Ind. Code § 30-4-10-17 — Indiana Code / Title 30 / Article 4 / Chapter 10 / Section 30-4-10-17
"General power of appointment"
Status: in_force

Sec. 17. As used in this chapter, "general power of appointment" means a power of appointment exercisable in favor of:

(1) a powerholder;

(2) a powerholder's estate;

(3) a creditor of the powerholder; or

(4) a creditor of the powerholder's estate.

As added by P.L.161-2022, SEC.3.
Ind. Code § 30-4-6-7 — Indiana Code / Title 30 / Article 4 / Chapter 6 / Section 30-4-6-7
Filing copy of trust instrument as part of proceeding
Status: in_force

Sec. 7. (Filing Copy of Trust Instrument as Part of Proceeding)

(a) In any proceeding under IC 30-2-14, IC 30-2-15, or this article, any petitioner or other interested person, including but not limited to a trustee or beneficiary, may file a copy of the trust instrument for the trust with the court, to make the trust's terms a part of the court's records. If there is a dispute about whether the trust has been amended or restated or about which version of a trust instrument is a valid version, two (2) or more parties may file copies of different trust instruments or amendments so that the court is aware of their contents.

(b) Permissible methods for filing a copy of the trust instrument with the court under subsection (a) include filing the copy as an exhibit or attachment to a petition for substantive relief under this article. A separate petition to "docket" the trust or to permit the filing of a copy of the trust instrument is not required.

(c) Upon the filing of a copy of the trust instrument with the court, a presumption arises that the trust's terms have been properly presented to the court. The presumption may be rebutted on a showing that:

(1) the court lacks subject matter jurisdiction over the trust; or

(2) the proceeding has not been filed in the proper venue under section 3 of this chapter.

The filing of a copy of a trust instrument under this section does not preclude any interested person from asserting claims or defenses regarding the validity, interpretation, or administration of the trust or from cross-petitioning for relief under this title.

(d) If:

(1) a trustee, beneficiary, or other interested person files a proceeding under IC 30-2-14, IC 30-2-15, or this article with respect to a trust; and

(2) a copy of the trust instrument is not filed with the court under subsection (a);

the court may order any party to file a copy of the trust instrument as a condition to entertaining or hearing a petition for substantive relief with respect to the trust.

(e) The filing of the trust instrument under subsection (a) shall not result in continuing supervisory jurisdiction by the court. Upon conclusion of the proceeding, unless otherwise ordered by the court, the clerk shall remove the trust instrument from the court's records.

Formerly: Acts 1971, P.L.416, SEC.7. As amended by P.L.162-2022, SEC.21.
Ind. Code § 30-5-5-17 — Indiana Code / Title 30 / Article 5 / Chapter 5 / Section 30-5-5-17
Consent to or refusal of health care
Status: in_force

Sec. 17. (a) If the attorney in fact has the authority to consent to or refuse health care under section 16(b)(2) of this chapter, the attorney in fact may be empowered to ask in the name of the principal for health care to be withdrawn or withheld when it is not beneficial or when any benefit is outweighed by the demands of the treatment and death may result. To empower the attorney in fact to act under this section, the following language must be included in an appointment under IC 16-36-1 or IC 16-36-7 in substantially the same form set forth below:

I authorize my health care representative to make decisions in my best interest concerning withdrawal or withholding of health care. If at any time based on my previously expressed preferences and the diagnosis and prognosis my health care representative is satisfied that certain health care is not or would not be beneficial or that such health care is or would be excessively burdensome, then my health care representative may express my will that such health care be withheld or withdrawn and may consent on my behalf that any or all health care be discontinued or not instituted, even if death may result.

My health care representative must try to discuss this decision with me. However, if I am unable to communicate, my health care representative may make such a decision for me, after consultation with my physician or physicians and other relevant health care givers. To the extent appropriate, my health care representative may also discuss this decision with my family and others to the extent they are available.

(b) Nothing in this section may be construed to authorize euthanasia.

As added by P.L.149-1991, SEC.2. Amended by P.L.2-1993, SEC.155; P.L.32-2021, SEC.88; P.L.50-2021, SEC.75.
Ind. Code § 30-5-3-3 — Indiana Code / Title 30 / Article 5 / Chapter 3 / Section 30-5-3-3
Recording power of attorney
Status: in_force

Sec. 3. (a) Except as provided in subsection (b), an attorney in fact may act under a power of attorney, including executing an instrument on the principal's behalf under IC 30-5-8-8, without recording the power of attorney with the county recorder.

(b) An attorney in fact shall record the power of attorney authorizing the execution of a document that must be recorded before presenting the document for recording.

(c) A county recorder may not accept a document for recording if the document:

(1) was executed; and

(2) is presented;

by an attorney in fact whose power of attorney is unrecorded.

(d) Except as provided in subsection (e), a document creating a power of attorney must comply with recording requirements, including notary and preparation statements, to be recorded under this section.

(e) An original document that created a power of attorney or a copy of the document that created the power of attorney may be recorded under this section if:

(1) the original document was executed by the principal in accordance with IC 30-5-4-1(a)(4)(B) or IC 30-5-11-4(a)(2); and

(2) a proof (as defined in IC 32-21-2-1.7) that:

(A) is signed by at least one (1) of the attesting witnesses; and

(B) complies with IC 33-42;

is attached to the original document or the copy.

(f) A document that is presented by an attorney in fact for recording must reference the book and page or instrument number where the instrument creating the power of attorney is recorded before the document may be presented by the attorney in fact.

As added by P.L.149-1991, SEC.2. Amended by P.L.99-2024, SEC.17.
Ind. Code § 30-5-2-5.5 — Indiana Code / Title 30 / Article 5 / Chapter 2 / Section 30-5-2-5.5
"Internal Revenue Code"
Status: in_force

Sec. 5.5. Notwithstanding IC 1-1-4-4 and IC 6-3-1-11, "Internal Revenue Code" means the Internal Revenue Code of 1986 of the United States as amended from time to time.

As added by P.L.238-2005, SEC.47.
Ind. Code § 30-2-13-29 — Indiana Code / Title 30 / Article 2 / Chapter 13 / Section 30-2-13-29
Fund uses; complaints; annual review
Status: in_force

Sec. 29. (a) Money in the fund may be used to provide restitution to a seller who performs a defaulted contract, to a purchaser, or to a purchaser's estate for pecuniary loss arising from a trust or an escrow required by:

(1) this chapter;

(2) IC 23-14-49-1;

(3) IC 30-2-9; or

(4) IC 30-2-10.

The repeal of a statute cited in this subsection does not terminate the ability of a party to a contract made under the repealed statute to receive restitution under this chapter.

(b) The purchaser, seller, or other interested person must request restitution by filing a verified complaint with the board.

(c) The board may investigate any verified complaint. Within one hundred eighty (180) days after a verified complaint is filed, the board shall determine if a seller has defaulted on a contract. If the seller's obligation to perform under the contract cannot be collected from the seller, the board may order the state comptroller to make restitution from the fund.

(d) The amount of restitution may not exceed the gross amount of the original contract plus interest, compounded annually, on the gross amount that is figured, for each year or part of a year for which restitution is owed, using the lesser of:

(1) the rate set forth in IC 24-4.6-1-101 in effect on January 1 of each year; or

(2) the monthly average yield on United States Treasury Securities for the month of January of each year, adjusted to a constant maturity of one (1) year, as published by the Federal Reserve.

(e) The fund may not be charged with court costs or the payment of legal or other fees. In computing the amount of restitution, the board shall give credit for:

(1) merchandise delivered; and

(2) resources still existing in trust.

(f) When restitution is paid from the fund, the fund is subrogated to the amount of the restitution, and the board shall ask the attorney general to take all reasonable steps to collect the subrogated amount from the seller. Any amount collected shall be deposited in the fund.

(g) Money in the fund may only be used for a purpose that is specified in this section.

(h) The payment of restitution from the fund is not a right, and a purchaser does not have a vested right in the fund as a beneficiary of the fund.

(i) The status of the fund shall be annually reviewed by the board. If the board determines during its annual review that the fund balance equals or exceeds two million five hundred thousand dollars ($2,500,000), the board shall suspend payments to the fund until after the next annual review that the board determines that the fund balance is less than two million five hundred thousand dollars ($2,500,000).

As added by P.L.200-1991, SEC.1. Amended by P.L.120-1994, SEC.5; P.L.52-1997, SEC.54; P.L.114-1999, SEC.17; P.L.65-2007, SEC.5; P.L.112-2014, SEC.38; P.L.9-2024, SEC.494.
Ind. Code § 30-4-6-8 — Indiana Code / Title 30 / Article 4 / Chapter 6 / Section 30-4-6-8
Bonding
Status: in_force

Sec. 8. (a) Unless the terms of the trust provide otherwise, the trustee need not provide a bond to secure the trustee's performance as trustee.

(b) If the trust is subject to continuing supervisory jurisdiction by the court, the court may, on its own motion, direct the trustee to provide a bond to secure performance of the trustee's duties.

(c) Upon petition by an interested party, the court may direct the trustee to provide a bond to secure the trustee's performance, if the court deems it reasonably necessary to protect the interest of any beneficiary.

(d) Unless the terms of the trust provide otherwise, the court may, in its discretion, direct a trustee appointed by the court under IC 30-4-3-33 to file a bond to secure the performance of the trustee's duties.

(e) In any case in which bond is required, unless otherwise specified, the court shall determine the amount, term and surety of the bond to be provided. The court may also excuse a requirement of bond, reduce or increase the amount of the bond, release the surety, or permit substitution of another bond with the same or different sureties.

Formerly: Acts 1971, P.L.416, SEC.7. As amended by P.L.238-2005, SEC.44.
Ind. Code § 30-5-11-4.9 — Indiana Code / Title 30 / Article 5 / Chapter 11 / Section 30-5-11-4.9
Admissibility of recordings and images
Status: in_force

Sec. 4.9. (a) Subject to the Indiana Rules of Evidence and the Indiana Rules of Trial Procedure:

(1) a video or audio recording of a principal captured or made either before or after the execution of an electronic power of attorney; or

(2) a video recording, one (1) or more photographic images, or an audio recording captured or made during part or all of the execution of an electronic power of attorney;

may be admissible as evidence under this section.

(b) Recordings for images described in subsection (a) may be admissible as evidence of the following:

(1) The proper execution of an electronic power of attorney.

(2) The intentions of the principal.

(3) The mental state or capacity of a principal.

(4) The authenticity of an electronic power of attorney.

(5) Matters that are determined by a court to be relevant to the probate of an electronic power of attorney.

As added by P.L.185-2021, SEC.30.
Ind. Code § 30-4-2.1-2 — Indiana Code / Title 30 / Article 4 / Chapter 2.1 / Section 30-4-2.1-2
Adopted children
Status: in_force

Sec. 2. (a) Except as provided in subsection (b), in construing a trust naming as beneficiary a person described by relationship to the settlor or to another, a person adopted before:

(1) the person is twenty-one (21) years of age; and

(2) the death of the settlor;

shall be considered the child of the adopting parent or parents and not the child of the natural or previous adopting parents.

(b) If a natural parent or previous adopting parent marries the adopting parent before the settlor's death, the adopted person shall also be considered the child of the natural or previous adopting parent.

(c) A person adopted by the settlor after the person becomes twenty-one (21) years of age shall be considered the child of the settlor. However, no other person is entitled to establish the relationship to the settlor through the child.

As added by P.L.4-2003, SEC.7.
Ind. Code § 30-2-8.5-2 — Indiana Code / Title 30 / Article 2 / Chapter 8.5 / Section 30-2-8.5-2
"Benefit plan" defined
Status: in_force

Sec. 2. As used in this chapter, "benefit plan" means an employer's plan for the benefit of an employee or partner.

As added by P.L.267-1989, SEC.2.
Ind. Code § 30-2-13-30 — Indiana Code / Title 30 / Article 2 / Chapter 13 / Section 30-2-13-30
Seller records and books
Status: in_force

Sec. 30. (a) The seller shall maintain accurate records, books, and accounts for each contract sold under this chapter containing the following:

(1) Copies of all contracts.

(2) The dates of all contracts.

(3) The amounts paid and received under each contract.

(4) The complete name, address, and identification of all parties to each contract.

(b) The seller shall maintain at the seller's principal Indiana business address complete records of all transactions under this chapter that involve the seller. The records may be audited and examined by the board at any reasonable time.

(c) The seller shall maintain all records required by this section for the longer of:

(1) ten (10) years; or

(2) three (3) years after the date of full performance of a contract.

The records are business records and customer lists within the meaning of IC 24-2-3.

(d) The requirements of this section apply to a seller, a successor seller, and a seller who was previously designated to provide services or merchandise to a purchaser.

