524.1004 Voluntary relinquishment of fiduciary capacity. 1. A state bank desiring to completely surrender its authorization to act in any fiduciary capacity shall file with the superintendent a certified copy of a resolution by the board ofdirectors signifying such intent. 2. Following the filing with the superintendent of the resolution to surrender its authorization to act in a fiduciary capacity, the state bank shall file a petition in the districtcourt in which the state bank has its principal place of business setting forth in generalterms that the state bank is acting as fiduciary with respect to certain property, that the statebank desires to cease its fiduciary function and resign its fiduciary positions, and that it isnecessary and desirable that successor fiduciaries be appointed for such property. 3. The filing of the petition shall operate as a resignation of the state bank from all of its fiduciary positions. During the adjudication of the petition, the state bank shall retain allfiduciary rights, powers, titles, duties, responsibilities, and accounts it held prior to filing thepetition. uciary positions. During the adjudication of the petition, the state bank shall retain allfiduciary rights, powers, titles, duties, responsibilities, and accounts it held prior to filing thepetition. The state bank’s liability for any action or inaction in its former fiduciary positionsshall not be impacted by the transfer of fiduciary duties pursuant to this section. 4. Following the filing of the petition, the district court shall issue an order requiring all persons interested in such fiduciary accounts to appoint a successor fiduciary by a specificdate, acknowledge the fiduciary succession as described in the will, trust instrument, or othergoverning instrument of the fiduciary account, or show cause why the district court shouldnot appoint a successor fiduciary. The district court shall also enter an order directing thestate bank to provide notice of the petition and the order described in this section, througha means approved by the district court, to all persons shown in the records of the state bankto have a beneficial interest in the fiduciary accounts or entitled to notice or an accountingunder the terms of the will, trust instrument, or other governing instrument of the ords of the state bankto have a beneficial interest in the fiduciary accounts or entitled to notice or an accountingunder the terms of the will, trust instrument, or other governing instrument of the fiduciaryaccount, chapter 633, 633A, 633B, or other applicable statute under which the state bankhas been operating as a fiduciary. The district court may also order publication of the noticefor two consecutive weeks in newspapers of general circulation in one or more counties asprescribed by the district court, and publication on the state bank’s internet site for at leasttwenty days, to the extent the district court deems such published notice necessary to protectthe interests of absent or remote beneficiaries. 5. At least twenty days after the state bank provides notice of the petition and order as described in this section, the district court shall appoint a permanent successor fiduciary forany fiduciary account where appropriate parties have failed to cause a successor fiduciary tobe appointed. A successor fiduciary appointed in accordance with the terms of this sectionshall succeed to all the rights, powers, titles, duties, and responsibilities of the state bankexcept that the e appointed. A successor fiduciary appointed in accordance with the terms of this sectionshall succeed to all the rights, powers, titles, duties, and responsibilities of the state bankexcept that the successor fiduciary shall not exercise powers given in the instrument creatingthe powers that by its express terms are personal to the state bank previously designated andexcept claims or liabilities arising out of the management of the fiduciary account prior to thedate of the transfer. 6. Following the adjudication of the petition described in this section, the state bank shall proceed to amend its articles of incorporation, in accordance with the provisions of thischapter, in a manner to indicate that it is no longer authorized to act in a fiduciary capacity.The superintendent shall approve the proposed amendment, in the manner provided for inthis chapter, if the superintendent is satisfied that the state bank has properly relieved itselfof its fiduciary responsibilities. [S13, §1889-h; C24, 27, 31, 35, 39, §9292; C46, 50, 54, 58, 62, 66, §532.9; C71, 73, 75, 77, 79, 81, §524.1004] 2018 Acts, ch 1041, §127; 2022 Acts, ch 1062, §95 Sat Dec 23 01:19:03 2023 Iowa Code 2024, Section -h; C24, 27, 31, 35, 39, §9292; C46, 50, 54, 58, 62, 66, §532.9; C71, 73, 75, 77, 79, 81, §524.1004] 2018 Acts, ch 1041, §127; 2022 Acts, ch 1062, §95 Sat Dec 23 01:19:03 2023 Iowa Code 2024, Section 524.1004 (25, 0)
Iowa Legal Code