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2017 Iowa Code
Title XV - JUDICIAL BRANCH AND JUDICIAL PROCEDURES
Chapter 633A - IOWA TRUST CODE
Section 633A.4506 - Beneficiary’s consent, release, or affirmance — nonliability of trustee.

Universal Citation: IA Code § 633A.4506 (2017)
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1 IOWA TRUST CODE, §633A.4506 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 Wed Feb 08 05:10:50 2017 Iowa Code 2017, Section 633A.4506 (11, 1)
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