In the Matter of the Conservatorship of Rose v. Alessio, Michael a. Leo, of the Estate of Rose v. Alessio v. First Community Trust, N.A., 803 N.W.2d 656

Rose Alessio died at 89 after being under conservatorship; FCT was appointed conservator with Leo as executor of Rose’s estate.
Conservator investments were made without prior court approval under Iowa Code §633.647(1).
Leo asserted the investments were imprudent and breached fiduciary duties; liquidation losses followed in fall 2008.
District court dismissed the claim; court of appeals affirmed; case proceeded on de novo review in Supreme Court.
Court held that failure to seek prior court approval does not automatically render conservator liable; breach of fiduciary duty must be proven under §633.633A.
Final disposition: affirm appellate and district court decisions; no personal liability absent fiduciary breach.

Issue	Plaintiff's Argument	Defendant's Argument	Held
Is the conservator strictly liable for noncompliance with §633.647(1)?	Leo	FCT	No; strict liability not imposed; must prove fiduciary breach.

In re Jefferson's Estate, 219 Iowa 429, 257 N.W. 783 (Iowa 1934) (prior-approval failures liable for loss under old rule)
In re Guardianship of Nolan, 216 Iowa 903, 249 N.W. 648 (Iowa 1933) (historical basis for prior-approval doctrine)
In re Cory's Estate, 184 N.W.2d 693 (Iowa 1971) (statutory probate framework governing fiduciaries)
Roehlke's Estate, 231 N.W.2d 26 (Iowa 1975) (scope of probate review; equity vs. law under Code)
State v. Allen, 708 N.W.2d 361 (Iowa 2006) (statutory interpretation principles governing fiduciaries)