2015 Iowa Code
TITLE XV - JUDICIAL BRANCH AND JUDICIAL PROCEDURES
SUBTITLE 4 - PROBATE — FIDUCIARIES
CHAPTER 637 - UNIFORM PRINCIPAL AND INCOME ACT
Section 637.604 - Interested trustee’s authority to convert.
If there is no trustee of the trust other than an interested trustee, the interested trustee or, where two or more persons are acting as trustee and are interested trustees, a majority of such interested trustees may, in the trustee’s sole discretion and without the approval of the court, do any of the following subject to the requirements of section 637.605:
1. Convert an income trust to a total return unitrust.
2. Reconvert a total return unitrust to an income trust.
3. Change the method used to determine the fair market value of the trust.
2002 Acts, ch 1086, §8,21
Referred to in 637.605, 637.606, 637.613
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