§ 633f-15

633F.15 Reporting and accounting by custodial trustee — determination of liability of custodial trustee. 1. Upon the acceptance of custodial trust property, the custodial trustee shall provide a written statement describing the custodial trust property and shall thereafter provide awritten statement of the administration of the custodial trust property as follows: a. Once each year.b. Upon request at reasonable times, but not more than quarterly during any calendar year, by the beneficiary or the beneficiary’s legal representative. c. Upon resignation or removal of the custodial trustee.d. Upon termination of the custodial trust.2. The statements must be provided to the beneficiary or to the beneficiary’s legal representative, if any. Upon termination of the beneficiary’s interest, the custodial trusteeshall furnish a current statement to the person to whom the custodial trust property is to bedelivered. 3. A substitute or successor custodial trustee designated under section 633F.3, a beneficiary, the beneficiary’s legal representative, a member of the beneficiary’s family, or aperson interested in the custodial trust property may petition the court for an accounting bythe

3F.3, a beneficiary, the beneficiary’s legal representative, a member of the beneficiary’s family, or aperson interested in the custodial trust property may petition the court for an accounting bythe custodial trustee or the custodial trustee’s legal representative. 4. A successor custodial trustee may petition the court for an accounting by a predecessor custodial trustee. 5. In an action or proceeding under this chapter or in any other proceeding, the court may require or permit the custodial trustee or the custodial trustee’s legal representative toaccount. The custodial trustee or the custodial trustee’s legal representative may petition thecourt for approval of final accounts. 6. If a custodial trustee is removed, the court shall require an accounting and order delivery of the custodial trust property and records to the successor custodial trustee andthe execution of all instruments required for transfer of the custodial trust property. 7. On petition of the custodial trustee or any person who could petition for an accounting, the court, after notice to interested persons, may issue instructions to the custodial trustee orreview the propriety of the acts of a custodial

ee or any person who could petition for an accounting, the court, after notice to interested persons, may issue instructions to the custodial trustee orreview the propriety of the acts of a custodial trustee or the reasonableness of compensationdetermined by the custodial trustee for the services of the custodial trustee or others. 2021 Acts, ch 8, §15 Sat Dec 23 12:17:53 2023 Iowa Code 2024, Section 633F.15 (2, 0)