Iowa Code § 556.7

Current through March 29, 2024

Section 556.7 - Property held by fiduciaries

All intangible personal property and any income or increment thereon, held in a fiduciary capacity for the benefit of another person is presumed abandoned unless the owner has, within three years after it becomes payable or distributable, increased or decreased the principal, accepted payment of principal or income, corresponded in writing concerning the property, or otherwise indicated an interest as evidenced by a memorandum on file with the fiduciary which shall have been dated and may have been prepared by the fiduciary or by the owner:

1. If the property is held by a banking organization or a financial organization, or by a business association organized under the laws of or created in this state; or

2. If it is held by a business association, doing business in this state, but not organized under the laws of or created in this state, and the records of the business association indicate that the last known address of the person entitled thereto is in this state; or

3. If it is held in this state by any other person.

Iowa Code § 556.7

84 Acts, ch 1295, §11; 91 Acts, ch 267, §629

C71, 73, 75, 77, 79, 81, §556.7 84 Acts, ch 1295, §11; 91 Acts, ch 267, §629

Referred to in §556.10