2009 Iowa Code
Title 15 - Judicial Branch and Judicial Procedures
Subtitle 4 - Probate - Fiduciaries
CHAPTER 633A - IOWA TRUST CODE
633A.4603 - OBLIGATIONS OF THIRD PARTIES.

        633A.4603  OBLIGATIONS OF THIRD PARTIES.
         1.  With respect to a third party dealing with a trustee or
      assisting a trustee in the conduct of a transaction, if the third
      party acts in good faith and for a valuable consideration and without
      knowledge that the trustee is exceeding the trustee's powers or is
      improperly exercising them, the following apply:
         a.  A third party is not bound to inquire as to whether a
      trustee has power to act or is properly exercising a power and may
      assume without inquiry the existence of a trust power and its proper
      exercise.
         b.  A third party is fully protected in dealing with or
      assisting a trustee, as if the trustee has and is properly exercising
      the power the trustee purports to exercise.
         2.  A third party who acts in good faith is not bound to ensure
      the proper application of trust property paid or delivered to the
      trustee.
         3.  If a third party acting in good faith and for a valuable
      consideration enters into a transaction with a former trustee without
      knowledge that the person is no longer a trustee, the third party is
      fully protected as if the former trustee were still a trustee.  

         99 Acts, ch 125, §81, 109
         C2001, §633.4603
         2005 Acts, ch 38, §54
         CS2005, §633A.4603
         Referred to in § 633A.4502