637.604 - INTERESTED TRUSTEE'S AUTHORITY TO CONVERT. - Iowa Statutes

637.604 INTERESTED TRUSTEE'S AUTHORITY TO CONVERT. If there is no trustee of the trust other than an interested trustee, the interested trustee or, where two or more persons are acting as trustee and are interested trustees, a majority of such interested trustees may, in the trustee's sole discretion and without the approval of the court, do any of the following subject to the requirements of section 637.605: 1. Convert an income trust to a total return unitrust. 2. Reconvert a total return unitrust to an income trust. 3. Change the method used to determine the fair market value of the trust.          Section History: Recent Form 2002 Acts, ch 1086, §8, 21 Referred to in § 637.605, 637.606, 637.613