§ 633F.16 — Limitations of action against custodial trustee

Iowa § 633F.16

• Jurisdiction: Iowa
• Title XV: JUDICIAL BRANCH AND JUDICIAL PROCEDURES
• Ch. 633F: IOWA UNIFORM CUSTODIAL TRUST ACT

Text

1. Except as provided in subsection 3, unless previously barred by adjudication, consent,
or limitation, a claim for relief against a custodial trustee for accounting or breach of duty is
barredastoabeneficiary, apersontowhomcustodialtrustpropertyistobepaidordelivered,
or the legal representative of an incapacitated or deceased beneficiary or payee who either:
a. Has received an accounting or other statement adequately disclosing the matter unless
an action or proceeding to assert the claim is commenced within one year after receipt of
such accounting or statement.
b. Has not received an accounting or other statement adequately disclosing the matter
unless an action or proceeding to assert the claim is commenced within three years after the
termination of the custodial trust.
2. For the purpose of subsection 1, a beneficiary or a person to whom custodial trust
property is to be paid or delivered, is deemed to have received an accounting or other
statement, in the following instances:
a. In the case of an adult who is reasonably capable of understanding the accounting or
other statement if it is personally received by such person.
b. Inthecaseofanadultwhoisnotreasonablycapableofunderstandingtheaccountingor
other statement, if it is received by such adult person’s legal representative, and if none, then
if received by a guardian ad litem, court visitor, or other person appointed for this purpose.
c. In the case of a minor, if it is received by a person who has authority to consent on the
minor’s behalf, and if none, then if received by a guardian ad litem, court visitor, or other
person appointed for this purpose.
3. Except as provided in subsection 4, a claim for relief to recover from a custodial trustee
9 IOWA UNIFORM CUSTODIAL TRUST ACT, §633F.18
for fraud, misrepresentation, or concealment related to the final settlement of the custodial
trust or concealment of the existence of the custodial trust, is barred unless an action or
proceeding to assert the claim is commenced within five years after the termination of the
custodial trust.
4. Unlessanaccountingorotherstatementadequatelydisclosingthematterwasprovided
as set forth above, a claim for relief is not barred by this section if the claimant is or was any
of the following:
a. A minor, until the earlier of one year after the claimant becomes an adult or dies; an
incapacitated adult, until the earliest of one year after the following:
(1) The appointment of a legal representative.
(2) The removal of the incapacity.
(3) The death of the claimant.
b. An adult, now deceased, who was not incapacitated, until one year after the claimant’s
death.