As added by P.L.200-1991, SEC.1. Amended by P.L.61-2008, SEC.9.
Ind. Code § 30-4-3.5-4 — Indiana Code / Title 30 / Article 4 / Chapter 3.5 / Section 30-4-3.5-4
Review of trust assets
Status: in_force

Sec. 4. Within a reasonable time after accepting a trusteeship or receiving trust assets, a trustee shall review the trust assets and make and implement decisions concerning the retention and disposition of assets in order to bring the trust portfolio into compliance with the purposes, terms of the trust, distribution requirements, and other circumstances of the trust, and with the requirements of this chapter.

As added by P.L.137-1999, SEC.3. Amended by P.L.51-2014, SEC.24.
Ind. Code § 30-4-1-9 — Indiana Code / Title 30 / Article 4 / Chapter 1 / Section 30-4-1-9
Specific indication of power of appointment required
Status: in_force

Sec. 9. A trust shall not operate as to the exercise of a power of appointment, which the settlor may have with respect to any real or personal property, unless by its terms the trust specifically indicates that the settlor intended to exercise the power.

As added by P.L.252-2001, SEC.31.
Ind. Code § 30-4-8-14 — Indiana Code / Title 30 / Article 4 / Chapter 8 / Section 30-4-8-14
Appointment of trust directors
Status: in_force

Sec. 14. (a) A transferor may appoint one (1) or more trust directors who may have authority under the terms of the trust:

(1) to remove and appoint qualified trustees or trust directors; and

(2) to direct, consent to, or disapprove distributions from the trust.

(b) Trust directors are not required to satisfy the requirements imposed upon trustees by section 6 of this chapter.

As added by P.L.221-2019, SEC.9.
Ind. Code § 30-2-14-21 — Indiana Code / Title 30 / Article 2 / Chapter 14 / Section 30-2-14-21
Income receipts and disbursements
Status: in_force

Sec. 21. (a) A trustee shall allocate an income receipt or disbursement other than one to which section 18(a)(1) of this chapter applies to principal if its due date occurs before:

(1) an individual dies in the case of an estate; or

(2) an income interest begins in the case of a trust or successive income interest.

(b) A trustee shall allocate an income receipt or disbursement to income if its due date occurs on or after the date on which an individual dies or an income interest begins and it is a periodic due date. An income receipt or disbursement must be treated as accruing from day to day if its due date is not periodic or it has no due date. The portion of the receipt or disbursement accruing before the date on which an individual dies or an income interest begins must be allocated to principal, and the balance must be allocated to income.

(c) An item of income or an obligation is due on the date the payer is required to make a payment. If a payment date is not stated, there is no due date for the purposes of this chapter. Distributions to shareholders or other owners from an entity to which section 23 of this chapter applies are considered to be due on:

(1) the date fixed by the entity for determining who is entitled to receive the distribution; or

(2) if no date is fixed, the declaration date for the distribution.

A due date is periodic for receipts or disbursements that must be paid at regular intervals under a lease or an obligation to pay interest or if an entity customarily makes distributions at regular intervals.

(d) This section applies only for purposes of determining which income receipts and disbursements of a trust are to be taken into account in determining the net income of the trust for the period after the beginning and before the end of a beneficiary's income interest. Although this section provides for certain income receipts and disbursements to be allocated to principal, this section does not control the initial classification of receipts and disbursements as between principal and income. Amounts received by a trust from a decedent's estate or another trust as a distribution of principal may be allocable to principal under section 24 of this chapter, even to the extent the amounts received include income receipts of the distributing estate or trust received or accrued after the beneficiary's income interest begins.

As added by P.L.84-2002, SEC.2. Amended by P.L.51-2014, SEC.16.
Ind. Code § 30-4-2.1-8 — Indiana Code / Title 30 / Article 4 / Chapter 2.1 / Section 30-4-2.1-8
Kindred of the half blood
Status: in_force

Sec. 8. Kindred of the half blood are entitled to receive the same trust interest that they would have received if they had been of the whole blood.

As added by P.L.4-2003, SEC.7.
Ind. Code § 30-4-1.5-9 — Indiana Code / Title 30 / Article 4 / Chapter 1.5 / Section 30-4-1.5-9
"Destroy"; destruction of electronic trust instrument
Status: in_force

Sec. 9. (a) As used in this section, "destroy" means any action that:

(1) permanently deletes the electronic record associated with an electronic trust instrument; or

(2) renders the electronic record associated with an electronic trust instrument unreadable and nonretrievable.

(b) Any custodian or attorney holding an electronic trust instrument may destroy the electronic record associated with the electronic trust instrument and any accompanying document integrity evidence at any time after the:

(1) fifth anniversary of any will belonging to the settlor is admitted to probate;

(2) fifth anniversary of the date on which the custodian ceases to have custody of the electronic trust instrument;

(3) tenth anniversary of the settlor's death;

(4) one hundredth anniversary of the execution of the electronic trust instrument; or

(5) valid revocation of the electronic trust instrument.

(c) Notwithstanding subsection (b), this section does not require a custodian, attorney, or other person in possession of a complete converted copy of an electronic trust instrument to destroy the complete converted copy of the electronic trust instrument.

As added by P.L.40-2018, SEC.3.
Ind. Code § 30-5-9-1 — Indiana Code / Title 30 / Article 5 / Chapter 9 / Section 30-5-9-1
Negligent exercise of power; bad faith
Status: in_force

Sec. 1. (a) An attorney in fact is liable for the negligent exercise of the power of attorney, except for the exercise of the attorney in fact's power under IC 30-5-5-16 or IC 30-5-5-17.

(b) An attorney in fact is liable for the exercise of authority or failure to exercise authority under IC 30-5-5-16 or IC 30-5-5-17 only if the attorney in fact acted in bad faith.

As added by P.L.149-1991, SEC.2. Amended by P.L.1-2006, SEC.495.
Ind. Code § 30-2-8.6-32 — Indiana Code / Title 30 / Article 2 / Chapter 8.6 / Section 30-2-8.6-32
Claim by third person against custodial trustee
Status: in_force

Sec. 32. (a) A claim based on:

(1) a contract entered into by a custodial trustee acting in a fiduciary capacity;

(2) an obligation arising from the ownership or control of custodial trust property; or

(3) a tort committed in the course of administering the custodial trust;

may be asserted by a third person against the custodial trust property by proceeding against the custodial trustee in a fiduciary capacity, whether or not the custodial trustee or the beneficiary is personally liable.

(b) A custodial trustee is not personally liable to a third person on a contract properly entered into in a fiduciary capacity unless the custodial trustee fails to:

(1) reveal that capacity; or

(2) identify the custodial trust in the contract.

(c) Unless a custodial trustee is personally at fault, a custodial trustee is not liable to a third person for:

(1) an obligation arising from control of custodial trust property; or

(2) a tort committed in the course of the administration of the custodial trust.

(d) A beneficiary is not personally liable to a third person for:

(1) an obligation arising from beneficial ownership of custodial trust property; or

(2) a tort committed in the course of administration of the custodial trust;

unless the beneficiary is personally in possession of the custodial trust property giving rise to the liability or is personally at fault.

(e) Subsections (b) and (c) do not preclude actions or proceedings to establish liability of the custodial trustee or beneficiary to the extent the person sued is protected as the insured by liability insurance.

As added by P.L.3-2003, SEC.1.
Ind. Code § 30-4-10-26 — Indiana Code / Title 30 / Article 4 / Chapter 10 / Section 30-4-10-26
"Second trust"
Status: in_force

Sec. 26. As used in this chapter, "second trust" means:

(1) a first trust after modification under this chapter; or

(2) a trust to which a distribution of property from a first trust is or may be made under this chapter.

As added by P.L.161-2022, SEC.3.
Ind. Code § 30-4-9-16 — Indiana Code / Title 30 / Article 4 / Chapter 9 / Section 30-4-9-16
Applicable rules
Status: in_force

Sec. 16. Unless the terms of a trust provide otherwise, the rules applicable to a trustee apply to a trust director regarding the following matters:

(1) Acceptance (IC 30-4-2-2).

(2) Giving of bond to secure performance (IC 30-4-6-8).

(3) Reasonable compensation (IC 30-4-5-16).

(4) Resignation and removal (IC 30-4-3-29).

(5) Vacancy and appointment of successor (IC 30-4-3-33).

As added by P.L.221-2019, SEC.10.
Ind. Code § 30-2-16-3 — Indiana Code / Title 30 / Article 2 / Chapter 16 / Section 30-2-16-3
"Payroll savings plan administrator"
Status: in_force

Sec. 3. As used in this chapter, "payroll savings plan administrator" means an organization that:

(1) has been qualified by the Federal Reserve Bank or the Bureau of the Public Debt under 31 CFR Part 317 to sell United States savings bonds; and

(2) operates payroll savings plans on behalf of employers for the purchase of United States savings bonds.

As added by P.L.141-2005, SEC.27.
Ind. Code § 30-1-5-1 — Indiana Code / Title 30 / Article 1 / Chapter 5 / Section 30-1-5-1
Securities; insurance
Status: in_force

Sec. 1. Every executor, administrator, guardian, trustee, receiver or other fiduciary shall have the power, in such capacity, to invest in the following:

(1) Obligations issued pursuant to the provisions of the Federal Home Loan Bank Act (12 U.S.C. 1421 et seq.), as in effect on December 31, 1990, and in obligations issued by the FSLIC Resolution Fund.

(2) Life, endowment, or annuity contracts of legal reserve life insurance companies duly licensed by the insurance commissioner for the state of Indiana to transact business within the state. The purchase of contracts authorized by this subdivision shall be limited, however, to executors or the successors to their powers when specifically authorized by will, to guardians on authorization of the court having probate jurisdiction over the guardianship, and to trustees. Such contracts may be issued on the life or lives of a protected person or persons, a beneficiary or beneficiaries of a trust fund, or according to the terms of a will, or upon the life or lives of persons in whom the protected person or beneficiary has an insurable interest. Life or endowment or annuity contracts may be purchased by trustees in the absence of an express prohibition against such purchase contained in the instrument creating the trust. The trustee may expend trust income and principal to pay annual premiums for contracts authorized by this subsection subject to limitations that are:

(A) imposed by the court having probate jurisdiction over the trust; or

(B) expressly authorized in the trust instrument.

In the absence of express provision in the trust instrument to the contrary, the trustee, as trustee, shall possess all the incidents of ownership in contracts so issued and the trustee as trustee, or the beneficiary or beneficiaries of the trust shall be the beneficiary or beneficiaries of such contracts.

(3) Obligations of the federal government, or any federal agency or instrumentality, whenever a governing instrument or order directs, requires, authorizes, or permits investment in such obligations, either directly or in the form of securities of, or other interests in, any open end management type investment company or investment trust registered under the provisions of the Investment Company Act of 1940 (15 U.S.C. 80a et seq.), as in effect on December 31, 1990. However, the portfolio of the investment company or investment trust must be limited to obligations of the federal government or any federal agency or instrumentality, and to repurchase agreements fully collateralized by such obligations to which obligations the investment company or investment trust takes delivery either directly or through an authorized custodian.

Formerly: Acts 1941, c.149, s.1; Acts 1943, c.250, s.1; Acts 1969, c.160, s.1. As amended by P.L.280-1987, SEC.3; P.L.33-1989, SEC.84; P.L.8-1991, SEC.33; P.L.252-2001, SEC.29.
Ind. Code § 30-4-2.1-4 — Indiana Code / Title 30 / Article 4 / Chapter 2.1 / Section 30-4-2.1-4
Children born after trust's creation
Status: in_force

Sec. 4. (a) Except as provided in subsection (b) and section 5 of this chapter, when a settlor fails to provide in the settlor's trust for a child who is:

(1) born or adopted after the making of the settlor's trust; and

(2) born before or after the settlor's death;

the child is entitled to receive a share in the trust assets. The child's share of the trust assets shall be determined by ascertaining what the child's intestate share would have been under IC 29-1-2-1 if the settlor had died intestate. The child is entitled to receive a share of the trust assets equivalent in value to the intestacy share determined under IC 29-1-2-1.

(b) Subsection (a) does not apply to a child of the settlor if:

(1) it appears from the trust that the settlor intentionally failed to provide in the settlor's trust for the child; or

(2) the settlor:

(A) had at least one (1) child known to the settlor to be living when the trust was executed; and

(B) devised substantially all of the settlor's trust assets to the settlor's surviving spouse.

As added by P.L.4-2003, SEC.7. Amended by P.L.231-2019, SEC.23.
Ind. Code § 30-2-9-1 — Indiana Code / Title 30 / Article 2 / Chapter 9 / Section 30-2-9-1
Agreement or contract; personal property, merchandise, or services; General Cemetery law
Status: in_force

Sec. 1. (a) Any payment of money made to any person, firm, partnership, association, limited liability company, or corporation, other than a bank or trust company, upon any agreement or contract, or any series or combination of agreements or contracts, which has for a purpose the furnishing or performance of funeral services, or the furnishing or delivery of any personal property, merchandise, or services of any nature in connection with the final disposition of a dead human body, for future use at a time determinable by the death of the person or persons whose body or bodies are to be so disposed of, shall be held to be trust funds, and the person, firm, partnership, association, or corporation receiving said payments is hereby declared to be a trustee thereof. This subsection applies only to such a contract or agreement executed before July 1, 1978.

