Title XV, JUDICIAL BRANCH AND JUDICIAL PROCEDURES (Ch. 595 - 686D)

Once in each year, and more often if required by the court, the person so appointed must, on oath, render to the court an account in writing of all moneys so received by that person, and of the application thereof. [C51, §2510; R60, §4118; C73, §254; C97, §367; C24, 27, 31, 35, 3…

When it is admitted by the pleadings, or shown by the examination of a party, that the party has in the party’s possession, or under the party’s control, any money or property capable of delivery, which is in any degree the subject of litigation, and which is held by the party as…

A defective bond or other security or affidavit in any case shall not prejudice the party giving or making the bond, security, or affidavit, provided that the defect is rectified, within a reasonable time after the defect is discovered, so as not to cause essential injury to the …

Whenever a court, in the exercise of its authority, has ordered the deposit or delivery of money or other property, and the order is disobeyed, such court, besides punishing the disobedience, may make an order requiring the sheriff to take the money or property, and deposit or de…

Whenever any fiduciary not governed by the probate code shall desire to make a final report, and shall then have in the fiduciary’s possession or under the fiduciary’s control any funds, moneys, or securities due, or to become due, to any heir, legatee, devisee, or other person, …

If a fiduciary not governed by the probate code shall otherwise discharge all the duties imposed upon that fiduciary by such appointment, the fiduciary may take the receipt of the clerk of the district court for such funds, moneys, or securities so deposited, which receipt shall …

A fiduciary not governed by the probate code may file the receipt described in section 636.32 with the fiduciary’s final report, and if it shall be made to appear to the satisfaction of the court that the fiduciary has in all other respects complied with the law governing the fid…

Notice of a contemplated deposit under section 636.31 , and of final report, shall be given for the same time and in the same manner as is now required in cases of final report by personal representatives under the probate code. [C97, §370; S13, §370; C24, 27, 31, 35, 39, § 12781…

1. The clerk of the district court with whom any deposit of funds, moneys, or securities shall be made, as provided by any law or an order of court, shall enter in a book, to be provided and kept for that purpose, the amount of such deposit, the character thereof, the date of its…

The clerk shall be liable upon the clerk’s bond for all such funds, moneys, or securities which may be deposited with the clerk and shall make complete verified statements thereof as required by the supreme court. [C97, §371; S13, §371; C24, 27, 31, 35, 39, § 12783; C46, 50, 54, …

Each personal surety shall execute and file with the clerk an affidavit that the surety owns real estate subject to execution, other than real estate held in joint tenancy between persons other than cosureties, equal to double the amount of the bond, and shall include in the affi…

1. Insurance companies, savings associations, trustees, guardians, executors, administrators, and other fiduciaries, the state and its political subdivisions, and institutions and agencies thereof, and all other persons, associations, and corporations: a. May make such loans and …

No law of this state requiring security upon which loans or investments may be made, or prescribing the nature, amount or form of such security, or prescribing or limiting interest rates upon loans or investments which may be made, shall be deemed to apply to loans or investments…

It shall be lawful for any party of whom a bond, undertaking or other obligation is required, to agree with the party’s surety or sureties for the deposit of any or all moneys and assets for which the party and the party’s surety or sureties are or may be held responsible, with a…

Attorneys at law shall not be accepted as sureties upon any official bonds provided for in section 636.4 . [S13, §358; C24, 27, 31, 35, 39, § 12755; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §682.5 ] C93, §636.5 Referred to in §636.6 , 636.7 Qualifications for sureties on …

Whenever the board of supervisors of any county shall have knowledge that any attorney at law is surety upon any official bond, as prohibited under section 636.5 , it shall require the officer to forthwith file a new bond. [S13, §358; C24, 27, 31, 35, 39, § 12756; C46, 50, 54, 58…

Nothing in sections 636.5 and 636.6 shall exempt such person from any liability upon the bond signed by the person. [S13, §358; C24, 27, 31, 35, 39, § 12757; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §682.7 ] C93, §636.7

The officer whose duty it is to take a surety in any bond provided for or authorized by law shall require the person offered as surety to make affidavit of the person’s qualification, which affidavit may be made before such officer, or other officer authorized to administer oaths…

The taking of an affidavit under section 636.8 shall not exempt the officer from any liability to which the officer might otherwise be subject for taking insufficient security. [R60, §4125; C73, §250; C97, §359; C24, 27, 31, 35, 39, § 12759; C46, 50, 54, 58, 62, 66, 71, 73, 75, 7…

This Act may be cited as the “Uniform Principal and Income Act” . 99 Acts, ch 124, §1

As used in this chapter : 1. “Accounting period” means a calendar year, unless another twelve-month period is selected by a fiduciary. The term includes a portion of a calendar year or other twelve-month period that begins when an income interest begins or ends when an income int…

1. In allocating receipts and disbursements to or between principal and income, and in any matter within the scope of subchapters II and III , a fiduciary shall do all of the following: a. Administer a trust or estate in accordance with the terms of the trust or the will, even if…

