633F.12 Liability to third person. 1. A claim based on a contract entered into by a custodial trustee acting in a fiduciary capacity, an obligation arising from the ownership or control of custodial trust property, or atort committed in the course of administering the custodial trust, may be asserted by a thirdperson against the custodial trust property by proceeding against the custodial trustee in afiduciary capacity, whether or not the custodial trustee or the beneficiary is personally liable. 2. A custodial trustee is not personally liable to a third person for any of the following:a. On a contract properly entered into in a fiduciary capacity unless the custodial trustee fails to reveal that capacity or to identify the custodial trust in the contract. b. For an obligation arising from control of custodial trust property or for a tort committed in the course of the administration of the custodial trust unless the custodial trustee ispersonally at fault. 3. A beneficiary is not personally liable to a third person for an obligation arising from beneficial ownership of custodial trust property or for a tort committed in the course ofadministration of the custodial trust unless ersonally liable to a third person for an obligation arising from beneficial ownership of custodial trust property or for a tort committed in the course ofadministration of the custodial trust unless the beneficiary is personally in possession of thecustodial trust property giving rise to the liability or is personally at fault. 4. Subsections 2 and 3 do not preclude actions or proceedings to establish liability of the custodial trustee or beneficiary to the extent the person sued is protected as the insured byliability insurance. 2021 Acts, ch 8, §12 Sat Dec 23 12:17:51 2023 Iowa Code 2024, Section 633F.12 (2, 0)
Iowa Legal Code