(b) After June 30, 1978, it is unlawful to enter into any agreement or contract for a purpose described in subsection (a) unless the agreement or contract requires that all payments be made by the settlor to an account in a:

(1) bank;

(2) trust company;

(3) savings association; or

(4) credit union;

whose principal office is in Indiana.

(c) Nothing contained in this chapter shall be deemed or construed to apply to those persons, firms, partnerships, associations, limited liability companies, or corporations covered by the "Indiana General Cemetery Law", IC 23-14-33 through IC 23-14-76.

Formerly: Acts 1963, c.303, s.1. As amended by Acts 1978, P.L.133, SEC.1; Acts 1979, P.L.272, SEC.1; P.L.8-1993, SEC.465; P.L.79-1998, SEC.92; P.L.109-2015, SEC.47.
Ind. Code § 30-2-8.6-25 — Indiana Code / Title 30 / Article 2 / Chapter 8.6 / Section 30-2-8.6-25
Transfer for use and benefit of incapacitated individual
Status: in_force

Sec. 25. (a) Unless otherwise directed by an instrument designating a custodial trustee under section 23 of this chapter, a person, including a fiduciary other than a custodial trustee, who:

(1) holds property of; or

(2) owes a debt to;

an incapacitated individual may make a transfer to an adult member of the beneficiary's family or to a trust company as custodial trustee for the use and benefit of the incapacitated individual. If the value of the property or the debt exceeds twenty thousand dollars ($20,000), the transfer is not effective unless authorized by the court.

(b) A written acknowledgment of delivery, signed by a custodial trustee, is a sufficient receipt and discharge for property transferred to the custodial trustee under this section.

As added by P.L.3-2003, SEC.1.
Ind. Code § 30-2-14-4 — Indiana Code / Title 30 / Article 2 / Chapter 14 / Section 30-2-14-4
"Income" defined
Status: in_force

Sec. 4. As used in this chapter, "income" means money or property that a fiduciary receives as current return from a principal asset. The term includes a portion of receipts from a sale, exchange, or liquidation of a principal asset, to the extent provided in sections 21 through 35 of this chapter.

As added by P.L.84-2002, SEC.2.
Ind. Code § 30-2-13-3 — Indiana Code / Title 30 / Article 2 / Chapter 13 / Section 30-2-13-3
"Board"
Status: in_force

Sec. 3. As used in this chapter, "board" refers to the state board of funeral and cemetery service established by IC 25-15-9-1.

As added by P.L.200-1991, SEC.1.
Ind. Code § 30-4-1.5-10 — Indiana Code / Title 30 / Article 4 / Chapter 1.5 / Section 30-4-1.5-10
Affidavit of regularity
Status: in_force

Sec. 10. Whenever this chapter requires or permits a custodian or other person to make an affidavit of regularity with respect to an electronic trust instrument or a complete converted copy, the custodian or other person responsible for the creation of the affidavit of regularity may use the following format for the affidavit:

"Affidavit of Regularity for Electronic Trust Instrument

(1) Beginning on (insert date of first possession of the electronic trust instrument by the signer of this affidavit) and continuing to the date and time of this affidavit, the undersigned person has had possession of (circle all of the following that apply):

(A) The electronic record for the electronic trust instrument.

(B) A complete converted copy of the electronic trust instrument of (insert name of settlor), which was electronically executed on (insert date of electronic signing or insert reference to time stamp).

(2) (Insert client number, customer number, document number, or other unique identifier as applicable) is the unique identifier that the undersigned person assigned to this electronic trust instrument in the undersigned person's records.

(3) The undersigned person believes that the settlor (circle one the following options):

(A) Is alive.

(B) Died on or about (insert date of death) and believes that the trust is currently (circle one (1) of the following options):

(i) Revocable.

(ii) Irrevocable.

(4) The undersigned person is (circle all of the following that apply):

(A) Transferring custody of the electronic record for the electronic trust instrument to the living settlor of the electronic trust instrument.

(B) Transferring custody of the electronic record for the electronic trust instrument to (insert name and address of successor custodian).

(C) Transferring a complete converted copy of the electronic trust instrument to (insert name and address of authorized recipient).

(D) Transferring a complete converted copy of the electronic trust instrument to the clerk of the (insert name the court) that would have subject matter jurisdiction over the trust.

(5) The undersigned person is transferring or submitting the electronic record in the following format: (specify format).

(6) If the undersigned person is transferring or submitting the electronic record for the electronic trust instrument, the undersigned person affirms, under penalty of perjury, that the electronic record has been in the undersigned person's possession or control for the period stated in paragraph (1) and that during this period, the electronic record showed no indication of unauthorized alteration or tampering.

(7) The undersigned person affirms, under penalty of perjury, that (circle one (1) of the following options):

(A) The undersigned person has no knowledge of the settlor's later execution of any document that amends, revokes, or supersedes the electronic trust instrument described in paragraph (1).

(B) The undersigned believes that the settlor purportedly amended or revoked the electronic trust instrument described in paragraph (1) on (insert date if known or approximate time frame if date is not known), by (insert known details concerning the settlor's amendment or revocation).

(8) The undersigned person is (circle all of the following that apply):

(A) The living settlor who executed the electronic trust instrument.

(B) An attorney admitted to practice law in the state of Indiana.

(C) A currently serving trustee named in or appointed under the terms of the trust.

(D) An attorney in fact or other person acting on written authority of the settlor.

(E) A successor trustee nominated in the electronic trust instrument.

(F) An interested person with respect to the administration of the trust.

(G) A custodian currently in compliance with all applicable requirements under IC 29-1-21-10.

(9) (Insert date and time of custodian or other person's signature).

(10) (Insert name and signature of custodian or other person signing. Insert job title or position of signatory if signatory is not an individual (natural person).".

As added by P.L.40-2018, SEC.3.
Ind. Code § 30-4-2-5 — Indiana Code / Title 30 / Article 4 / Chapter 2 / Section 30-4-2-5
Life insurance trusts
Status: in_force

Sec. 5. (Life Insurance Trusts)

Proceeds of life insurance policies heretofore made payable to a trustee or trustees named as beneficiary or hereafter to be named beneficiary under an inter vivos trust shall be paid directly to the trustee or trustees and held and disposed of by the trustee or trustees as provided in the trust agreement or declaration of trust in writing made and in existence on the date of death of the insured, whether or not such trust or declaration of trust is amendable or revocable or both, or whether it may have been amended, and notwithstanding the reservation of any or all rights of ownership under the insurance policy or annuity contract; subject, however, to a valid assignment of any part of the proceeds. It is not necessary to the validity of such trust agreement or declaration of trust that it be funded or have a corpus other than the right, which need not be irrevocable, of the trustee or trustees named therein to receive such proceeds as beneficiary. A policy of life insurance or annuity contract may designate as beneficiary a trustee or trustees named or to be named by will if the designation is made in accordance with the provisions of the policy or contract whether or not the will is in existence at the time of the designation.

Formerly: Acts 1971, P.L.416, SEC.3.
Ind. Code § 30-2-14-10 — Indiana Code / Title 30 / Article 2 / Chapter 14 / Section 30-2-14-10
"Principal" defined
Status: in_force

Sec. 10. As used in this chapter, "principal" means property that is held in trust for distribution to a remainder beneficiary when the trust terminates or that will remain perpetually vested in the trustee.

As added by P.L.84-2002, SEC.2.
Ind. Code § 30-4-2.1-12 — Indiana Code / Title 30 / Article 4 / Chapter 2.1 / Section 30-4-2.1-12
Order of abatement; other rules governing abatement
Status: in_force

Sec. 12. (a) If a trust is terminated or partially terminated and the available trust property is not sufficient to fully satisfy the interests of all beneficiaries, the interests must be abated in the following order:

(1) The interests that would be characterized as residuary devises if the trust were a will.

(2) The interests that would be characterized as general devises if the trust were a will.

(3) The interests that would be characterized as specific devises if the trust were a will.

The amount abated for each beneficiary within each classification described in subdivisions (1) through (3) must be proportional to the amount of property that each beneficiary would have received if full distribution of the trust property had been made in accordance with the terms of the trust instrument.

(b) If:

(1) a trust instrument expresses an order of abatement that differs from the order set forth in subsection (a); or

(2) the order of abatement stated in subsection (a) would impair an express or implied purpose of the trust;

the interests of the beneficiaries must be abated in the manner determined appropriate to give effect to the settlor's intent.

(c) If, under the terms of a trust that was revocable at the time of the settlor's death, the subject of a preferred devise is sold or used to pay debts, expenses, taxes, or other obligations incident to the settlement of the settlor's affairs, abatement must be achieved by adjustment in, or contribution from, other interests in the remaining trust property.

(d) Where applicable, the abatement of beneficiary interests in a trust is subject to IC 32-17-13-4.

As added by P.L.101-2008, SEC.8.
Ind. Code § 30-2-14-3 — Indiana Code / Title 30 / Article 2 / Chapter 14 / Section 30-2-14-3
"Fiduciary"
Status: in_force

Sec. 3. As used in this chapter, "fiduciary" means the following:

(1) A personal representative, including an executor, an administrator, a successor personal representative, a special administrator, or a person performing substantially the same function with respect to a decedent's estate that meets the requirements of section 13.5 of this chapter.

(2) A trustee.

As added by P.L.84-2002, SEC.2. Amended by P.L.51-2014, SEC.9.
Ind. Code § 30-4-9-14 — Indiana Code / Title 30 / Article 4 / Chapter 9 / Section 30-4-9-14
Causes of action; defenses
Status: in_force

Sec. 14. In an action against a trust director for breach of trust, the director may assert the same defenses a trustee in a like position and under similar circumstances could assert in an action for breach of trust against the trustee.

As added by P.L.221-2019, SEC.10.
Ind. Code § 30-2-13-26 — Indiana Code / Title 30 / Article 2 / Chapter 13 / Section 30-2-13-26
Confidentiality of contracts
Status: in_force

Sec. 26. During the lifetime of the purchaser the contract executed under this chapter is confidential and neither the seller nor the trustee may disclose to a third party the identity of the purchaser or the terms of the contract. This section does not prohibit normal commercial activities by a seller with regard to an account receivable from a purchaser or compliance with a court order.

As added by P.L.200-1991, SEC.1.
Ind. Code § 30-4-10-3 — Indiana Code / Title 30 / Article 4 / Chapter 10 / Section 30-4-10-3
"Ascertainable standard"
Status: in_force

Sec. 3. As used in this chapter, "ascertainable standard" means a standard relating to an individual's health, education, support, or maintenance as defined by 26 U.S.C. 2041(b)(1)(A) or 26 U.S.C. 2514(c)(1) and applicable regulations.

As added by P.L.161-2022, SEC.3.
Ind. Code § 30-2-8.6-39 — Indiana Code / Title 30 / Article 2 / Chapter 8.6 / Section 30-2-8.6-39
Severability
Status: in_force

Sec. 39. The provisions of this chapter are severable in the manner provided by IC 1-1-1-8(b).

As added by P.L.3-2003, SEC.1.
Ind. Code § 30-2-8.5-23 — Indiana Code / Title 30 / Article 2 / Chapter 8.5 / Section 30-2-8.5-23
Receipt for custodial property
Status: reserved

Sec. 23. A written acknowledgement of delivery by a custodian constitutes a sufficient receipt and discharge for custodial property transferred to the custodian under this chapter.

As added by P.L.267-1989, SEC.2.
Ind. Code § 30-4-10-16 — Indiana Code / Title 30 / Article 4 / Chapter 10 / Section 30-4-10-16
"First-trust instrument"
Status: in_force

Sec. 16. As used in this chapter, "first-trust instrument" means the trust instrument for a first trust.

As added by P.L.161-2022, SEC.3.
Ind. Code § 30-5-5-13 — Indiana Code / Title 30 / Article 5 / Chapter 5 / Section 30-5-5-13
Benefits from military service
Status: in_force

Sec. 13. (a) Language conferring general authority with respect to benefits from military service means the principal authorizes the attorney in fact to do the following:

(1) Execute vouchers in the name of the principal for allowances and reimbursements payable to the United States, a state, or a subdivision of a state to the principal, including allowances and reimbursements for transportation of the principal and the principal's dependents, and for shipment of household effects, and receive, endorse, and collect the proceeds of a check payable to the order of the principal drawn on the treasurer, fiscal officers, or depository of the United States, a state, or a subdivision of a state.

(2) Take possession and order the removal and shipment of property of the principal from a post, warehouse, depot, dock, or other place of storage or safekeeping, either governmental or private, and execute and deliver a release, voucher, receipt, bill of lading, shipping ticket, or certificate the attorney in fact considers desirable or necessary.

