Title XIII, COMMERCE (Ch. 505 - 554I)

1. A trust company existing and operating on January 1, 1970 and which was authorized to act only as a trust company may continue to act only in a fiduciary capacity according to the terms of its articles of incorporation. The articles of incorporation of the trust company may be…

An out-of-state bank or a trust company chartered or organized under the laws of another state may only act in a fiduciary capacity in this state if it satisfies the requirements for nonresident corporate fiduciaries pursuant to section 633.64 . 2022 Acts, ch 1062, §96

1. A bank, either acting as a fiduciary or holding securities as a managing agent or custodian, including a custodian for a fiduciary, may deposit securities in a federally regulated clearing corporation as provided in section 633.89 , and in addition may deposit securities, the …

1. A state bank or other entity authorized to act in a fiduciary capacity may enter into an agreement for the succession of any fiduciary accounts with one or more other banks or trust companies, including trust companies organized under the laws of another state, that are author…

1. If a party to a plan of merger was authorized to act in a fiduciary capacity and if the resulting bank is similarly authorized, the resulting bank shall be automatically substituted by reason of the merger as fiduciary of all accounts held in that capacity by such party to the…

This chapter shall be known and may be cited as the “Iowa Banking Act” . [C71, 73, 75, 77, 79, 81, §524.101 ] 84 Acts, ch 1067, §41

The general assembly declares as its purpose in adopting this chapter to provide for: 1. The safe and sound conduct of the business of banking. 2. The conservation of the assets of state banks. 3. The maintenance of public confidence in state banks. 4. The protection of the inter…

As used in this chapter , unless the context otherwise requires, the term: 1. “Account” means any account with a state bank and includes a demand, time or savings deposit account or any account for the payment of money to a state bank. 2. “Administrator” means the person designat…

In the interpretation and construction of this chapter : 1. Transactions or acts validly entered into or performed before July 1, 1995, and the rights, duties and interests flowing from them remain valid on and after July 1, 1995, and may be completed or terminated according to t…

1. The corporate existence of a state bank existing and operating on July 1, 1995, is not affected by the amendment of this chapter . 2. All state banks are subject to the provisions and requirements of this chapter in every particular, and all national banks, out-of-state banks,…

1. A person, other than a state bank which is subject to the provisions of this chapter , an out-of-state bank, and a national bank or federal savings association authorized by the laws of the United States to engage in the business of receiving money for deposit, and except as p…

The provisions of sections 524.809 through 524.812 shall apply, to the extent applicable, to any person engaged in this state in the business of leasing safe deposit boxes for the storage of property. [C71, 73, 75, 77, 79, 81, §524.108 ] 2020 Acts, ch 1063, §301

1. A state bank may be organized under this chapter as a bankers’ bank. The bankers’ bank is subject to all rights, privileges, duties, restrictions, penalties, liabilities, conditions, and limitations applicable to a state bank generally, except as limited in the definition of b…

For the purposes of this chapter , an “affiliate” of a state bank shall include any corporation, trust, estate, association, or other similar organization: 1. Of which a state bank, directly or indirectly, owns or controls either a majority of the voting shares or more than fifty…

1. A state bank shall not make any loan or any extension of credit to, or purchase securities under repurchase agreement from, any of its affiliates, or invest any of its funds in the shares, bonds, capital securities, or other obligations of an affiliate, or accept the shares, b…

1. The provisions of section 524.1102 shall not apply to any affiliate: a. Engaged solely in holding or operating real estate used wholly or substantially by the state bank in its operations or acquired for its future use. b. Engaged solely in conducting a safe-deposit business o…

Any loan or extension of credit to an affiliate, and any investment in the shares, bonds, capital securities or other obligations of an affiliate, excepted by the provisions of section 524.1102 from the requirements of that section, shall continue to be subject to the other provi…

1. For the purpose of determining the condition of a state bank and information concerning the state bank, the superintendent shall have the power to make or cause to be made an examination of any affiliate to the same extent as the superintendent may examine a state bank under t…

Any contract or arrangement for management or financial services which involves payment for these services by a state bank to a person who owns shares in that state bank, or to any other affiliate, must be made in compliance with 12 U.S.C. §371c and 12 U.S.C. §371c-1 , and may be…

1. A state bank may establish and operate any number of bank offices at any location subject to the approval and regulation of the superintendent. The superintendent shall supervise and regulate all out-of-state branches and offices of a state bank. A bank office may furnish all …

Whenever an examination by the superintendent or other supervisory agencies discloses that the operation of a bank office is being conducted in violation of section 524.1201 , the superintendent may forthwith revoke the approval of the bank office. [C71, 73, 75, 77, 79, 81, §524.…

The privileges extended to state banks by sections 524.1201 and 524.1212 and chapter 527 shall be available on the same conditions to national banks to the extent they are so authorized by federal law. [C71, §524.1201(3); C73, 75, 77, 79, 81, §524.1204 ] 2001 Acts, ch 4, §3, 11

