Leo v. First Cmty. Trust, N.A.

An executor brought a cause of action against a bank for failing to obtain approval for investments it made on behalf of the deceased when the deceased was under conservatorship and the bank acted as conservator. The district court dismissed the executor's claim. The court of appeals affirmed. The Supreme Court affirmed, holding (1) the conservator's failure to seek prior approval of the investment of the ward's property under Iowa Code 633.647 did not, in and of itself, make the conservator personally liable for losses caused by the investment; (2) to find the conservator personally liable for losses caused by an investment, the executor must prove a breach of fiduciary duty under Iowa Code 633.633A; and (3) in this case, the executor failed to prove a breach of fiduciary duty.