(3) Prepare, file, and prosecute the claim of the principal to a benefit or assistance, financial or otherwise, to which the principal is or claims to be entitled under a statute or regulation existing at the time of the execution of the power of attorney or enacted after execution of the power of attorney by the United States, a state, or a subdivision of a state, or by a foreign government if the benefit or assistance arises from or is based upon military service performed before or after the execution of the power of attorney by the principal or a person related by blood or marriage to the principal and execute a receipt or other instrument the attorney in fact considers desirable or necessary for the enforcement or collection of the claim.

(4) Receive the financial proceeds of a claim described in this section, conserve, invest, disburse, or use anything received from a claim for purposes permitted under this section, and reimburse the attorney in fact for expenditures properly made in the execution of powers conferred upon the attorney in fact.

(5) Prosecute, defend, submit to arbitration, settle, and propose or accept a compromise with respect to a claim existing in favor of or against the principal based on or involving benefits from military service or intervene in a related action or proceeding.

(6) Hire, discharge, and compensate an attorney, accountant, expert witness, or other assistant when the attorney in fact considers the action to be desirable for the proper execution by the attorney in fact of a power described in this section and keep needed records.

(7) Perform any other acts the attorney in fact considers desirable or necessary to assure to the principal and to the dependents of the principal the maximum possible benefits from the military service performed before or after the execution of the power of attorney by the principal or a person related by blood or marriage to the principal.

(b) The powers described in this section are exercisable equally with respect to benefits from military service existing at the time of the giving of the power of attorney or accruing after that time, whether accruing in Indiana or in another jurisdiction.

As added by P.L.149-1991, SEC.2.
Ind. Code § 30-5-10-0.5 — Indiana Code / Title 30 / Article 5 / Chapter 10 / Section 30-5-10-0.5
Termination of power to exercise authority
Status: in_force

Sec. 0.5. Unless the power of attorney provides otherwise, an attorney in fact may exercise authority until the authority terminates under this chapter, even if time has passed since the execution of the power of attorney.

As added by P.L.143-2009, SEC.32.
Ind. Code § 30-4-1.5-7 — Indiana Code / Title 30 / Article 4 / Chapter 1.5 / Section 30-4-1.5-7
Maintenance, receipt, and transfer of electronic trust instrument
Status: in_force

Sec. 7. (a) Any person with the written authorization of the settlor may maintain, receive, or transfer custody of:

(1) the electronic record associated with an electronic trust instrument;

(2) a complete converted copy of the electronic trust instrument; or

(3) any document integrity evidence associated with the electronic trust instrument.

A settlor may identify and designate an adult individual or other person as the custodian of the electronic trust instrument within the electronic record associated with the electronic trust instrument.

(b) A custodian of an electronic trust instrument and any accompanying document integrity evidence that is logically associated with the electronic trust instrument has the following responsibilities:

(1) To use best practices to maintain custody of the electronic record for the electronic trust instrument and any accompanying document integrity evidence.

(2) To use best practices and commercially reasonable means to:

(A) maintain the privacy and security of the electronic record associated with an electronic trust instrument; and

(B) exercise reasonable care to guard against unauthorized:

(i) disclosure; and

(ii) alteration or tampering with;

the electronic record.

(3) To maintain electronic and conceptual separation between different settlors and their respective electronic records and electronic trust instruments if the custodian maintains custody of two (2) or more electronic records or electronic trust instruments.

(4) To promptly generate a complete converted copy of each electronic trust instrument and all accompanying document integrity evidence after receiving a written request to do so from a living settlor, the court, or another authorized person.

(5) To promptly respond to a written instruction from the living settlor or another person with written authorization originating from the living settlor to transfer custody of the electronic trust instrument to a successor custodian.

(6) To transfer the entire electronic record of the electronic trust instrument to a successor custodian upon the receipt of a written instruction requesting the transfer of the entire electronic record of an electronic trust instrument to a successor custodian.

(7) To provide an executed delivery receipt to the outgoing custodian who transfers:

(A) the electronic record;

(B) the electronic trust instrument;

(C) any accompanying document integrity evidence; or

(D) information pertaining to the format in which the electronic record or electronic trust instrument is received;

if the receiving custodian agrees to assume responsibility for an electronic record or an electronic trust instrument and all associated documents from an outgoing custodian.

(8) To perform the following upon the death of the settlor:

(A) To relinquish possession and control of the:

(i) electronic record associated with the settlor's electronic trust instrument; or

(ii) complete converted copy of the testator's electronic will (if applicable);

to a person authorized to receive these items under section 8 of this chapter.

(B) To comply with the court's order requiring the electronic filing or delivery of the electronic trust instrument and any accompanying document integrity evidence, as applicable, with the court.

(C) To provide an accurate copy of:

(i) the electronic record of the settlor's electronic trust instrument; or

(ii) a complete converted copy of the settlor's electronic trust instrument;

to any interested person who is entitled to receive a copy under the terms of the trust or IC 30-4-3-6(b).

(D) To furnish, for any court hearing or matter involving an electronic trust instrument currently or previously stored by the custodian, any information requested by the court pertaining to the custodian's policies, practices, or qualifications as they relate to the maintenance, production, or storage of electronic trust instruments.

(c) A proposed successor custodian has no obligation to accept delivery of an electronic trust instrument from an outgoing custodian or to accept the responsibility to maintain custody of the electronic record for an electronic trust instrument. A successor custodian's execution of a delivery receipt constitutes acceptance of:

(1) the appointment as successor custodian; and

(2) the responsibility to maintain and preserve the accepted electronic trust instrument.

(d) If a custodian wishes to discontinue custody of an electronic trust instrument, the custodian must send written notice to the settlor or, if the settlor's whereabouts are unknown, to the currently serving trustee or any other person holding written authority from the settlor and identifiable from custodian records.

(e) A written notice described in subsection (d) must inform the settlor or other person authorized to act on the settlor's behalf that the custodian will transfer custody of the electronic trust instrument to a successor custodian chosen by the current custodian unless a written instruction is issued to the current custodian by the settlor, current trustee, or other authorized person not later than thirty (30) days after the written notice described in subsection (d) was first issued.

(f) If the settlor, current trustee, or other authorized person does not respond to a written notice described in subsection (d) with a contrary written instruction by the end of the thirty (30) day period described in subsection (e), the custodian may dispose of the electronic record associated with an electronic trust instrument in one (1) of the following ways:

(1) The current custodian may transfer custody of the electronic record for the electronic trust instrument to a successor custodian previously designated in writing by the settlor.

(2) The current custodian may transfer custody of the electronic trust instrument to a successor custodian selected by the current custodian.

(3) The current custodian may transmit a complete converted copy of the electronic trust instrument and an accompanying affidavit of regularity to the person who received the thirty (30) day notice described in subsection (e).

As added by P.L.40-2018, SEC.3.
Ind. Code § 30-4-3.5-3 — Indiana Code / Title 30 / Article 4 / Chapter 3.5 / Section 30-4-3.5-3
Diversification of investments
Status: in_force

Sec. 3. A trustee shall diversify the investments of the trust unless the trustee reasonably determines that, because of special circumstances, the purposes of the trust are better served without diversifying.

As added by P.L.137-1999, SEC.3.
Ind. Code § 30-2-12-1 — Indiana Code / Title 30 / Article 2 / Chapter 12 / Section 30-2-12-1
Application of chapter
Status: in_force

Sec. 1. (a) This chapter applies to an institutional fund in existence after June 30, 2007.

(b) For an institutional fund in existence before July 1, 2007, this chapter applies only to decisions made or actions taken after June 30, 2007.

As added by P.L.268-1989, SEC.1. Amended by P.L.226-2007, SEC.7.
Ind. Code § 30-4-5-2 — Indiana Code / Title 30 / Article 4 / Chapter 5 / Section 30-4-5-2
Repealed
Status: repealed

Formerly: Acts 1971, P.L.416, SEC.6. As amended by Acts 1977, P.L.2, SEC.81; P.L.132-1992, SEC.2; P.L.138-1994, SEC.2. Repealed by P.L.84-2002, SEC.11.
Ind. Code § 30-5-11-2 — Indiana Code / Title 30 / Article 5 / Chapter 11 / Section 30-5-11-2
Exclusive authority; application of other statutes
Status: in_force

Sec. 2. (a) Except as provided in subsection (b), electronic powers of attorney are exclusively governed by this chapter.

(b) If this chapter does not provide an explicit definition, form, rule, or statute concerning the creation, execution, interpretation, storage, or use of an electronic power of attorney, the applicable statute from this article applies to the electronic power of attorney.

As added by P.L.40-2018, SEC.4.
Ind. Code § 30-2-16-4 — Indiana Code / Title 30 / Article 2 / Chapter 16 / Section 30-2-16-4
"Static balance"
Status: in_force

Sec. 4. As used in this chapter, "static balance" means an amount held by a payroll savings plan administrator for a participant who:

(1) is not making allotments of payroll deductions to the payroll savings plan administrator; but

(2) has not terminated the individual's directions to the participant's employer or the employer's payroll savings plan administrator to purchase United States savings bonds for the individual when a sufficient balance accumulates to pay the purchase price.

As added by P.L.141-2005, SEC.27.
Ind. Code § 30-2-13-35 — Indiana Code / Title 30 / Article 2 / Chapter 13 / Section 30-2-13-35
Seller misrepresentation
Status: in_force

Sec. 35. It is a violation of this chapter for a seller to misrepresent the character, quality, durability, or suitability for a specific or an intended purpose of services or merchandise offered for sale to a purchaser.

As added by P.L.200-1991, SEC.1.
Ind. Code § 30-4-3-34 — Indiana Code / Title 30 / Article 4 / Chapter 3 / Section 30-4-3-34
Petition to determine heirs and interests in trust estate
Status: in_force

Sec. 34. (a) At any time during the administration of a trust, a trustee or any interested person may petition the court to determine the:

(1) heirs of:

(A) the settlor; or

(B) any person named in the trust; and

(2) respective interests of the persons described in subdivision (1) in the trust estate or any part of the trust estate.

(b) If a petition is filed under this section, the court shall fix the time for a hearing on the petition. Notice of the hearing shall be given in the following manner:

(1) Personally or by mail to persons who are named in the trust and:

(A) are known to claim;

(B) are believed to claim; or

(C) have;

an interest in the trust estate or any part of the trust estate as heir or through an heir of the settlor.

(2) By publication to any unknown heirs.

(c) When a hearing is held on the petition, the issues set forth in the petition under subsection (a) may be determined by:

(1) competent evidence; or

(2) affidavit, if there are no objections.

A record shall be made of the oral evidence. The record and affidavits must be a part of the files in the trust proceeding.

(d) If there is satisfactory proof, the court shall make a decree that determines the issues set forth in the petition under subsection (a). The court's decree is conclusive of the facts determined by the court with regard to any interested person who has been notified personally or by mail in accordance with subsection (b)(1), subject to the interested person's right of appeal.

(e) An act of the trustee is valid with regard to the rights and liabilities of a purchaser, a lessee, or other person who deals with the trustee for value and in good faith, if the trustee acts in:

(1) accordance with the facts as determined by the court's decree under subsection (d);

(2) accordance with the law; and

(3) good faith.

As added by P.L.238-2005, SEC.40.
Ind. Code § 30-5-2-5 — Indiana Code / Title 30 / Article 5 / Chapter 2 / Section 30-5-2-5
"Health care provider"
Status: in_force

Sec. 5. "Health care provider" means the physician who has primary responsibility for treating the principal and any other person administering health care to the principal who is licensed, certified, or otherwise authorized or permitted by law to administer health care in the ordinary course of business or the practice of a profession, including a pharmacist. The term includes an employee or agent of a health care provider.

As added by P.L.149-1991, SEC.2. Amended by P.L.188-1995, SEC.9.
Ind. Code § 30-1-2-2 — Indiana Code / Title 30 / Article 1 / Chapter 2 / Section 30-1-2-2
Securities not listed; terms
Status: in_force

Sec. 2. Whenever any decedent's estate or any property subject to the control of any executor, administrator, or guardian, shall consist, in whole or in part, of securities of any corporation, public or private, which the fiduciary is required or authorized to sell and which are not listed or admitted to trade on one (1) of the exchanges enumerated in section 1 of this chapter, such securities may be sold by such fiduciary in the same manner and upon the same terms as other personal property of a decedent's estate or guardianship may be sold.

Formerly: Acts 1947, c.351, s.2. As amended by Acts 1982, P.L.171, SEC.86.
Ind. Code § 30-4-3.5-9 — Indiana Code / Title 30 / Article 4 / Chapter 3.5 / Section 30-4-3.5-9
Delegation of functions by trustee
Status: in_force

Sec. 9. (a) A trustee may delegate investment and management functions that a prudent trustee of comparable skills could properly delegate under the circumstances. The trustee shall exercise reasonable care, skill, and caution in:

(1) selecting an agent;

(2) establishing the scope and terms of the delegation, consistent with the purposes and terms of the trust; and

(3) reviewing the agent's actions periodically in order to monitor the agent's performance and compliance with the terms of the delegation.

