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Although not a signatory, the conservator sought approval of
the 1995 FSA from the district court. In granting such approval,
the court found the agreement to be in decedent's best interest
and specifically authorized the conservator "to perform such acts
as are necessary to effectuate the terms and conditions" of the
agreement. The 1995 FSA prohibited the conservator and decedent
from transferring the FABG stock without the consent of the Rod
Amlie Family, and it required decedent's personal representative
to sell the stock at the price prescribed in the agreement if the
Rod Amlie Family exercised its option to purchase. Given the
district court's order and the foregoing terms of the 1995 FSA,
we are persuaded that decedent and the conservator were legally
bound to avoid transfer of the FABG stock without consent during
decedent's lifetime, and that the Rod Amlie Family had an
enforceable right against decedent's estate to purchase the FABG
stock (not passing to them by bequest) at the prescribed price.
See Iowa Code sec. 633.71 (1992) (court orders bind conservator);
Iowa Code sec. 633.637 (2003) (powers of ward under
conservatorship restricted); In re Harker's Estate, 85 N.W. 786,
22(...continued)
purchase option on all members of the Rod Amlie Family, which
included Rod as well as the Rod Amlie Trust. Thus, we are
unpersuaded that the status of the Rod Amlie Trust at the time of
execution of the 1995 FSA defeated the creation of an enforceable
right in other members of the Rod Amlie Family (who could have
transferred such right to the Trust when it was created).
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