2009 Iowa Code
Title 15 - Judicial Branch and Judicial Procedures
Subtitle 4 - Probate - Fiduciaries
CHAPTER 633A - IOWA TRUST CODE
633A.1102 - DEFINITIONS.

        633A.1102  DEFINITIONS.
         For purposes of this chapter:
         1.  "Adjusted gross estate", as it relates to a trust, means
      the same as defined in section 633.266.
         2.  "Beneficiary", as it relates to a trust beneficiary,
      includes a person who has any present or future interest in the
      trust, vested or contingent, and also includes the owner of an
      interest by assignment or other transfer.
         3.  "Charitable trust" means a trust created for a charitable
      purpose as specified in section 633A.5101.
         4.  "Competency" means any one of the following:
         a.  In the case of a revocable transfer, "competency"
      means the degree of understanding required to execute a will.
         b.  In the case of an irrevocable transfer, "competency"
      means the ability to understand the effect the gift may have on the
      future financial security of the donor and anyone who may be
      dependent on the donor.
         5.  "Conservator" means a person appointed by a court to
      manage the estate of a minor or adult individual.
         6.  "Court" means any Iowa district court.
         7.  "Fiduciary" includes a personal representative, executor,
      administrator, guardian, conservator, and trustee.
         8.  "Guardian" means a person appointed by a court to make
      decisions with respect to the support, care, education, health, and
      welfare of a minor or adult individual, but excludes one who is
      merely a guardian ad litem.  A minor's custodial parent shall be
      deemed to be the child's guardian in the absence of a court-appointed
      guardian.
         9.  "Instrument" means a signed writing.
         10.  "Interested person" includes a trustee, an acting
      successor trustee, a beneficiary who may receive income or principal
      currently from the trust, or would receive principal of the trust if
      the trust were terminated at the time relevant to the determination,
      and a fiduciary representing an interested person.  The meaning as it
      relates to particular persons may vary from time to time according to
      the particular purpose of, and matters involved in, any proceeding.
         11.  "Person" means an individual or any legal or commercial
      entity.
         12.  "Petition" includes a complaint or statement of claim.
         13.  "Property" means anything that may be the subject of
      ownership, whether real or personal, legal or equitable, tangible or
      intangible, and includes any interest in such item, including a chose
      in action, claim, or beneficiary designation under a policy of
      insurance, employees' trust, or other arrangement, whether revocable
      or irrevocable.
         14.  "Qualified beneficiary" means a beneficiary who, on the
      date the beneficiary's qualification is determined, is any of the
      following:
         a.  Eligible to receive distributions of income or principal
      from the trust.
         b.  Would receive property from the trust upon immediate
      termination of the trust.
         15.  "Settlor" means a person, including a testator, who
      creates a trust.
         16.  "State" means a state of the United States, the District
      of Columbia, the Commonwealth of Puerto Rico, or any territory or
      insular possession subject to the jurisdiction of the United States.

         17.  "Term" or "terms", when used in relation to a trust,
      means the manifestation of the settlor's intent regarding a trust's
      provisions at the time of the trust's creation or amendment.
      "Term" includes those concepts expressed directly in writing, as
      well as those inferred from constructional preferences or rules, or
      by other proof admissible under the rules of evidence.
         18.  "Trust" means an express trust, charitable or
      noncharitable, with additions thereto, wherever and however created,
      including a trust created or determined by a judgment or decree under
      which the trust is to be administered in the manner of an express
      trust.  "Trust" does not include any of the following:
         a.  A Totten trust account.
         b.  A custodial arrangement pursuant to the uniform transfers
      to minors Act of any state.
         c.  A business trust that is taxed as a partnership or
      corporation.
         d.  An investment trust subject to regulation under the laws
      of this state or any other jurisdiction.
         e.  A common trust fund.
         f.  A voting trust.
         g.  A security arrangement.
         h.  A transfer in trust for purpose of suit or enforcement of
      a claim or right.
         i.  A liquidation trust.
         j.  A trust for the primary purpose of paying debts,
      dividends, interest, salaries, wages, profits, pensions, or employee
      benefits of any kind.
         k.  An arrangement under which a person is a nominee or escrow
      agent for another.
         l.  Constructive or resulting trusts.
         m.  Burial, funeral, and perpetual care trusts.
         19.  "Trust company" means a person who has qualified to
      engage in and conduct a trust business in this state.
         20.  "Trustee" includes an original, additional, or successor
      trustee, whether or not appointed or confirmed by a court.  

         99 Acts, ch 125, §2, 109; 2000 Acts, ch 1150, §7
         C2001, §633.1102
         2002 Acts, ch 1107, §1; 2003 Acts, ch 95, §6; 2004 Acts, ch 1015,
      §25; 2005 Acts, ch 38, §35, 52, 54, 55
         CS2005, §633A.1102
         Referred to in § 633A.1107