A bank, at its locations in this state, shall identify its principal place of business, any bank office, or any bank branch in a manner which includes its legally chartered name or a reasonable variation of such name. A bank doing business in this state electronically shall ident…

Any state bank may utilize a satellite terminal, as defined in section 527.2 , when that satellite terminal is lawfully being operated, at any location within this state. Any transaction engaged in through the use of a satellite terminal shall be deemed to take place at the princ…

A majority of the incorporators, organizers, or initial directors of a state bank that has not issued shares or has not commenced business may dissolve the state bank by delivering articles of dissolution to the superintendent, together with the applicable filing fees, for filing…

Prior to the issuance of an authorization to do business, the superintendent may cause the dissolution of a state bank if there exists any reason why it should not have been incorporated or organized under this chapter or if an authorization to do business has not been issued wit…

1. A state bank which has commenced business may propose to voluntarily dissolve upon the affirmative vote of the holders of at least a majority of the shares entitled to vote on the voluntary dissolution, adopting a plan of dissolution involving both a provision for acquisition …

1. Within ninety days after acceptance of the application for processing, the superintendent shall approve or disapprove the application for voluntary dissolution on the basis of the superintendent’s investigation. As a condition of receiving the decision of the superintendent wi…

1. At any time after the dissolution of a state bank is authorized, the state bank may dissolve by delivering to the superintendent for filing with the secretary of state articles of dissolution setting forth all of the following: a. The name of the state bank. b. The date dissol…

1. The board of directors shall have full power to wind up and settle the affairs of a state bank in voluntary dissolution proceedings, including the power to do all of the following: a. Collecting the assets of the state bank. b. Disposing of its properties that will not be dist…

1. A state bank may, at any time prior to the filing of the articles of dissolution with the secretary of state, revoke voluntary dissolution proceedings as provided for in section 490.1404 . 2. The statement of revocation of voluntary dissolution proceedings, whether by consent …

1. A dissolved state bank may dispose of the known claims against it pursuant to this section . 2. The dissolved state bank shall notify its known claimants in writing of the dissolution at any time after the effective date of the dissolution. The written notice must include all …

1. A dissolved state bank may publish notice of its dissolution and request that persons with claims against the state bank present them in accordance with the notice. 2. The notice made pursuant to this section must satisfy all of the following requirements: a. Be published in a…

Becoming subject to chapter 490 . In lieu of the dissolution procedure prescribed in sections 524.1303 through 524.1306 , a state bank may cease to carry on the business of banking and, after compliance with this section , continue as a corporation subject to chapter 490 . 1. A s…

1. a. In a situation in which the superintendent has required, in accordance with section 524.224 , that the state bank cease to carry on its business, the superintendent shall immediately tender to the federal deposit insurance corporation the receivership for the state bank. Th…

1. Under the receivership, a diligent effort shall be made to collect and realize on the assets of the state bank and to make distribution of the proceeds from time to time to those entitled thereto. The federal deposit insurance corporation may execute assignments, releases, and…

In the distribution of the assets of a state bank which is dissolved under this chapter , or by any other method, the order of payment of the liabilities of the state bank, in the event that its assets are insufficient to pay in full all its liabilities for which claims are made,…

1. The dissolution of a state bank, or the expiration of its period of duration, shall not take away or impair any remedy available to or against such state bank, its directors, officers, or shareholders, for any right or claim existing, or any liability incurred prior to such di…

1. Upon compliance with the requirements of this chapter , one or more state banks, one or more out-of-state banks, one or more national banks, one or more federal savings associations, one or more corporations, or any combination of these entities, with the approval of the super…

The requirements for a merger which must be satisfied by the parties to the merger are as follows: 1. The parties shall adopt a plan of merger which must include all of the following: a. As to each party to the merger, the party’s name, jurisdiction of formation, and type of enti…

1. Upon receipt of an application for approval of a merger and of the supporting items required by section 524.1402, subsection 3 , the superintendent shall conduct such investigation as the superintendent deems necessary to ascertain the following: a. The articles of merger and …

If applicable state or federal laws require the approval of the merger by a federal or state agency, the superintendent may withhold delivery of the approved articles of merger until the superintendent receives notice of the decision of such agency. If the final approval of the a…

1. The merger is effective upon the filing of the articles of merger with the secretary of state, or at any later date and time as specified in the articles of merger. The certificate of merger is conclusive evidence of the performance of all conditions precedent to the merger, a…

1. A shareholder of a state bank, which is a party to a proposed plan of merger which will result in a state bank subject to this chapter , who objects to the plan of merger is entitled to appraisal rights as provided in chapter 490, subchapter XIII . 2. If a shareholder of a nat…

A state bank owning at least ninety percent of the outstanding shares, of each class, of another corporation or limited liability company which it is authorized to own under this chapter may merge the other corporation or limited liability company into itself without approval by …

A national bank or federal savings association, an out-of-state bank, or a state or federally chartered credit union may, subject to the provisions of this chapter , convert into a state bank upon authorization by and compliance with the laws of the United States, adoption of a p…