§ 633D.8 — Claims against a beneficiary of a transfer on death security registration

Iowa § 633D.8

• Jurisdiction: Iowa
• Title XV: JUDICIAL BRANCH AND JUDICIAL PROCEDURES
• Ch. 633D: TRANSFER ON DEATH SECURITY REGISTRATION

Text

1. If other assets of the estate of a deceased owner are insufficient to pay debts, taxes,
and expenses of administration, including statutory allowances to the surviving spouse and
children, atransferatdeathofasecurityregisteredinbeneficiaryformisnoteffectiveagainst
theestateofthedeceasedsoleowner,orifmultipleowners,againsttheestateofthelastowner
to die, to the extent needed to pay debts, taxes, and expenses of administration, including
statutory allowances to the surviving spouse and children.
2. A beneficiary of a transfer on death security registration under this chapter is liable to
account to the personal representative of the deceased owner for the value of the security as
of the time of the deceased owner’s death to the extent necessary to discharge debts, taxes,
and expenses of administration, including statutory allowances to the surviving spouse and
children. A proceeding against a beneficiary to assert liability shall not be commenced unless
thepersonalrepresentativehasreceivedawrittendemandbythesurvivingspouse, acreditor,
a child, or a person acting for a minor child of the deceased owner.
3. An action for an accounting under this section must be commenced within two years
after the death of the owner.
4. A beneficiary against whom a proceeding is brought may elect to transfer to the
personal representative the security registered in the name of the beneficiary if the
beneficiary still owns the security, or the net proceeds received by the beneficiary upon
disposition of the security by the beneficiary. Such transfer fully discharges the beneficiary
from all liability under this section.
5. A beneficiary against whom a proceeding for an accounting is brought may join as a
party to the proceeding a beneficiary of any other security registered in beneficiary form by
the deceased owner.
6. Amounts recovered by the personal representative with respect to a security shall be
administered as part of the deceased owner’s estate.
7. A district court in this state shall have subject matter jurisdiction over a claim against a
designated beneficiary brought by the decedent’s personal representative or by a claimant to
an interest in a security registered under this chapter. Any provision in a security registration
form restricting jurisdiction over a claim, or restricting a choice of forum, to a forum outside
this state is void.
8. In an action for an accounting brought under this section, where the deceased owner
was domiciled in this state, the laws of this state shall apply.