Read the full stored bill text
House
File
713
-
Introduced
HOUSE
FILE
713
BY
THOMSON
A
BILL
FOR
An
Act
relating
to
probate
law,
including
providing
notice
to
1
named
beneficiaries
and
a
process
for
named
beneficiaries
to
2
obtain
ownership
of
property
held
by
others.
3
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
4
TLSB
2737YH
(3)
91
cm/jh
H.F.
713
Section
1.
NEW
SECTION
.
633.359
Beneficiary
notice
——
1
affidavits
——
third-party
protection.
2
1.
For
purposes
of
this
section,
“beneficiary
designation”
3
means
the
same
as
defined
in
section
633.358,
subsection
1.
4
2.
If
the
holder
of
property
that
has
a
beneficiary
5
designation
has
been
notified
of
the
death
of
the
owner
of
the
6
property,
the
holder
of
property
shall
within
ten
business
days
7
provide
notice
to
each
person
listed
under
the
beneficiary
8
designation
that
the
person
may
have
a
right
to
the
property
9
and
provide
the
person
with
the
contact
information
of
the
10
holder
of
the
property.
11
3.
A
person
listed
under
the
beneficiary
designation
may
12
present
an
affidavit
to
the
holder
of
the
property
or
to
any
13
person
with
information
about
the
property
for
the
purpose
of
14
obtaining
the
property
or
information
regarding
the
property.
15
The
affidavit
must
state
all
of
the
following:
16
a.
The
decedent’s
name
and
last
known
address.
17
b.
A
general
description
of
the
property
to
the
extent
18
known.
19
c.
The
person
listed
under
the
beneficiary
designation’s
20
name,
address,
and
primary
contact
information.
21
d.
A
request
that
the
property
be
paid
or
transferred
to
22
the
person
listed
under
the
beneficiary
designation
or
that
23
information
about
the
property
be
given
to
the
person
listed
24
under
the
beneficiary
designation.
25
e.
No
one
other
than
the
person
listed
under
the
beneficiary
26
designation
has
a
right
to
the
interest
in
the
property
listed
27
in
the
affidavit.
28
f.
The
affidavit
has
been
signed
by
the
person
listed
under
29
the
beneficiary
designation
under
penalty
of
perjury
before
a
30
notary
public
as
provided
in
chapter
9B.
31
g.
The
information
in
the
affidavit
is
true
and
correct.
32
4.
The
holder
of
the
property
shall
not
request
any
33
additional
personal
information
from
the
person
listed
under
34
the
beneficiary
designation,
including
but
not
limited
to
any
35
-1-
LSB
2737YH
(3)
91
cm/jh
1/
5
H.F.
713
of
the
following:
1
a.
Social
security
number
or
driver’s
license
number.
2
b.
Contact
information.
3
c.
Personal
financial
information.
4
5.
If
the
requirements
of
this
section
are
satisfied,
all
5
of
the
following
apply:
6
a.
The
decedent’s
property
shall
be
paid,
delivered,
or
7
transferred
to
or
for
the
benefit
of
the
person
listed
under
8
the
beneficiary
designation
if
the
affidavit
has
requested
the
9
transfer
of
ownership
of
the
property
to
the
person.
10
b.
A
transfer
agent
of
a
security
described
in
the
11
affidavit
shall
change
registered
ownership
on
the
books
of
12
the
corporation
from
the
decedent
to
or
for
the
benefit
of
13
the
person
listed
under
the
beneficiary
designation
if
the
14
affidavit
has
requested
the
transfer
of
ownership
of
the
15
property
to
the
person.
16
c.
The
information
requested
in
the
affidavit
shall
be
17
delivered
to
the
person.
18
6.
The
holder
of
the
property
and
any
person
who
in
good
19
faith
delivers
the
property
or
information
requested
in
20
reliance
on
information
a
person
listed
under
the
beneficiary
21
designation
provides
under
this
section,
who
has
no
knowledge
22
that
representations
contained
in
the
affidavit
are
incorrect,
23
shall
not
be
liable
to
any
person
for
so
acting
and
may
assume
24
without
inquiry
the
existence
of
the
facts
contained
in
the
25
affidavit.
The
time
to
verify
a
person
listed
under
the
26
beneficiary
designation
authority
shall
not
exceed
thirty
days
27
from
the
date
of
delivery
of
the
affidavit.
Any
right
or
28
title
acquired
from
the
person
listed
under
the
beneficiary
29
designation
in
consideration
of
the
provision
of
property
or
30
information
under
this
section
is
not
invalid
in
consequence
31
of
misapplication
by
the
person
listed
under
the
beneficiary
32
designation.
A
transaction
and
a
lien
created
by
a
transaction
33
entered
into
by
the
person
listed
under
the
beneficiary
34
designation
and
anyone
acting
in
reliance
on
the
affidavit
35
-2-
LSB
2737YH
(3)
91
cm/jh
2/
5
H.F.
