633A.2307 Overdue mandatory distribution. 1. A creditor or assignee of a beneficiary may reach a mandatory distribution of income or principal, including a distribution upon termination of the trust, if the trustee has not madethe distribution to the beneficiary within a reasonable time after the required distributiondate. 2. For the purposes of this section, 'mandatory distribution' means a distribution required by the express terms of the trust of any of the following: a. All of the income, net income, or principal of the trust.b. A fraction or percentage of the income or principal of the trust.c. A specific dollar amount from the trust.3. A distribution that is subject to a condition shall not be considered a mandatory distribution. 4. If a creditor or assignee of a beneficiary is permitted to reach a mandatory distribution under this section, the sole remedy of the creditor or assignee shall be to apply to the courthaving jurisdiction of the trust after a reasonable period of time has expired, for a judgmentordering the trustee to pay to the creditor or the assignee a sum of money equal to the lesser ofthe amount of the debt or assignment, or the amount of the mandatory f time has expired, for a judgmentordering the trustee to pay to the creditor or the assignee a sum of money equal to the lesser ofthe amount of the debt or assignment, or the amount of the mandatory distribution describedin subsection 2. Any other remedy, including but not limited to attachment or garnishment ofany interest in the trust, recovery of court costs or attorney fees, or placing a lien of any typeon any trust property or on the interest of any beneficiary in the trust, shall not be permittedor ordered by any court. Any writing signed by the beneficiary, allowing any remedy otherthan payment of the mandatory distribution not made to the beneficiary within a reasonabletime after required distribution date, shall be void and shall not be enforced by any court. 2008 Acts, ch 1119, §27 Sat Dec 23 12:13:13 2023 Iowa Code 2024, Section 633A.2307 (18, 0)
Iowa Legal Code