§ 633F.4 — Form and effect of receipt and acceptance by custodial trustee — jurisdiction

Iowa § 633F.4

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

Text

1. Obligations of a custodial trustee, including the obligation to follow directions of the
beneficiary, arise under this chapter upon the custodial trustee’s acceptance, express or
implied, of the custodial trust property.
2. The custodial trustee’s acceptance may be evidenced by a writing stating in substance:
CUSTODIAL TRUSTEE’S RECEIPT AND ACCEPTANCE
I, _______ (name of custodial trustee) acknowledge receipt of
the custodial trust property described below or in the attached
instrument and accept the custodial trust as custodial trustee for
__________________ (name of beneficiary) under the Iowa Uniform
Custodial Trust Act. I undertake to administer and distribute the
custodial trust property pursuant to the Iowa Uniform Custodial
Trust Act. My obligations as custodial trustee are subject to the
directions of the beneficiary unless the beneficiary is designated as,
is, or becomes incapacitated. The custodial trust property consists
of _____________________________.
Dated: _____________________________
Signed: _____________________________
(signature of custodial trustee)
3. Upon accepting custodial trust property, a person designated as custodial trustee under
this chapter is subject to personal jurisdiction of the court with respect to any matter relating
to the custodial trust.