Iowa · statute · Iowa Code ch. 565B · 25 active provisions
In this chapter, unless the context otherwise requires: 1. “Adult” means an individual who has attained the age of twenty-one years. 2. “Benefit plan” means an employer’s plan for the benefit of an employee or partner or an individual retirement account. 3. “Broker” means a person lawfully engaged in the business of ef…
1. This chapter applies to a transfer that refers to this chapter in the designation under section 565B.9, subsection 1, by which the transfer is made if at the time of the transfer, the transferor, the minor, or the custodian is a resident of this state or the custodial property is located in this state. The custodian…
1. A person having the right to designate the recipient of property transferable upon the occurrence of a future event may revocably nominate a custodian to receive the property for a minor beneficiary upon the occurrence of the event by naming the custodian, followed in substance by the words:“as custodian for (name o…
A person may make a transfer by irrevocable gift to, or the irrevocable exercise of a power of appointment in favor of, a custodian for the benefit of a minor pursuant to section 565B.9.
1. A personal representative or trustee may make an irrevocable transfer pursuant to section 565B.9 to a custodian for the benefit of a minor as authorized in the governing will or trust. 2. If the testator or settlor has nominated a custodian under section 565B.3 to receive the custodial property, the transfer must be…
1. Subject to subsection 3, a personal representative or trustee may make an irrevocable transfer to another adult or trust company as custodian for the benefit of a minor pursuant to section 565B.9, in the absence of a will or under a will or trust that does not contain an authorization to do so. 2. Subject to subsect…
1. Subject to subsections 2 and 3, a person not subject to section 565B.5 or 565B.6 who holds property of, or owes a liquidated debt to, a minor not having a conservator, may make an irrevocable transfer to a custodian for the benefit of the minor pursuant to section 565B.9. 2. If a person having the right to do so und…
A written acknowledgment of delivery by a custodian constitutes a sufficient receipt and discharge for custodial property transferred to the custodian pursuant to this chapter.
1. Custodial property is created and a transfer is made whenever: a. An uncertificated security or a certificated security in registered form is either: 1. Registered in the name of the transferor, an adult other than the transferor, or a trust company, followed in substance by the words:“as custodian for (name of mino…
A transfer may be made only for one minor, and only one person may be the custodian. All custodial property held under this chapter by the same custodian for the benefit of the same minor constitutes a single custodianship.
1. The validity of a transfer made in a manner prescribed in this chapter is not affected by: a. The failure of the transferor to comply with section 565B.9, subsection 3, concerning possession and control; b. The designation of an ineligible custodian, except designation of the transferor in the case of property for w…
1. A custodian shall: a. Take control of custodial property; b. Register or record title to custodial property if appropriate; and c. Collect, hold, manage, invest, and reinvest custodial property. 2. In dealing with custodial property, a custodian shall observe the standard of care that would be observed by a prudent…
1. A custodian, acting in a custodial capacity, has all the rights, powers, and authority over custodial property that unmarried adult owners have over their own property, but a custodian may exercise those rights, powers, and authority in that capacity only. 2. This section does not relieve a custodian from liability…
1. A custodian may deliver or pay to the minor or expend for the minor’s benefit so much of the custodial property as the custodian considers advisable for the use and benefit of the minor, without court order and without regard to: a. The duty or ability of the custodian personally or of any other person to support th…
1. A custodian is entitled to reimbursement from custodial property for reasonable expenses incurred in the performance of the custodian’s duties. 2. Except for one who is a transferor under section 565B.4, a custodian has a noncumulative election during each calendar year to charge reasonable compensation for services…
A third person in good faith and without court order may act on the instructions of or otherwise deal with any person purporting to make a transfer or purporting to act in the capacity of a custodian and, in the absence of knowledge, is not responsible for determining: 1. The validity of the purported custodian’s desig…
1. A claim based on: a. A contract entered into by a custodian acting in a custodial capacity; b. An obligation arising from the ownership or control of custodial property; or c. A tort committed during the custodianship, may be asserted against the custodial property by proceeding against the custodian in the custodia…
1. A person nominated under section 565B.3 or designated under section 565B.9 as custodian may decline to serve by delivering a valid disclaimer to the person who made the nomination or to the transferor or the transferor’s legal representative. If the event giving rise to a transfer has not occurred and no substitute…
1. A minor who has attained the age of fourteen years, the minor’s guardian of the person or legal representative, an adult member of the minor’s family, a transferor, or a transferor’s legal representative may petition the court: a. For an accounting by the custodian or the custodian’s legal representative; or b. For…
The custodian shall transfer in an appropriate manner the custodial property to the minor or to the minor’s estate upon the earlier of: 1. The minor’s attainment of twenty-one years of age with respect to custodial property transferred under this chapter; or 2. The minor’s death.
This chapter applies to a transfer within the scope of section 565B.2 made after July 1, 1986, if: 1. The transfer purports to have been made under the Iowa uniform gifts to minors Act; or 2. The instrument by which the transfer purports to have been made uses in substance the designation “as custodian under the Unifor…
1. Any transfer of custodial property as now defined in this chapter made before July 1, 1986, is validated notwithstanding that there was no specific authority in the Iowa uniform gifts to minors Act for the coverage of custodial property of that kind or for a transfer from that source at the time the transfer was mad…
This chapter shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this chapter among states enacting it.
Chapter 633 and all other laws of this state to the extent contrary to this chapter do not apply to the custodial property of a minor held by the custodian under this chapter.
This chapter may be cited as the “Iowa Uniform Transfers to Minors Act”.