2009 Iowa Code
Title 15 - Judicial Branch and Judicial Procedures
Subtitle 4 - Probate - Fiduciaries
CHAPTER 633A - IOWA TRUST CODE
633A.4506 - BENEFICIARY'S CONSENT, RELEASE, OR AFFIRMANCE -- NONLIABILITY OF TRUSTEE.

        633A.4506  BENEFICIARY'S CONSENT, RELEASE, OR
      AFFIRMANCE -- NONLIABILITY OF TRUSTEE.
         1.  A beneficiary shall not hold a trustee liable for a breach of
      trust if the beneficiary does any of the following:
         a.  Consents to the conduct constituting the breach.
         b.  Releases the trustee from liability for the breach.
         c.  Affirms the transaction constituting the breach.
         2.  A beneficiary may hold a trustee liable for breach of trust
      despite a consent, release, or affirmance by the beneficiary if, at
      the time of the consent, release, or affirmance, all of the following
      applied:
         a.  The beneficiary did not know of the beneficiary's rights.

         b.  The beneficiary did not know the material facts known to
      the trustee or which the trustee should have known.
         c.  The trustee did not reasonably believe that the
      beneficiary knew the beneficiary's rights and that the beneficiary
      knew material facts known to the trustee or which the trustee should
      have known.
         3.  A beneficiary may hold a trustee liable for breach of a trust
      despite a consent, release, or affirmance by the beneficiary if the
      consent, release, or affirmance was induced by improper conduct of
      the trustee.  

         99 Acts, ch 125, §78, 109
         C2001, §633.4506
         2002 Acts, ch 1107, §17, 18; 2003 Acts, ch 95, §17; 2005 Acts, ch
      38, §54
         CS2005, §633A.4506
         Referred to in § 633A.4202