(b) In performing a delegated function, an agent owes a duty to the trust to exercise reasonable care.

(c) By accepting the delegation of a trust function from the trustee of a trust that is subject to the law of Indiana, an agent submits to the jurisdiction of the courts of Indiana.

As added by P.L.137-1999, SEC.3.
Ind. Code § 30-4-5-12 — Indiana Code / Title 30 / Article 4 / Chapter 5 / Section 30-4-5-12
Accounting by trustees
Status: in_force

Sec. 12. (a) Unless the terms of the trust provide otherwise or unless waived in writing by an adult, competent beneficiary, the trustee shall deliver a written statement of accounts to each income beneficiary or the income beneficiary's personal representative annually. The statement shall contain at least:

(1) all receipts and disbursements since the last statement; and

(2) all items of trust property held by the trustee on the date of the statement at their inventory value.

(b) This subsection applies to a charitable trust with assets of at least five hundred thousand dollars ($500,000). The trustee of a charitable trust shall annually file a verified written certification with the attorney general stating that a written statement of accounts has been prepared showing at least the items listed in section 13(a) of this chapter. The certification must state that the statement of accounts is available to the attorney general and any member of the general public upon request. A charitable trust may not be exempted from this requirement by a provision in a will, trust agreement, indenture, or other governing instrument. This subsection does not prevent a trustee from docketing a charitable trust to finalize a written statement of account or any other lawful purpose in the manner provided in this article. However, this subsection does not apply to an organization that is not required to file a federal information return under Section 6033(a)(3)(A)(1) of the Internal Revenue Code.

(c) Upon petition by the settlor, a beneficiary or the beneficiary's personal representative, a person designated by the settlor to have advisory or supervisory powers over the trust, or any other person having an interest in the administration or the benefits of the trust, including the attorney general in the case of a trust for a benevolent public purpose, the court may direct the trustee to file a verified written statement of accounts showing the items listed in section 13(a) of this chapter. The petition may be filed at any time; however, the court may not, in the absence of good cause shown, require the trustee to file a statement more than once a year.

(d) If the court's jurisdiction is of a continuing nature as provided in IC 30-4-6-2, the trustee shall file a verified written statement of accounts containing the items shown in section 13(a) of this chapter with the court biennially, and the court may, on its own motion, require the trustee to file such a statement at any other time if there is good cause for requiring a statement to be filed.

(e) Receipt of a statement or accounting by a beneficiary or other interested person is presumed if the trustee has procedures in place requiring the mailing or delivery of an account to the beneficiary or other interested person. This presumption applies to the mailing or delivery of a statement or accounting by electronic delivery or access (as described in IC 30-4-6-6.5), if the beneficiary or other interested person has agreed to receive the statement or accounting by electronic delivery or access.

Formerly: Acts 1971, P.L.416, SEC.6. As amended by P.L.41-2000, SEC.5; P.L.137-2014, SEC.43; P.L.194-2017, SEC.11.
Ind. Code § 30-2-15-15.2 — Indiana Code / Title 30 / Article 2 / Chapter 15 / Section 30-2-15-15.2
Unitrust rate for a cemetery perpetual care fund
Status: in_force

Sec. 15.2. (a) This section applies to a trust described in section 2(2) of this chapter.

(b) A trust may have a unitrust rate that represents a reasonable current return from the trust and best serves the purpose of the perpetual care (as defined in IC 23-14-33-30) of the cemetery, but that is not less than three percent (3%) or more than five percent (5%), if the rate is:

(1) agreed upon in writing by the trustee and the owner of the cemetery; or

(2) ordered by the court having jurisdiction of the trust.

As added by P.L.33-2019, SEC.12.
Ind. Code § 30-2-10-0.1 — Indiana Code / Title 30 / Article 2 / Chapter 10 / Section 30-2-10-0.1
Repealed
Status: repealed

As added by P.L.220-2011, SEC.483. Repealed by P.L.63-2012, SEC.32.
Ind. Code § 30-2-12-10 — Indiana Code / Title 30 / Article 2 / Chapter 12 / Section 30-2-12-10
Repealed
Status: repealed

As added by P.L.268-1989, SEC.1. Amended by P.L.8-1993, SEC.467. Repealed by P.L.226-2007, SEC.24.
Ind. Code § 30-5-11-6 — Indiana Code / Title 30 / Article 5 / Chapter 11 / Section 30-5-11-6
Maintenance, receipt, and transfer of electronic power of attorney
Status: in_force

Sec. 6. (a) Any person, with the written authorization of the principal, may maintain, receive, or transfer custody of:

(1) the electronic record for an electronic power of attorney (and any accompanying document integrity evidence); or

(2) a complete converted copy of the electronic power of attorney.

A principal may identify and designate an adult individual as the custodian of the electronic power of attorney within the electronic record associated with the electronic power of attorney.

(b) A custodian of an electronic power of attorney and any associated document integrity evidence has the following responsibilities:

(1) To use best practices to maintain custody of the electronic record for the electronic power of attorney and any associated document integrity evidence.

(2) To use best practices and commercially reasonable means to maintain the privacy and security of the electronic record for the electronic power of attorney.

(3) To guard against unauthorized disclosure or tampering with the electronic record.

(4) To maintain electronic and conceptual separation of different electronic records and different electronic powers of attorney associated with different principals if the custodian maintains two (2) or more electronic powers of attorney for different principals.

(5) To maintain the ability to promptly generate a complete converted copy of each electronic power of attorney and any associated document integrity evidence upon receipt of a written request for a complete converted copy by the living principal, the court, or any other authorized person.

(6) To promptly respond to a written instruction from the living principal or another person with written authorization originating from the living principal to transfer custody of the electronic power of attorney to a successor custodian.

(7) To transfer the entire electronic record of the electronic power of attorney to a successor custodian upon the receipt of a written instruction requesting the transfer of the entire electronic record of an electronic power of attorney to a successor custodian.

(8) To provide an executed delivery receipt to the outgoing custodian who transfers:

(A) the electronic record;

(B) the electronic power of attorney;

(C) any accompanying document integrity evidence; or

(D) the information pertaining to the format in which the electronic record or electronic power of attorney is received;

if the receiving custodian agrees to assume responsibility for an electronic record or an electronic power of attorney and all associated documents from an outgoing custodian.

(9) To relinquish control and possession of:

(A) the electronic record;

(B) the electronic power of attorney; or

(C) a complete converted copy of the electronic power of attorney if the custodian only possesses a complete converted copy;

to a person authorized by the principal to receive the items described in clauses (A) through (C).

(10) To comply with an order of the court requiring the electronic filing or delivery to the court of:

(A) the electronic power of attorney and any associated document integrity evidence; or

(B) a complete converted copy.

(11) To provide an accurate copy of the electronic record for the principal's electronic power of attorney or a complete converted copy of the electronic power of attorney to an interested person who is entitled to receive a copy under the terms of the power of attorney.

(12) To furnish, for any court hearing or matter involving an electronic power of attorney currently or previously stored by the custodian, any information requested by the court pertaining to the custodian's policies, practices, or qualifications as they relate to the maintenance, production, or storage of electronic powers of attorney.

(c) A proposed successor custodian has no obligation to accept delivery of an electronic power of attorney from an outgoing custodian or to accept the responsibility to maintain custody of the electronic record for an electronic power of attorney. A successor custodian's execution of a delivery receipt constitutes acceptance of:

(1) the appointment as successor custodian; and

(2) the responsibility to maintain and preserve the accepted electronic power of attorney.

(d) If a custodian wishes to discontinue custody of an electronic power of attorney, the custodian must send written notice to the principal or, if the principal's whereabouts are unknown, to the current attorney in fact or other person holding written authority from the principal.

(e) A written notice described in subsection (d) must inform the principal, attorney in fact, or other person holding written authority from the principal that the custodian will transfer custody of the electronic record to a successor custodian chosen by the current custodian unless a written instruction is issued to the current custodian not later than thirty (30) days after the written notice described in subsection (d) was first issued.

(f) If the principal, current attorney in fact, or person holding written authority from the principal does not respond to a written notice described in subsection (d) by the end of the thirty (30) day period described in subsection (e), the custodian may dispose of the electronic record associated with an electronic power of attorney in one (1) of the following ways:

(1) The current custodian may transfer custody of the electronic record for the electronic power of attorney to a successor custodian previously designated in writing by the principal.

(2) The current custodian may transfer custody of the electronic power of attorney to a successor custodian selected by the current custodian.

(3) The current custodian may transmit a complete converted copy of the electronic power of attorney trust instrument and an accompanying affidavit of regularity to the person who received the thirty (30) day notice described in subsection (e).

As added by P.L.40-2018, SEC.4.
Ind. Code § 30-1-6-3 — Indiana Code / Title 30 / Article 1 / Chapter 6 / Section 30-1-6-3
Bidding; report; hearing; endorsement
Status: in_force

Sec. 3. In compliance with the terms of the order for the sale of said oil and gas, coal, or other mineral lease, said administrator, executor, or guardian shall offer said lease for sale and sell the same to the highest bidder upon such terms and conditions as the court shall order and shall thereupon file a report of sale showing the land upon which said lease was sold, the term of years thereof, the name of the purchaser, and the amount for which the same was sold, and attach to the return a copy of the form of lease proposed to be executed, which report shall thereupon, without further notice, be heard by the court having probate jurisdiction and if the court finds that said sale was properly conducted as herein provided, and that the price bid for said lease was not disproportionate to the value thereof, said sale shall be confirmed and said administrator, executor or guardian authorized and directed to execute and deliver said lease, and when said lease is executed the judge shall indorse his approval thereon.

Formerly: Acts 1943, c.270, s.3.
Ind. Code § 30-1-8-2 — Indiana Code / Title 30 / Article 1 / Chapter 8 / Section 30-1-8-2
Establishment; conformity with Internal Revenue Code
Status: in_force

Sec. 2. Any Indiana bank or trust company or any national bank, qualified to act as fiduciary in this state, may establish common trust funds in conformity with the provisions of Section 584 of the Internal Revenue Code, and the regulations promulgated thereunder, pertaining to the collective investment and reinvestment of trust funds by such banks and companies as fiduciaries or co-fiduciaries, and may lawfully purchase with funds which it holds for investment as such fiduciary or co-fiduciary participating interests in such common trust funds, if:

(1) such investment is not prohibited by the instrument or judgment creating such fiduciary relationship; and

(2) in any case where it is a co-fiduciary, the bank or trust company procures the written consent of its co-fiduciary to such investment. Such consent is hereby authorized.

Formerly: Acts 1949, c.70, s.2. As amended by P.L.2-1987, SEC.44.
Ind. Code § 30-2-14-13 — Indiana Code / Title 30 / Article 2 / Chapter 14 / Section 30-2-14-13
"Trustee" defined
Status: in_force

Sec. 13. As used in this chapter, "trustee" includes an original, additional, or successor trustee, whether or not appointed or confirmed by a court.

As added by P.L.84-2002, SEC.2.
Ind. Code § 30-4-10-6 — Indiana Code / Title 30 / Article 4 / Chapter 10 / Section 30-4-10-6
"Beneficiary with a disability"
Status: in_force

Sec. 6. As used in this chapter, "beneficiary with a disability" means a beneficiary who is determined, in the exercise of an authorized fiduciary's discretion, to have one (1) of the following conditions:

(1) Dementia, memory loss, Parkinson's disease, or other progressive condition that, currently or in the future, may impair the ability of the beneficiary to provide self care or manage the beneficiary's assets.

(2) A physical or mental condition or infirmity due to age, cognitive impairment, addiction, or disease that impairs the beneficiary's ability to provide self care or manage the beneficiary's assets.

(3) The susceptibility of the beneficiary, at any age, to financial exploitation, as defined in IC 23-19-4.1, IC 30-5-5-6.5, or FINRA Rule 2165 approved by the United States Securities and Exchange Commission.

(4) A condition requiring essential medical treatment or prescription medication that the beneficiary cannot reasonably provide for from the beneficiary's resources outside the trust assets.

(5) A condition related directly or indirectly to the disability of a beneficiary described in subdivisions (1) through (4) with respect to which the settlor of the trust has expressed the settlor's intent.

As added by P.L.161-2022, SEC.3. Amended by P.L.11-2023, SEC.94.
Ind. Code § 30-5-11-8 — Indiana Code / Title 30 / Article 5 / Chapter 11 / Section 30-5-11-8
"Destroy"; destruction of electronic power of attorney
Status: in_force

Sec. 8. (a) As used in this section, "destroy" means any action that:

(1) permanently deletes the electronic record associated with an electronic power of attorney; or

(2) renders the electronic record associated with an electronic power of attorney unreadable and nonretrievable.

(b) Any custodian or attorney holding an electronic power of attorney may destroy the electronic record associated with an electronic power of attorney and any accompanying document integrity evidence at any time after the fifth anniversary of the principal's death.

