitously transfers the
      property and manifests in the trust instrument an intention that the
      transferee should hold the property in trust but the trust fails, the
      transferee holds the trust estate as a resulting trust for the
      transferor or the transferor's estate, unless either of the following
      is true:
         a.  The transferor manifested in the trust instrument an
      intention that no resulting trust should arise.
         b.  The intended trust fails for illegality and the policy
      against unjust enrichment of the transferee is outweighed by the
      policy against giving relief to a person who has entered into an
      illegal transaction.
         2.  Where the owner of property gratuitously transfers the
      property subject to a trust which is properly declared and which has
      been fully performed without exhausting the trust estate, the trustee
      holds the surplus as a resulting trust for the transferor or the
      transferor's estate, unless the transferor manifested in the trust
      instrument an intention that no resulting trust of the surplus should
      arise.
         3.  If the transferor's estate is the recipient of property under
      this section and the administration of that estate has been closed
      and there is no question as to the proper recipients of the property,
      it is not necessary to reopen the estate administration for the
      purpose of distribution.  

         99 Acts, ch 125, §13, 109; 2000 Acts, ch 1150, §8
         C2001, §633.2106
         2005 Acts, ch 38, §54
         CS2005, §633A.2106
         Referred to in § 633A.4701