Iowa Code (Last Updated: December 05, 2016) |
Title XV. JUDICIAL BRANCH AND JUDICIAL PROCEDURES |
Chapter 637. UNIFORM PRINCIPAL AND INCOME ACT |
Section 637.604. Interested trustee’s authority to convert.
Latest version.
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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.