713
under
this
section
is
enforceable
against
the
property
the
1
person
has
requested.
2
7.
If
the
holder
of
the
property
refuses
to
provide
3
the
requested
property
or
information
within
thirty
days
4
after
receiving
the
affidavit,
the
person
listed
under
the
5
beneficiary
designation
may
bring
an
action
against
the
6
holder
of
the
property
to
recover
the
property
or
receive
the
7
information
or
to
compel
the
delivery
of
the
property.
An
8
action
brought
under
this
section
must
be
brought
within
one
9
year
after
the
date
of
the
act
or
failure
to
act.
If
the
court
10
finds
that
the
holder
of
the
property
acted
unreasonably
in
11
failing
to
deliver
the
property
or
information
as
requested
in
12
the
affidavit,
the
court
may
award
to
the
person
listed
under
13
the
beneficiary
designation
any
or
all
of
the
following:
14
a.
Damages
sustained
by
the
person.
15
b.
Costs
of
the
action.
16
c.
A
penalty
in
an
amount
determined
by
the
court
between
17
five
hundred
dollars
and
ten
thousand
dollars.
18
d.
Reasonable
attorney
fees
based
on
the
value
of
the
time
19
reasonably
expended
by
the
attorney
and
not
by
the
amount
of
20
the
recovery
on
behalf
of
the
person.
21
EXPLANATION
22
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
23
the
explanation’s
substance
by
the
members
of
the
general
assembly.
24
This
bill
relates
to
probate
law
regarding
notice
provided
25
to
named
beneficiaries.
The
bill
provides
that
if
a
holder
of
26
property
that
has
a
beneficiary
designation
owned
by
a
decedent
27
has
been
notified
of
the
death
of
the
decedent,
the
property
28
holder
shall
within
10
business
days
notify
each
person
listed
29
under
the
beneficiary
designation
that
the
person
may
have
a
30
right
to
the
property
and
provide
contact
information
of
the
31
holder.
For
purposes
of
the
bill,
beneficiary
designation
32
means
the
provision
in
an
instrument
designating
a
beneficiary,
33
including
an
annuity
or
insurance
policy,
an
account
with
a
34
designation
for
payment
on
death,
a
security
registered
in
35
-3-
LSB
2737YH
(3)
91
cm/jh
3/
5
H.F.
713
beneficiary
form,
a
pension,
profit-sharing,
retirement,
or
1
other
employment-related
benefit
plan,
and
any
other
nonprobate
2
transfer
at
death.
3
The
bill
allows
a
person
listed
under
the
beneficiary
4
designation
to
present
an
affidavit
to
any
person
for
the
5
purpose
of
obtaining
property,
or
information
regarding
6
property,
owned
by
a
decedent
for
which
the
person
is
a
7
designated
beneficiary.
The
bill
provides
the
representations
8
and
requirements
of
the
affidavit
presented.
The
bill
9
prohibits
a
person
from
requesting
any
additional
personal
10
information
of
a
person
listed
under
the
beneficiary
11
designation.
12
The
bill
provides
that
upon
completion
of
the
bill’s
13
requirements,
the
person
listed
under
the
beneficiary
14
designation
shall
receive
the
decedent’s
property
as
the
15
beneficiary
and
a
transfer
agent
of
a
security
described
in
the
16
affidavit
shall
change
registered
ownership
on
the
books
of
17
the
corporation
from
the
decedent
to
or
for
the
benefit
of
the
18
successor.
The
bill
provides
that
a
person
in
good
faith
that
19
relies
upon
and
has
no
knowledge
that
the
representations
in
20
the
affidavit
are
incorrect
shall
not
be
liable
to
any
person
21
for
so
acting
in
reliance
of
the
affidavit.
The
person
who
22
received
the
request
has
30
days
to
verify
the
affidavit
and
23
provide
the
information
or
requested
property
to
the
person
24
listed
under
the
beneficiary
designation.
Upon
failing
to
do
25
so,
the
person
listed
under
the
beneficiary
designation
may
26
bring
an
action
to
recover
the
property,
information,
or
to
27
compel
the
delivery
of
the
property
against
the
person
to
whom
28
the
person
listed
under
the
beneficiary
designation
presented
29
the
affidavit.
The
bill
allows
an
action
to
be
brought
within
30
one
year
after
the
date
of
the
act
or
failure
to
act.
If
the
31
person
listed
under
the
beneficiary
designation
prevails
in
the
32
court
action,
the
court
may
also
award
damages
sustained,
costs
33
of
the
action,
a
penalty
determined
by
the
court
of
not
less
34
than
$500
and
not
more
than
$10,000,
and
reasonable
attorney
35
-4-
LSB
2737YH
(3)
91
cm/jh
4/
5
H.F.
713
fees.
1
-5-
LSB
2737YH
(3)
91
cm/jh
5/
5