Iowa § 637.202 Distribution to residuary and remainder beneficiaries

Iowa Statutes

§ 637.202 — Distribution to residuary and remainder beneficiaries

Iowa § 637.202

Title XVJUDICIAL BRANCH AND JUDICIAL PROCEDURES

Ch. 637UNIFORM PRINCIPAL AND INCOME ACT

This text of Iowa § 637.202 (Distribution to residuary and remainder beneficiaries) is published on Counsel Stack Legal Research, covering Iowa primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Iowa Code § 637.202 (2026).

Text

1.Each beneficiary described in section 637.201, subsection 4, is entitled to receive a portion of the net income equal to the beneficiary’s fractional interest in undistributed principal assets, using values as of the distribution date. If a fiduciary makes more than one distribution of assets to beneficiaries to whom this section applies, each beneficiary, including one who does not receive part of the distribution, is entitled, as of each distribution date, to the net income the fiduciary has received after the date of death or terminating event or earlier distribution date but has not distributed as of the current distribution date.

2.In determining a beneficiary’s share of net income, the following rules apply:

a.The beneficiary is entitled to receive a portion of the net income eq

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1. Each beneficiary described in section 637.201, subsection 4, is entitled to receive
a portion of the net income equal to the beneficiary’s fractional interest in undistributed
principal assets, using values as of the distribution date. If a fiduciary makes more than
one distribution of assets to beneficiaries to whom this section applies, each beneficiary,
including one who does not receive part of the distribution, is entitled, as of each distribution
date, to the net income the fiduciary has received after the date of death or terminating event
or earlier distribution date but has not distributed as of the current distribution date.
2. In determining a beneficiary’s share of net income, the following rules apply:
a. The beneficiary is entitled to receive a portion of the net income equal to the
beneficiary’s fractional interest in the undistributed principal assets immediately before the
distribution date, including assets that later may be sold to meet principal obligations.
b. The beneficiary’s fractional interest in the undistributed principal assets must be
calculated without regard to property specifically given to a beneficiary and property
required to pay pecuniary amounts not in trust.
c. The beneficiary’s fractional interest in the undistributed principal assets must be
calculated on the basis of the aggregate value of those assets as of the distribution date
without reducing the value by any unpaid principal obligation.
d. The distribution date for purposes of this section may be the date as of which the
fiduciary calculates the value of the assets if that date is reasonably near the date on which
assets are actually distributed.
3. The rules in this section apply to net gain or loss realized after the date of death or
terminating event or earlier distribution date from the disposition of a principal asset if this
section applies to the income from the asset.
4. If a fiduciary does not distribute all of the collected but undistributed net income or
gain to each person as of a distribution date, the fiduciary shall maintain appropriate records
showing the interest of each beneficiary in that net income or gain.