(c) Notwithstanding subsection (b), this section does not require a custodian, attorney, or other person in possession of a complete converted copy of an electronic power of attorney to destroy the complete converted copy of the electronic power of attorney.

As added by P.L.40-2018, SEC.4.
Ind. Code § 30-2-5-2 — Indiana Code / Title 30 / Article 2 / Chapter 5 / Section 30-2-5-2
Registration in name of fiduciary
Status: in_force

Sec. 2. A corporation or transfer agent registering a security in the name of a person who is a fiduciary or who is described as fiduciary is not bound to inquire into the existence, extent, or correct description of the fiduciary relationship; and thereafter the corporation and its transfer agent may assume without inquiry that the newly registered owner continues to be the fiduciary until the corporation or transfer agent receives written notice that the fiduciary is no longer acting as such with respect to the particular security.

Formerly: Acts 1961, c.124, s.2.
Ind. Code § 30-4-10-1 — Indiana Code / Title 30 / Article 4 / Chapter 10 / Section 30-4-10-1
Application
Status: in_force

Sec. 1. (a) This chapter applies to a trust created before, on, or after July 1, 2022, that:

(1) has its principal place of administration in this state, including a trust whose principal place of administration has been changed to this state; or

(2) provides by its trust instrument that it is governed by the law of this state or is governed by the law of this state for the purpose of:

(A) administration, including administration of a trust whose governing law for purposes of administration has been changed to the law of this state;

(B) construction of terms of the trust; or

(C) determining the meaning or effect of terms of the trust.

(b) Except as provided in subsections (c) and (d), this chapter applies to an express trust that is irrevocable or revocable by the settlor only with the consent of the trustee or a person holding an adverse interest.

(c) This chapter does not:

(1) apply to a trust held solely for charitable purposes;

(2) limit the power of a trustee, powerholder, or other person to distribute or appoint property in further trust;

(3) limit the power to modify a trust under the trust instrument, law of this state other than this chapter, common law, a court order, or a nonjudicial settlement agreement; or

(4) affect the ability of a settlor to provide in a trust instrument for the distribution of the trust property or appointment in further trust of the trust property or for modification of the trust instrument. Such provisions in the trust instrument shall control over any applicable provision of this chapter.

(d) Subject to section 45 of this chapter, a trust instrument may restrict or prohibit exercise of the decanting power.

As added by P.L.161-2022, SEC.3.
Ind. Code § 30-5-3-4 — Indiana Code / Title 30 / Article 5 / Chapter 3 / Section 30-5-3-4
Guardians; nomination; appointment; powers and duties; amendment or revocation of power; hearing; notice
Status: in_force

Sec. 4. (a) A principal may nominate a guardian for consideration by the court if protective proceedings for the principal's person or estate are commenced. The court shall make an appointment in accordance with the principal's most recent nomination in a power of attorney except for good cause or disqualification.

(b) A parent of a minor or a de facto custodian of a minor may nominate a guardian of the minor for consideration by the court if protective proceedings for the minor's person or estate are commenced. The court shall consider a nomination in a power of attorney.

(c) A parent of an incapacitated person may nominate a guardian of the incapacitated person for consideration by the court if protective proceedings for the incapacitated person's person or estate are commenced. The court shall consider a nomination in a power of attorney.

(d) A guardian does not have power, duty, or liability with respect to property or personal health care decisions that are subject to a valid power of attorney. A guardian has no power to revoke or amend a valid power of attorney unless specifically directed to revoke or amend the power of attorney by a court order on behalf of the principal. A court may not enter an order to revoke or amend a power of attorney without a hearing. Notice of a hearing held under this section shall be given to the attorney in fact.

As added by P.L.149-1991, SEC.2. Amended by P.L.194-2017, SEC.13.
Ind. Code § 30-4-1.5-3 — Indiana Code / Title 30 / Article 4 / Chapter 1.5 / Section 30-4-1.5-3
Definitions
Status: in_force

Sec. 3. The following terms are defined for this chapter:

(1) "Affidavit of regularity" means an affidavit executed by a custodian or other person under section 10 of this chapter with respect to the electronic record for an electronic trust instrument or a complete converted copy of an electronic trust instrument.

(2) "Complete converted copy" means a document in any format that:

(A) can be visually perceived in its entirety on a monitor or other display device;

(B) can be printed; and

(C) contains:

(i) the text of an electronic trust instrument; and

(ii) a readable copy of the document integrity evidence, if any, that is or was part of or attached to the electronic trust instrument.

(3) "Custodian" means a person other than:

(A) the settlor who executed the electronic trust instrument;

(B) an attorney;

(C) a person who is named in the electronic trust instrument as a current trustee or successor trustee of the trust; or

(D) a person who is named or defined as a beneficiary in the electronic trust instrument;

who has authorized possession or control of the electronic trust instrument. The term may include an attorney in fact serving under a living settlor's durable power of attorney who possesses general authority over records, reports, statements, electronic records, or estate planning transactions.

(4) "Custody" means the authorized possession and control of at least one (1) of the following:

(A) A complete copy of the electronic record for the electronic trust instrument.

(B) A complete converted copy of the electronic trust instrument if the complete electronic record has been lost or destroyed or if the electronic trust instrument has been revoked.

(5) "Document integrity evidence" means the part of the electronic record for the electronic trust instrument that:

(A) is created and maintained electronically;

(B) includes digital markers showing that the electronic trust instrument has not been altered after its initial execution by the settlor;

(C) is logically associated with the electronic trust instrument in a tamper evident manner so that any change made to the text of the electronic trust instrument after its execution is visibly perceptible when the electronic record is displayed or printed;

(D) will generate an error message, invalidate an electronic signature, make the electronic record unreadable, or otherwise display evidence that some alteration was made to the electronic trust instrument after its execution; and

(E) displays the following information:

(i) The city and state in which, and the date and time at which, the electronic trust instrument was executed by the settlor.

(ii) The name of the settlor.

(iii) The name and address of another person, if any, responsible for marking the settlor's electronic signature on the electronic trust instrument at the settlor's direction and in the actual presence of the settlor.

(iv) A copy of or a link to the electronic signature of the settlor on the electronic trust instrument.

(v) A general description of the type of identity verification evidence used to verify the settlor's identity.

(vi) The content of the cryptographic hash or unique code used to complete the electronic record and make the electronic trust instrument tamper evident if a public key infrastructure or a similar secure technology was used to sign or authenticate the electronic trust instrument and if the vendor or the software for the technology makes inclusion feasible.

Document integrity evidence may, but is not required to, contain other information about the electronic trust instrument such as a unique document number, client number, or other identifier that an attorney or custodian assigns to the electronic trust instrument or a link to a secure Internet web site where a complete copy of the electronic trust instrument is accessible. The title, heading, or label, if any, that is assigned to the document integrity evidence (such as "certificate of completion", "audit trail", or "audit log") is immaterial.

(6) "Electronic" has the meaning set forth in IC 26-2-8-102.

(7) "Electronic record" has the meaning set forth in IC 26-2-8-102. The term may include one (1) or both of the following:

(A) The document integrity evidence associated with the electronic trust instrument.

(B) The identity verification evidence of the settlor who executed the electronic trust instrument.

(8) "Electronic signature" has the meaning set forth in IC 26-2-8-102.

(9) "Electronic trust instrument" means a trust instrument for an inter vivos trust created by a settlor or other person that:

(A) is initially created and maintained as an electronic record;

(B) contains the electronic signature of the settlor or other person creating the trust; and

(C) contains the date and time of the electronic signature of the settlor or other person creating the trust.

The term includes an amendment to or a restatement of a revocable trust instrument when the amendment or restatement is executed in accordance with the requirements of section 6 of this chapter.

(10) "Executed" means the signing of an electronic trust instrument. The term includes the use of an electronic signature.

(11) "Identity verification evidence" means either:

(A) a copy of the settlor's government issued photo identification card; or

(B) any other information that verifies the identity of the settlor if derived from one (1) or more of the following sources:

(i) A knowledge based authentication method.

(ii) A physical device.

(iii) A digital certificate using a public key infrastructure.

(iv) A verification or authorization code sent to or used by the settlor.

(v) Biometric identification.

(vi) Any other commercially reasonable method for verifying the settlor's identity using current or future technology.

(12) "Logically associated" means electronically connected, cross referenced, or linked in a reliable manner.

(13) "Sign" means valid use of a properly executed electronic signature.

(14) "Signature" means the authorized use of the settlor's name to authenticate an electronic trust instrument. The term includes an electronic signature.

(15) "Tamper evident" means the feature of an electronic record, such as an electronic trust instrument or document integrity evidence for an electronic trust instrument, that will cause the fact of any alteration of or tampering with the electronic record, after it is created or signed, to be perceptible to any person viewing the electronic record when it is printed on paper or viewed on a monitor or other display device. The term applies even if the nature or the specific content of the alteration is not perceptible.

(16) "Traditional paper trust instrument" means a trust instrument or an amendment to or a restatement of a trust instrument that is signed by the settlor on paper.

As added by P.L.40-2018, SEC.3. Amended by P.L.231-2019, SEC.22.
Ind. Code § 30-2-12-11 — Indiana Code / Title 30 / Article 2 / Chapter 12 / Section 30-2-12-11
Repealed
Status: repealed

As added by P.L.268-1989, SEC.1. Repealed by P.L.226-2007, SEC.24.
Ind. Code § 30-4-5-10 — Indiana Code / Title 30 / Article 4 / Chapter 5 / Section 30-4-5-10
Repealed
Status: repealed

Formerly: Acts 1971, P.L.416, SEC.6. Repealed by P.L.84-2002, SEC.11.
Ind. Code § 30-5-11-4.3 — Indiana Code / Title 30 / Article 5 / Chapter 11 / Section 30-5-11-4.3
Certain electronic powers of attorney created in reliance on supreme court order
Status: in_force

Sec. 4.3. (a) This section applies to an electronic power of attorney executed in the presence of witnesses under section 4(a)(2) of this chapter on or after March 31, 2020.

(b) Any person who, at the time of attestation, is competent to be a witness in this state may act as an attesting witness to the execution of an electronic power of attorney, and the witness's subsequent incapacity will not impair the effectiveness of the power of attorney.

(c) An electronic power of attorney is void if:

(1) a subscribing witness to the execution of the power of attorney has an interest in the power of attorney; and

(2) the power of attorney cannot be proved without the witness's testimony of proof or the witness's signature.

(d) For purposes of this section, a person serving as a subscribing witness to the execution of an electronic power of attorney has an interest in an electronic power of attorney if:

(1) the power of attorney names the person as the principal's attorney in fact or successor to the attorney in fact;

(2) the power of attorney grants a power or beneficial interest to the person other than appointment of the person as the principal's attorney in fact or successor to the attorney in fact; or

(3) the witness is related to a person described in subdivision (1) or (2).

(e) For purposes of this section, a witness is related to a person described in subsection (d)(1) or (d)(2) if the person is:

(1) the spouse of the witness; or

(2) a descendant of the witness.

As added by P.L.185-2021, SEC.27.
Ind. Code § 30-4-4-2 — Indiana Code / Title 30 / Article 4 / Chapter 4 / Section 30-4-4-2
Transfers by the trustee to third persons
Status: in_force

Sec. 2. (Transfers by the Trustee to Third Persons)

(a) If, in transferring an interest in trust property to a third party, the trustee is not committing a breach of trust, the transferee holds the interest free of the trust and incures no liability to the beneficiary.

(b) A third person, to whom an interest in trust property is transferred by the trustee in breach of trust, takes his interest free of the trust if he:

(1) takes for value and without notice of the breach of trust; and

(2) is not taking part in what he knows to be an illegal transaction.

Formerly: Acts 1971, P.L.416, SEC.5.
Ind. Code § 30-2-13-32 — Indiana Code / Title 30 / Article 2 / Chapter 13 / Section 30-2-13-32
General price list
Status: in_force

Sec. 32. A seller of:

(1) prepaid services or merchandise; or

(2) at-need services or merchandise;

shall maintain for display or on request at the seller's place of business and in the possession of an agent appointed by the seller a fully detailed general price list of all prepaid and at-need services or merchandise offered by the seller. The seller shall make this list available to any individual requesting price information.

As added by P.L.200-1991, SEC.1. Amended by P.L.207-1993, SEC.33; P.L.241-1995, SEC.14.
Ind. Code § 30-2-8.5-33 — Indiana Code / Title 30 / Article 2 / Chapter 8.5 / Section 30-2-8.5-33
Renunciation, resignation, death, or removal of custodian; designation of successor custodian
Status: in_force

Sec. 33. (a) A person nominated under section 18 of this chapter or designated under section 24 of this chapter as custodian may decline to serve by delivering a valid disclaimer to the person who made the nomination or to the transferor or the transferor's legal representative. If:

(1) the event giving rise to a transfer has not occurred; and

(2) no substitute custodian able, willing, and eligible to serve was nominated under section 18 of this chapter;

the person who made the nomination may nominate a substitute custodian under section 18 of this chapter. Otherwise the transferor or the transferor's legal representative shall designate a substitute custodian at the time of the transfer from among the persons eligible to serve as custodian for that kind of property under section 24(a) of this chapter. The custodian designated has the rights of a successor custodian.

