Iowa Code § 633.124

Investment may be held in name of nominee of bank or trust company
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Any state or national bank or trust company, when acting with theconsent of itscofiduciary, ifany, may cause any investment held in any such capacity to be registered and held in the name of a nominee or nominees of such bank or trust company. Such cofiduciary is hereby empowered to give such consent unless itisspecifically forbidden in the instrument creating the fiduciary relationship. Such bank or trust company shall be liable for the acts ofany such nominee with respect to any investment so registered.

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