633.127 Establishment of common trust funds. Any bank or trust company qualified to act as fiduciary in this state may establish common trust funds, or may utilize one or more common trust funds previously established by it,for the purpose of furnishing investments to itself as fiduciary, or to itself and others, ascofiduciaries, or to another bank or trust company as fiduciary or cofiduciary; and may, asa fiduciary or cofiduciary, invest funds which it lawfully holds for investment in interests incommon trust funds maintained by it or by another bank or trust company at least eightypercent of the voting stock of which is owned or controlled by a bank holding company whichowns or controls at least eighty percent of the common stock of the bank or trust companyinvesting such funds, if such investment is not prohibited by the instrument, judgment,decree, or order creating such fiduciary relationship, and if, in the case of cofiduciaries,the bank or trust company procures the consent of its cofiduciaries to such investment. Ifthe instrument creating the fiduciary relationship gives to the bank or trust company theexclusive right to select investments, the consent of the cofiduciary its cofiduciaries to such investment. Ifthe instrument creating the fiduciary relationship gives to the bank or trust company theexclusive right to select investments, the consent of the cofiduciary shall not be required. [C58, §532.21; C62, §532.21, 533A.1 – 533A.5; C66, 71, 73, 75, 77, 79, 81, §633.127]Referred to in §633.126, 633.129 Sat Dec 23 11:23:40 2023 Iowa Code 2024, Section 633.127 (34, 0)
Iowa Legal Code