(b) A custodian at any time may designate a trust company or an adult other than a transferor under section 19 of this chapter as successor custodian by executing and dating an instrument of designation before a subscribing witness other than the successor. If the instrument of designation does not contain or is not accompanied by the resignation of the custodian, the designation of the successor does not take effect until the custodian resigns, dies, becomes incapacitated, or is removed.

(c) A custodian may resign at any time by delivering written notice to the minor if the minor is at least fourteen (14) years of age and to the successor custodian and by delivering the custodial property to the successor custodian.

(d) If a custodian is ineligible, dies, or becomes incapacitated without having effectively designated a successor and the minor is at least fourteen (14) years of age, the minor may designate as successor custodian, in the manner prescribed in subsection (b), an adult member of the minor's family, a guardian of the minor, or a trust company. Except as provided in subsection (g), if the minor is less than fourteen (14) years of age or fails to act within sixty (60) days after the ineligibility, death, or incapacity, the guardian of the minor becomes successor custodian. If the minor has no guardian or the guardian declines to act, the transferor, the legal representative of the transferor or of the custodian, an adult member of the minor's family, or any other interested person may petition the court to designate a successor custodian.

(e) A custodian who declines to serve under subsection (a) or resigns under subsection (c), or the legal representative of a deceased or incapacitated custodian, as soon as practicable, shall put the custodial property and records in the possession and control of the successor custodian. The successor custodian by action may enforce the obligation to deliver custodial property and records and is responsible for each item as received.

(f) A transferor, the legal representative of a transferor, an adult member of the minor's family, a guardian of the minor, or the minor if the minor is at least fourteen (14) years of age may petition the court to remove the custodian for cause and to designate a successor custodian other than a transferor under section 19 of this chapter or to require the custodian to give appropriate bond.

(g) If the custodial property, including a custodial account, is worth less than ten thousand dollars ($10,000), a guardian does not need to be appointed as set forth in IC 29-3-3-1.

As added by P.L.267-1989, SEC.2. Amended by P.L.149-2012, SEC.10.
Ind. Code § 30-2-8.6-28 — Indiana Code / Title 30 / Article 2 / Chapter 8.6 / Section 30-2-8.6-28
Rights and powers
Status: in_force

Sec. 28. (a) A custodial trustee acting in a fiduciary capacity has all the rights and powers over custodial trust property which an unmarried adult owner has over individually owned property, but a custodial trustee may exercise those rights and powers in a fiduciary capacity only.

(b) This section does not relieve a custodial trustee from liability for a violation of section 27 of this chapter.

As added by P.L.3-2003, SEC.1.
Ind. Code § 30-4-2.1-14 — Indiana Code / Title 30 / Article 4 / Chapter 2.1 / Section 30-4-2.1-14
Rules of interpretation concerning discretionary interests
Status: in_force

Sec. 14. (a) The following rules apply only to discretionary interests (as defined in section 14.5 of this chapter):

(1) A discretionary interest is a mere expectancy that is neither a property interest nor an enforceable right.

(2) A creditor may not:

(A) require a trustee to exercise the trustee's discretion to make a distribution; or

(B) cause a court to foreclose a discretionary interest.

(3) A court may review a trustee's distribution discretion only if the trustee acts dishonestly or with an improper motive.

(b) Words such as sole, absolute, uncontrolled, or unfettered discretion dispense with the trustee acting reasonably.

(c) Absent express language to the contrary, if the distribution language in a discretionary interest permits unequal distributions between beneficiaries or distributions to the exclusion of other beneficiaries, a trustee may, in the trustee's discretion, distribute all of the accumulated, accrued, or undistributed income and principal to one (1) beneficiary to the exclusion of the other beneficiaries.

(d) Regardless of whether a beneficiary has any outstanding creditors, a trustee of a discretionary interest may directly pay any expense on behalf of the beneficiary and may exhaust the income and principal of the trust for the benefit of the beneficiary. A trustee is not liable to a creditor for paying the expenses of a beneficiary who holds a discretionary interest.

As added by P.L.6-2010, SEC.14. Amended by P.L.36-2011, SEC.7; P.L.6-2012, SEC.202.
Ind. Code § 30-4-9-9 — Indiana Code / Title 30 / Article 4 / Chapter 9 / Section 30-4-9-9
Duties and liabilities of a directed trustee
Status: in_force

Sec. 9. (a) Subject to subsection (b), a directed trustee shall take reasonable action to comply with a trust director's exercise or nonexercise of a power of direction or further power under section 6(b)(1) of this chapter, and the trustee is not liable for the action.

(b) A directed trustee must not comply with a trust director's exercise or nonexercise of a power of direction or further power under section 6(b)(1) of this chapter to the extent that by complying the trustee would engage in willful misconduct.

(c) An exercise of power of direction under which a trust director may release a trustee or another trust director from liability for breach of trust is not effective if:

(1) the breach involved the trustee's or other director's willful misconduct;

(2) the release was induced by improper conduct of the trustee or other director in procuring the release; or

(3) at the time of the release, the director did not know the material facts relating to the breach.

(d) A directed trustee that has reasonable doubt about the directed trustee's duty under this section may petition the court for instructions.

(e) The terms of a trust may impose a duty or liability on a directed trustee in addition to the duties and liabilities under this section.

As added by P.L.221-2019, SEC.10.
Ind. Code § 30-5-5-9 — Indiana Code / Title 30 / Article 5 / Chapter 5 / Section 30-5-5-9
Gift transactions
Status: in_force

Sec. 9. (a) Language conferring general authority with respect to gift transactions means the principal authorizes the attorney in fact to do the following:

(1) Make gifts to organizations, charitable or otherwise, to which the principal has made gifts, and satisfy pledges made to organizations by the principal.

(2) Make gifts on behalf of the principal to the principal's spouse, children, and other descendants or the spouse of a child or other descendant, either outright or in trust, for purposes the attorney in fact considers to be in the best interest of the principal, including the minimization of income, estate, inheritance, or gift taxes. The attorney in fact or a person that the attorney in fact has a legal obligation to support may not be the recipient of gifts in one (1) year that total more than the amount allowed as an exclusion from gifts under Section 2503 of the Internal Revenue Code.

(3) Prepare, execute, consent to on behalf of the principal, and file a return, report, declaration, or other document required by the laws of the United States, a state, a subdivision of a state, or a foreign government that the attorney in fact considers desirable or necessary with respect to a gift made under the authority of this section.

(4) Execute, acknowledge, seal, and deliver a deed, an assignment, an agreement, an authorization, a check, or other instrument the attorney in fact considers useful to accomplish a purpose permitted under this section.

(5) Prosecute, defend, submit to arbitration, settle, and propose or accept a compromise with respect to a claim existing in favor of or against the principal based on or involving a gift transaction, or intervene in a related action or proceeding.

(6) Hire, discharge, and compensate an attorney, accountant, expert witness, or other assistant when the attorney in fact considers the action to be desirable for the proper execution by the attorney in fact of a power described in this section and keep needed records.

(7) Perform any other acts the attorney in fact considers desirable or necessary to complete a gift on behalf of the principal.

(b) The powers described in this section are exercisable equally with respect to a gift of property in which the principal is interested at the time of the giving of the power of attorney or becomes interested in after that time, whether conducted in Indiana or in another jurisdiction.

As added by P.L.149-1991, SEC.2. Amended by P.L.238-2005, SEC.50.
Ind. Code § 30-1-9-19 — Indiana Code / Title 30 / Article 1 / Chapter 9 / Section 30-1-9-19
Power of attorney; conveyances
Status: in_force

Sec. 19. The provisions of this chapter relative to powers, shall not extend to a simple power of attorney to convey lands, in the name and for the benefit of the owner.

Formerly: Acts 1852, 1RS, c.113, s.17a. As amended by Acts 1982, P.L.171, SEC.91.
Ind. Code § 30-4-7-5 — Indiana Code / Title 30 / Article 4 / Chapter 7 / Section 30-4-7-5
Law governing appointment of guardian or guardian ad litem
Status: in_force

Sec. 5. IC 29-1-1-20 applies to the appointment of a guardian or guardian ad litem under section 4 of this chapter.

As added by P.L.200-1991, SEC.6.
Ind. Code § 30-1-9-9 — Indiana Code / Title 30 / Article 1 / Chapter 9 / Section 30-1-9-9
Repealed
Status: repealed

Formerly: Acts 1852, 1RS, c.113, s.9. As amended by Acts 1967, c.52, s.1. Repealed by Acts 1971, P.L.416, SEC.8.
Ind. Code § 30-4-10-49 — Indiana Code / Title 30 / Article 4 / Chapter 10 / Section 30-4-10-49
Applicable rules
Status: in_force

Sec. 49. (a) As used in this section, "grantor trust" means a trust as to which a settlor of a first trust is considered the owner under 26 U.S.C. 671 through 677, as amended and in effect on July 1, 2022, or 26 U.S.C. 679, as amended and in effect on July 1, 2022.

(b) As used in this section, "Internal Revenue Code" means the United States Internal Revenue Code of 1986, as amended and in effect on July 1, 2022.

(c) As used in this section "nongrantor trust" means a trust that is not a grantor trust.

(d) As used in this section, "qualified benefits property" means property subject to the minimum distribution requirements of 26 U.S.C. 401(a)(9), as amended and in effect on July 1, 2022, and any applicable regulations, or to any similar requirements that refer to 26 U.S.C. 401(a)(9) or the regulations.

(e) An exercise of the decanting power is subject to the following limitations:

(1) If a first trust contains property that qualified, or would have qualified but for provisions of this chapter other than this section, for a marital deduction for purposes of the gift or estate tax under the Internal Revenue Code or a state gift, estate, or inheritance tax, the second-trust instrument must not include or omit any term that, if included in or omitted from the trust instrument for the trust to which the property was transferred, would have prevented the transfer from qualifying for the deduction, or would have reduced the amount of the deduction, under the same provisions of the Internal Revenue Code or state law under which the transfer qualified.

(2) If the first trust contains property that qualified, or would have qualified but for provisions of this chapter other than this section, for a charitable deduction for purposes of the income, gift, or estate tax under the Internal Revenue Code or a state income, gift, estate, or inheritance tax, the second-trust instrument must not include or omit any term that, if included in or omitted from the trust instrument for the trust to which the property was transferred, would have prevented the transfer from qualifying for the deduction, or would have reduced the amount of the deduction, under the same provisions of the Internal Revenue Code or state law under which the transfer qualified.

(3) If the first trust contains property that qualified, or would have qualified but for provisions of this chapter other than this section, for the exclusion from the gift tax described in 26 U.S.C. 2503(b), as amended and in effect on July 1, 2022, the second-trust instrument must not include or omit a term that, if included in or omitted from the trust instrument for the trust to which the property was transferred, would have prevented the transfer from qualifying under 26 U.S.C. 2503(b), as amended and in effect on July 1, 2022. If the first trust contains property that qualified, or would have qualified but for provisions of this chapter other than this section, for the exclusion from the gift tax described in 26 U.S.C. 2503(b), as amended and in effect on July 1, 2022, by application of 26 U.S.C. 2503(c), as amended and in effect on July 1, 2022, the second-trust instrument must not include or omit a term that, if included in or omitted from the trust instrument for the trust to which the property was transferred, would have prevented the transfer from qualifying under 26 U.S.C. 2503(c), as amended and in effect on July 1, 2022.

(4) If the property of the first trust includes shares of stock in an S corporation, as defined in 26 U.S.C. 1361, as amended and in effect on July 1, 2022, and the first trust is, or but for provisions of this chapter other than this section would be, a permitted shareholder under any provision of 26 U.S.C. 1361, as amended and in effect on July 1, 2022, an authorized fiduciary may exercise the power with respect to part or all of the S corporation stock only if any second trust receiving the stock is a permitted shareholder under 26 U.S.C. 1361(c)(2), as amended and in effect on July 1, 2022. If the property of the first trust includes shares of stock in an S corporation and the first trust is or, but for provisions of this chapter other than this section, would be a qualified subchapter S trust within the meaning of 26 U.S.C. 1361(d), as amended and in effect on July 1, 2022, the second-trust instrument must not include or omit a term that prevents the second trust from qualifying as a qualified subchapter S trust.

(5) If the first trust contains property that qualified, or would have qualified but for provisions of this chapter other than this section, for a zero (0) inclusion ratio for purposes of the generation skipping transfer tax under 26 U.S.C. 2642(c), as amended and in effect on July 1, 2022, the second-trust instrument must not include or omit a term that, if included in or omitted from the first-trust instrument, would have prevented the transfer to the first trust from qualifying for a zero (0) inclusion ratio under 26 U.S.C. 2642(c), as amended and in effect on July 1, 2022.

