House File 2366 - Enrolled
House File 2366
AN ACT
RELATING TO PROBATE LAW, INCLUDING CHARITABLE ORGANIZATIONS AS
NAMED BENEFICIARIES.
3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
1 Section 1. NEW SECTION. 633.358 Charitable organization
2 beneficiary affidavit and third-party protection.
3 1. For the purposes of this section, “beneficiary
4 designation” means the provision in an instrument designating a
5 beneficiary, other than in a will or an instrument creating a
6 trust, and may also mean the instrument itself, including but
7 not limited to any of the following:
8 a. An annuity or insurance policy.
9 b. An account with a designation for payment on death.
10 c. A security registered in beneficiary form.
11 d. A pension, profit-sharing, retirement, or other
12 employment-related benefit plan.
13 e. Any other nonprobate transfer at death.
14 2. If a charitable organization, as defined in section
15 15E.311, is a beneficiary of an interest in property created
16 by beneficiary designation, that charitable organization may
17 present an affidavit to the holder of the property or to any
18 person with information about the property for the purpose of
19 obtaining the property or information regarding the property.
20 The affidavit shall state all of the following:
21 a. The decedent’s name and last known address.
22 b. A general description of the property to the extent
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23 known.
24 c. The charitable organization’s name, address, and primary
25 contact information.
26 d. The charitable organization is a charitable organization
27 as defined in section 15E.311.
28 e. A request that the property be paid or transferred to the
29 charitable organization or that information about the property
30 be given to the charitable organization.
31 f. No one other than the charitable organization has a right
32 to the interest in the property listed in the affidavit.
33 g. The affidavit has been signed by a duly authorized
34 representative of the charitable organization under penalty of
35 perjury before a notary public as provided in chapter 9B.
1 h. The information in the affidavit is true and correct.
2 3. The affidavit shall be accompanied by all of the
3 following:
4 a. A copy of the charitable organization’s determination
5 letter from the internal revenue service recognizing its
6 tax-exempt status.
7 b. A copy of the charitable organization’s certificate
8 of existence issued by the secretary of state as conclusive
9 evidence that the domestic or foreign corporation is in good
10 standing.
11 c. A statement that on information or belief of the affiant,
12 the property owner is deceased supported by a death certificate
13 of the decedent, or probate notice published by the personal
14 representative of the decedent’s estate, or proof of payment of
15 the decedent’s funeral expenses, or the decedent’s obituary as
16 verification of the decedent’s death.
17 d. A corporate resolution or similar statement of authority
18 of the affiant to act on behalf of the charitable organization.
19 e. Federal internal revenue service form W-9 completed by an
20 authorized representative of the charitable organization.
21 4. The holder of the property shall not request any
22 additional personal information from any individual employed
23 by, or serving on the board of the charitable organization,
24 including but not limited to any of the following:
25 a. Social security number or driver’s license number.
26 b. Contact information.
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27 c. Personal financial information.
28 5. If the requirements of this section are satisfied, all
29 of the following apply:
30 a. The decedent’s property shall be paid, delivered,
31 or transferred to or for the benefit of the charitable
32 organization if the affidavit has requested the transfer of
33 ownership of the property to the charitable organization.
34 b. A transfer agent of a security described in the
35 affidavit shall change registered ownership on the books of
1 the corporation from the decedent to or for the benefit of
2 the charitable organization if the affidavit has requested
3 the transfer of ownership of the property to the charitable
4 organization.
5 c. The information requested in the affidavit shall be
6 delivered to the organization.
7 6. The holder of the property and any person who in good
8 faith delivers the property or information requested in
9 reliance on information a charitable organization provides
10 under this section, who has no knowledge that representations
11 contained in the affidavit are incorrect, shall not be liable
12 to any person for so acting and may assume without inquiry the
13 existence of the facts contained in the affidavit. The time to
14 verify a charitable organization’s authority shall not exceed
15 thirty days from the date of delivery of the affidavit. Any
16 right or title acquired from the charitable organization in
17 consideration of the provision of property or information under
18 this section is not invalid in consequence of misapplication by
19 the charitable organization. A transaction and a lien created
20 by a transaction entered into by the charitable organization
21 and anyone acting in reliance on the affidavit under this
22 section is enforceable against the property the charitable
23 organization has requested.
24 7. If the holder of the property refuses to provide the
25 requested property or information within thirty days after
26 receiving the affidavit, the charitable organization may bring
27 an action against the holder of the property to recover the
28 property or receive the information or to compel the delivery
29 of the property. An action brought under this section must be
30 brought within one year after the date of the act or failure to
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31 act. If the court finds that the holder of the property acted
32 unreasonably in failing to deliver the property or information
33 as requested in the affidavit, the court may award to the
34 charitable organization any or all of the following:
35 a. Damages sustained by the charitable organization.
1 b. Costs of the action.
2 c. A penalty in an amount determined by the court between
3 five hundred dollars and ten thousand dollars.
4 d. Reasonable attorney fees based on the value of the time
5 reasonably expended by the attorney and not by the amount of
6 the recovery on behalf of the charitable organization.
______________________________ ______________________________
PAT GRASSLEY AMY SINCLAIR
Speaker of the House President of the Senate
I hereby certify that this bill originated in the House and
is known as House File 2366, Ninetieth General Assembly.
______________________________
MEGHAN NELSON
Chief Clerk of the House
Approved _______________, 2024 ______________________________
KIM REYNOLDS
Governor