After a decedent dies, in the case of an estate, or after an income interest in a trust ends, the following rules apply: 1. A fiduciary of an estate or a terminating income interest shall determine the amount of net income and net principal receipts received from property specifi…

1. Each beneficiary described in section 637.201, subsection 4 , is entitled to receive a portion of the net income equal to the beneficiary’s fractional interest in undistributed principal assets, using values as of the distribution date. If a fiduciary makes more than one distr…

1. An income beneficiary is entitled to net income from the date on which the income interest begins. An income interest begins on the date specified in the terms of the trust or, if no date is specified, on the date an asset becomes subject to a trust or successive income intere…

1. An income receipt or disbursement other than one to which section 637.201, subsection 1 , applies must be allocated to principal if its due date occurs before a decedent dies in the case of an estate, or before an income interest begins in the case of a trust or successive inc…

1. For purposes of this section , “undistributed income” means net income received before the date on which an income interest ends. The term does not include an item of income or expense that is due or accrued or net income that has been added or is required to be added to princ…

1. For purposes of this section , “entity” means a corporation, partnership, joint venture, limited liability company, regulated investment company, real estate investment trust, common trust fund, and any other organization in which a trustee has an interest other than a trust o…

1. Subject to the terms of a recipient trust, an amount received as a distribution of income from a trust or an estate in which the trust has an interest other than a purchased interest shall be allocated to income. 2. An amount received as a distribution of principal from such a…

1. If a trustee who conducts a business or other activity determines that it is in the best interest of all the beneficiaries to account separately for the business or activity instead of accounting for it as part of the trust’s general accounting records, the trustee may maintai…

The following items must be allocated to principal: 1. To the extent not allocated to income under this chapter , assets received from any of the following sources: a. A transferor during the transferor’s lifetime. b. A decedent’s estate. c. A trust with a terminating income inte…

1. An amount received as rent of real or personal property, including an amount received for cancellation or renewal of a lease, must be allocated to income. 2. An amount received as a refundable deposit, including a security deposit or a deposit that is to be applied as rent for…

1. An amount received as interest, whether determined at a fixed, variable, or floating rate, on an obligation to pay money to the trustee, including an amount received as consideration for prepaying principal, must be allocated to income without any provision for amortization of…

1. Proceeds from a life insurance policy whose beneficiary is the trust or its trustee or a policy that insures the trust or its trustee against loss for the damage or destruction of, or loss of title to, a principal asset must be allocated to principal. Dividends received from a…

1. If a trustee determines that an allocation between principal and income required by sections 637.421 through 637.424 or section 637.427 is insubstantial, the trustee may allocate the entire receipt to principal. 2. An allocation is presumed to be insubstantial if either of the…

1. For purposes of this section , the following definitions shall apply: a. “Payments” means a payment that a trustee may receive over a fixed number of years or during the life of one or more individuals because of services rendered or property transferred to the payor in exchan…

1. In this section , “liquidating asset” means an asset whose value will diminish or terminate because the asset is expected to produce receipts for a period of limited duration. The term includes leaseholds, patents, trademarks, copyrights, royalty rights, and rights to receive …

1. Receipts from an interest in minerals or other natural resources must be allocated according to the type of payment, as follows: a. If received as nominal delay rental or annual rent on a lease, a receipt must be allocated to income. b. If received from a production payment, a…

1. A trustee may account for net receipts from the sale of timber and related products under subsection 2 or section 637.403 or, if the trustee determines that net receipts are insubstantial, may allocate the net receipts to principal. The presumptions in section 637.420 apply in…

1. If a marital deduction is allowed for all or part of a trust whose assets consist substantially of property that does not provide the surviving spouse with sufficient income from or use of the trust assets, the spouse may require the trustee to make property productive of inco…

1. For purposes of this section , “derivative” means a contract or financial instrument or a combination of contracts and financial instruments which gives a trust the right or obligation to participate in some or all changes in the price of a tangible or intangible asset or grou…

1. For purposes of this section , “asset-backed security” means an asset whose value is based upon the right it gives the owner to receive distributions from the proceeds of financial assets that provide collateral for the security. The term includes an asset that gives the owner…

A trustee shall make disbursements from income, to the extent that they are not disbursements to which section 637.201, subsection 2 , paragraph “b” or “c” , applies, according to the following: 1. One-half of the regular compensation of the trustee and of any person providing in…

1. A trustee shall make disbursements from principal according to the following: a. The remaining one-half of the disbursements described in section 637.501, subsections 1 and 2 . b. All of the trustee’s compensation calculated on principal as an acceptance, distribution, or term…

1. For purposes of this section , “depreciation” means a reduction in value of a fixed asset having a useful life of more than one year due to wear, tear, decay, corrosion, or gradual obsolescence. 2. A trustee may transfer to principal a reasonable amount of the net cash receipt…

1. If a trustee makes or expects to make a principal disbursement described in this section , the trustee may transfer an appropriate amount from income to principal in one or more accounting periods to reimburse principal or to provide a reserve for future principal disbursement…