633A.4601 - PERSONAL LIABILITY -- LIMITATIONS. - Iowa Statutes

633A.4601 PERSONAL LIABILITY -- LIMITATIONS. 1. Except as otherwise provided in the contract or in this part, a trustee is not personally liable on a contract properly entered into in the trustee's fiduciary capacity in the course of administration of the trust unless the trustee fails to reveal the representative capacity or identify the trust in the contract. 2. A trustee is personally liable for obligations arising from ownership or control of trust property, including liability for environmental law violations, and for torts committed in the course of administering a trust only if the trustee is personally at fault. 3. A claim based on a contract entered into by a trustee in the trustee's representative capacity, on an obligation arising from ownership or control of trust property, or on a tort committed in the course of administering a trust may be asserted against the trust by proceeding against the trustee in the trustee's representative capacity, whether or not the trustee is personally liable on the claim. 4. A question of liability as between the trust and the trustee personally may be determined in a proceeding brought under section 633A.6202.          Section History: Recent Form 99 Acts, ch 125, §79, 109 C2001, §633.4601 2002 Acts, ch 1107, §19; 2005 Acts, ch 38, §54, 55 CS2005, §633A.4601