2009 Iowa Code
Title 15 - Judicial Branch and Judicial Procedures
Subtitle 4 - Probate - Fiduciaries
CHAPTER 633A - IOWA TRUST CODE
633A.4402 - SPECIFIC POWERS OF TRUSTEES.

        633A.4402  SPECIFIC POWERS OF TRUSTEES.
         In addition to the powers conferred by the terms of the trust, a
      trustee may perform all actions necessary to accomplish the proper
      management, investment, and distribution of the trust property,
      including the following powers:
         1.  Collect, hold, and retain trust property received from a
      settlor or any other person.  The property may be retained even
      though it includes property in which the trustee is personally
      interested.
         2.  Accept or refuse to accept additions to the property of the
      trust from a settlor or any other person.
         3.  With respect to an interest in a proprietorship, partnership,
      limited liability company, business trust, corporation, or other form
      of business or enterprise, continue or participate in the operation
      of a business or other enterprise that is part of the trust and take
      any action that may be taken by shareholders, members, or property
      owners, including merging, dissolving, or otherwise changing the form
      of a business organization and contributing additional capital.
         4.  Deposit trust funds in an account in a financial institution,
      including a financial institution operated by the trustee.
         5.  Acquire or dispose of property, for cash or on credit, at
      public or private sale, or by exchange.
         6.  Manage, control, divide, develop, improve, exchange,
      partition, change the character of, or abandon trust property.
      Consent, directly or through a committee or other agent, to the
      reorganization, consolidation, merger, dissolution, or liquidation of
      a corporation or other business enterprise, and participate in voting
      trusts, pooling arrangements, and foreclosures, and in connection
      therewith, deposit securities with and transfer title and delegate
      discretion to any protective or other committee as the trustee
      considers advisable.
         7.  Encumber, mortgage, or pledge trust property for a term within
      or extending beyond the term of the trust in connection with the
      exercise of a power vested in the trustee.
         8.  Make ordinary or extraordinary repairs, alterations, or
      improvements in buildings or other trust property; demolish
      improvements; and raze existing or erect new party walls or
      buildings.
         9.  Subdivide or develop land, dedicate land to public use, make
      or obtain the vacation of plats and adjust boundaries, adjust
      differences in valuation on exchange or partition by giving or
      receiving consideration, and dedicate easements to public use without
      consideration.
         10.  Enter into a lease for any purpose as lessor or lessee with
      or without the option to purchase or renew and for a term within or
      extending beyond the term of the trust.
         11.  Enter into a lease or arrangement for exploration and removal
      of gas, oil, or other minerals or geothermal energy, and enter into a
      community oil lease or a pooling or unitization agreement.
         12.  Grant an option involving disposition of trust property or
      take an option for the acquisition of property, including an option
      that is exercisable beyond the duration of the trust.
         13.  With respect to shares of stock of a domestic or foreign
      corporation, any membership in a nonprofit corporation, or other
      property, the trustee may do the following:
         a.  Vote in person, and give proxies to exercise, any voting
      rights with respect to the shares, memberships, or property.
         b.  Waive notice of a meeting or give consent to the holding
      of a meeting.
         c.  Authorize, ratify, approve, or confirm any action that
      could be taken by shareholders, members, or property owners.
         14.  Pay calls, assessments, and any other sums chargeable or
      accruing against or on account of securities.
         15.  Sell or exercise stock subscription or conversion rights.
         16.  Select a mode of payment under any employee benefit or
      retirement plan, annuity, or life insurance payable to the trustee,
      and exercise rights thereunder, including the right to
      indemnification for expenses and against liabilities, and take
      appropriate action to collect proceeds.
         17.  Hold a security in the name of a nominee or in other form
      without disclosure of the trust so that title to the security may
      pass by delivery.
         18.  Deposit securities in a securities' depository.
         19.  Insure the property of the trust against damage or loss and
      insure the trustee against liability with respect to third persons.
         20.  Borrow money for any trust purpose to be repaid from trust
      property.
         21.  Pay or contest any claim; settle a claim by or against the
      trust by compromise, arbitration, or otherwise; and release, in whole
      or in part, a claim belonging to the trust.
         22.  Pay taxes, assessments, reasonable compensation of the
      trustee and of employees and agents of the trust, and other expenses
      incurred in the collection, care, administration, and protection of
      the trust.
         23.  Make loans out of trust property to a beneficiary on terms
      and conditions the trustee considers to be fair and reasonable under
      the circumstances, and guarantee loans to the beneficiary by
      encumbrances on trust property.
         24.  Pay an amount distributable to a beneficiary, whether or not
      the beneficiary is under a legal disability, by paying the amount to
      the beneficiary or by paying the amount to another person for the use
      or benefit of the beneficiary.
         25.  Upon distribution of trust property or the division or
      termination of a trust, make distribution in divided or undivided
      interests, allocate particular assets in proportionate or
      disproportionate shares, value the trust property for those purposes,
      and adjust for resulting differences in valuation.
         26.  Employ accountants, attorneys, investment advisors,
      appraisers, or other persons, even if they are associated or
      affiliated with the trustee, to advise or assist the trustee in the
      performance of administrative duties.
         27.  With respect to any actual or potential violation of any
      environmental law affecting property held directly or indirectly by
      the trustee, a trustee shall do all of the following:
         a.  Inspect or investigate property the trustee holds or has
      been asked to hold or property owned or operated by an organization
      in which the trustee holds an interest in or has been asked to hold
      an interest in, and expend trust funds therefore, for the purpose of
      determining any potential environmental law violations with respect
      to the property.
         b.  Take action to prevent, abate, or otherwise remedy any
      actual or potential violation of any environmental law affecting
      property held directly or indirectly by the trustee, whether taken
      before or after the assertion of a claim or the initiation of
      governmental enforcement.
         c.  Decline to accept property into trust or disclaim any
      power with respect to property that is or may be burdened with
      liability for violation of any environmental law.
         d.  Negotiate claims against the trust which may be asserted
      for an alleged violation of environmental law.
         e.  Pay the expense of any inspection, review, abatement, or
      remedial action to comply with environmental law.
         28.  Withhold funds from distribution for the purpose of
      maintaining a reserve for any valid business purpose, or as a
      depletion reserve, if, in the trustee's discretion, the failure to do
      so would unfairly, and materially, reduce the value of the interest
      of the remainder.
         29.  Execute and deliver instruments that are useful to accomplish
      or facilitate the exercise of the trustee's powers.
         30.  Prosecute or defend an action, claim, or proceeding in order
      to protect trust property.
         31.  Resolve a dispute concerning the interpretation of the trust
      or its administration by mediation, arbitration, or other procedure
      for alternative dispute resolution.
         32.  Upon termination of the trust, exercise the powers necessary
      to conclude the administration of the trust and distribute the trust
      property to the person or persons entitled to the trust property.  

         99 Acts, ch 125, §72, 109
         C2001, §633.4402
         2002 Acts, ch 1107, §14, 15; 2005 Acts, ch 38, §54
         CS2005, §633A.4402
         Referred to in § 633.699