(6) If the first trust is directly or indirectly the beneficiary of qualified benefits property, the second-trust instrument may not include or omit any term that, if included in or omitted from the first-trust instrument, would have increased the minimum distributions required with respect to the qualified benefits property under 26 U.S.C. 401(a)(9), as amended and in effect on July 1, 2022, and any applicable regulations, or any similar requirements that refer to 26 U.S.C. 401(a)(9), as amended and in effect on July 1, 2022, or the regulations. If an attempted exercise of the decanting power violates this subdivision, the trustee is deemed to have held the qualified benefits property and any reinvested distributions of the property as a separate share from the date of the exercise of the power and section 52 of this chapter applies to the separate share.

(7) If the first trust qualifies as a grantor trust because of the application of 26 U.S.C. 672(f)(2)(A), as amended and in effect on July 1, 2022, the second trust may not include or omit a term that, if included in or omitted from the first-trust instrument, would have prevented the first trust from qualifying under 26 U.S.C. 672(f)(2)(A), as amended and in effect on July 1, 2022.

(8) As used in this subdivision, "tax benefit" means a federal or state tax deduction, exemption, exclusion, or other benefit not otherwise listed in this section, except for a benefit arising from being a grantor trust. Subject to subdivision (9), a second-trust instrument may not include or omit a term that, if included in or omitted from the first-trust instrument, would have prevented qualification for a tax benefit if:

(A) the first-trust instrument expressly indicates an intent to qualify for the benefit or the first-trust instrument is clearly designed to enable the first trust to qualify for the benefit; and

(B) the transfer of property held by the first trust or the first trust qualified or, but for provisions of this chapter other than this section, would have qualified for the tax benefit.

(9) Subject to subdivision (4):

(A) except as provided in subdivision (7), the second trust may be a nongrantor trust, even if the first trust is a grantor trust; and

(B) except as otherwise provided in subdivision (10), the second trust may be a grantor trust, even if the first trust is a nongrantor trust.

(10) An authorized fiduciary may not exercise the decanting power if a settlor objects in a signed record delivered to the fiduciary within the notice period and:

(A) the first trust and a second trust are both grantor trusts, in whole or in part, the first trust grants the settlor or another person the power to cause the first trust to cease to be a grantor trust, and the second trust does not grant an equivalent power to the settlor or other person; or

(B) the first trust is a nongrantor trust and a second trust is a grantor trust, in whole or in part, with respect to the settlor, unless:

(i) the settlor has the power at all times to cause the second trust to cease to be a grantor trust; or

(ii) the first-trust instrument contains a provision granting the settlor or another person a power that would cause the first trust to cease to be a grantor trust and the second-trust instrument contains the same provision.

As added by P.L.161-2022, SEC.3.
Ind. Code § 30-4-3-15 — Indiana Code / Title 30 / Article 4 / Chapter 3 / Section 30-4-3-15
Remedies of trustee against third persons
Status: in_force

Sec. 15. (Remedies of the Trustee against Third Persons)

The trustee may maintain in his representative capacity a civil action for any legal or equitable remedy against a third person that he could maintain in his own right if he were the owner.

Formerly: Acts 1971, P.L.416, SEC.4.
Ind. Code § 30-2-15-6 — Indiana Code / Title 30 / Article 2 / Chapter 15 / Section 30-2-15-6
"Unitrust amount"
Status: in_force

Sec. 6. As used in this chapter, "unitrust amount" means an amount computed as a percentage of the fair market value of the trust as set forth in this chapter.

As added by P.L.3-2003, SEC.2.
Ind. Code § 30-2-14-22 — Indiana Code / Title 30 / Article 2 / Chapter 14 / Section 30-2-14-22
Termination of mandatory income interest
Status: in_force

Sec. 22. (a) As used in this section, "undistributed income" means net income received before the date on which an income interest ends. The term does not include an item of income or expense that is due or accrued or net income that has been added or is required to be added to principal under the terms of the trust.

(b) When a mandatory income interest ends, the trustee shall pay to a mandatory income beneficiary who survives that date, or the estate of a deceased mandatory income beneficiary whose death causes the interest to end, the beneficiary's share of the undistributed income that is not disposed of under the terms of the trust unless the beneficiary has an unqualified power to revoke more than five percent (5%) of the trust immediately before the income interest ends. In the latter case, the undistributed income from the portion of the trust that may be revoked must be added to principal.

(c) When a trustee's obligation to pay a fixed annuity or a fixed fraction of the value of the trust's assets ends, the trustee shall prorate the final payment if and to the extent required by applicable law to accomplish a purpose of the trust or its settlor relating to income, gift, estate, or other tax requirements.

As added by P.L.84-2002, SEC.2.
Ind. Code § 30-2-8.5-9 — Indiana Code / Title 30 / Article 2 / Chapter 8.5 / Section 30-2-8.5-9
"Members of the minor's family" defined
Status: in_force

Sec. 9. As used in this chapter, "member of the minor's family" means the minor's parent, stepparent, spouse, grandparent, brother, sister, uncle, or aunt, whether of the whole or half blood or by adoption.

As added by P.L.267-1989, SEC.2.
Ind. Code § 30-5-11-10 — Indiana Code / Title 30 / Article 5 / Chapter 11 / Section 30-5-11-10
Prima facie evidence of validity
Status: in_force

Sec. 10. (a) An electronic record, including any accompanying document integrity evidence contained in the electronic record, is:

(1) prima facie evidence of the validity of the electronic power of attorney; and

(2) prima facie evidence of the absence of unauthorized alteration of or tampering with the electronic power of attorney.

(b) If an electronic power of attorney appears to have been executed in compliance with this chapter, a complete converted copy of the electronic power of attorney is prima facie evidence of:

(1) the validity of the electronic power of attorney; and

(2) the absence of unauthorized alteration or tampering.

(c) Except when required by an order of the court, a custodian or other person in possession of an electronic record or electronic power of attorney is not required to make or issue an affidavit of regularity concerning the custody of the electronic record for:

(1) an electronic power of attorney; or

(2) a complete converted copy of an electronic power of attorney.

(d) Notwithstanding subsection (c), any:

(1) custodian; or

(2) other person in possession of an electronic record or electronic power of attorney;

may make an affidavit of regularity if any objection is asserted or any doubt is raised regarding the validity of the electronic power of attorney or about any alleged unauthorized alteration of the electronic power of attorney.

(e) The presumption of regularity created by this section shall apply to an electronic record or an electronic power of attorney regardless of the number of custodians or other persons who:

(1) hold;

(2) receive; or

(3) transfer to another custodian, authorized person, or principal;

an electronic record or electronic power of attorney.

(f) The presumption of regularity created by this section for an electronic record or electronic power of attorney may be rebutted by:

(1) clear and convincing evidence; or

(2) evidence that the principal executed another electronic power of attorney.

As added by P.L.40-2018, SEC.4. Amended by P.L.10-2019, SEC.124.
Ind. Code § 30-2-13-28 — Indiana Code / Title 30 / Article 2 / Chapter 13 / Section 30-2-13-28
Preneed consumer protection fund; establishment; funding
Status: in_force

Sec. 28. (a) The preneed consumer protection fund is established. The board shall deposit receipts under section 27 of this chapter in the preneed consumer protection fund.

(b) The expenses of administering the fund shall be paid from money in the fund.

(c) The money in the fund and the interest accruing to the fund remain in the fund and do not revert to the state general fund.

As added by P.L.200-1991, SEC.1.
Ind. Code § 30-2-4-2 — Indiana Code / Title 30 / Article 2 / Chapter 4 / Section 30-2-4-2
Application of payments made to fiduciaries
Status: in_force

Sec. 2. A person who in good faith pays or transfers to a fiduciary any money or other property which the fiduciary as such is authorized to receive, is not responsible for the proper application thereof by the fiduciary; and any right to title acquired from the fiduciary in consideration of such payment or transfer is not invalid in consequence of a misapplication by the fiduciary.

Formerly: Acts 1927, c.17, s.2.
Ind. Code § 30-1-4-1 — Indiana Code / Title 30 / Article 1 / Chapter 4 / Section 30-1-4-1
Eligible investments
Status: in_force

Sec. 1. (a) Obligations issued by or for the Inter-American Development Bank or the African Development Bank are declared to be eligible investments for all funds authorized by law to be invested by any and all of the following:

(1) Any financial institution (as defined in IC 28-1-1-3).

(2) Individual or corporate fiduciaries.

(3) Fraternal beneficiary societies (as defined in IC 27-11-1-11).

(b) Nothing in this section may be construed to change any limitations as to amounts which may be invested in obligations of any one (1) obligor as may be imposed by laws regulating the investments of the various financial institutions, industrial loan and investment companies, and trust funds.

Formerly: Acts 1963(ss), c.14, s.1. As amended by Acts 1982, P.L.171, SEC.87; P.L.49-1988, SEC.3.
Ind. Code § 30-4-3-7 — Indiana Code / Title 30 / Article 4 / Chapter 3 / Section 30-4-3-7
Self-dealing; transactions between trusts
Status: in_force

Sec. 7. (a) Unless the terms of the trust provide otherwise or the transaction is authorized under section 7.5 of this chapter, IC 28-1-12-8, or IC 28-6.1-6-26, the trustee has a duty:

(1) not to loan funds to the trustee or an affiliate;

(2) not to purchase or participate in the purchase of trust property from the trust for the trustee's own or an affiliate's account;

(3) not to sell or participate in the sale of the trustee's own or an affiliate's property to the trust; or

(4) if a corporate trustee, not to purchase for or retain in the trust its own or a parent or subsidiary corporation's stock, bonds, or other capital securities. However, the trustee may retain such securities already held in trusts created prior to September 2, 1971.

(b) Unless the terms of the trust provide otherwise, a corporate trustee may invest in, purchase for, or retain in the trust its own or an affiliate's obligations, including savings accounts and certificates of deposit, without the investment, purchase, or retention constituting a conflict of interest under section 5 of this chapter.

(c) Unless the terms of the trust provide otherwise, a corporate trustee does not violate subsection (a) by investing in, purchasing for, or retaining in the trust its own or an affiliate's obligations, including savings accounts and certificates of deposit, if the payment of each obligation is fully insured by the Federal Deposit Insurance Corporation, the National Credit Union Share Insurance Fund, or any insurer approved by the department of financial institutions under IC 28-7-1-31.5.

(d) If the terms of the trust permit the trustee to deal with a beneficiary for the trustee's own account, the trustee has a duty to deal fairly with and to disclose to the beneficiary all material facts related to the transaction which the trustee knows or should know.

(e) Unless the terms of the trust provide otherwise, the trustee may sell, exchange, or participate in the sale or exchange of trust property from one (1) trust to the trustee as trustee of another trust, provided the sale or exchange is fair and reasonable with respect to the beneficiaries of both trusts and the trustee discloses to the beneficiaries of both trusts all material facts related to the sale or exchange which the trustee knows or should know.

(f) This section does not prohibit a trustee from enforcing or fulfilling any enforceable contract or agreement:

(1) executed during the settlor's lifetime; and

(2) between the settlor and the trustee in the trustee's individual capacity.

Formerly: Acts 1971, P.L.416, SEC.4. As amended by Acts 1982, P.L.171, SEC.118; P.L.174-1986, SEC.1; P.L.8-1991, SEC.34; P.L.176-1996, SEC.34; P.L.238-2005, SEC.34; P.L.202-2007, SEC.3; P.L.226-2007, SEC.22; P.L.89-2011, SEC.75; P.L.194-2017, SEC.9.
Ind. Code § 30-4-2-8 — Indiana Code / Title 30 / Article 4 / Chapter 2 / Section 30-4-2-8
Merger of estates
Status: in_force

Sec. 8. (a) If the settlor transfers both the title and the entire equitable interest in property to the same person as both the sole trustee and the sole beneficiary, no trust will be deemed to have been created and the transferee shall treat the property as the transferee's own.

(b) Except as provided in subsection (c), if the title to the trust property and the entire beneficial interest becomes united in one (1) person the trust terminates. If:

(1) a beneficiary is serving as trustee; and

(2) the trust creates an interest in a beneficiary who is not the trustee, whether the interest is contingent or vested;

the entire beneficial interest shall not be construed to be united in one (1) person.

(c) The title to the trust property and the entire beneficial interest shall not become united in a beneficiary whose interest is protected under a trust with protective provisions, and in that case the court shall appoint a new trustee to administer the trust for the beneficiary's benefit.

Formerly: Acts 1971, P.L.416, SEC.3. As amended by P.L.200-1991, SEC.2.
Ind. Code § 30-4-3-25.5 — Indiana Code / Title 30 / Article 4 / Chapter 3 / Section 30-4-3-25.5
Distribution of terminated trust; payment of federal and state taxes
Status: in_force

Sec. 25.5. (a) This section applies beginning October 1, 2009.

(b) Except as provided in subsection (d), when a trust created to comply with 42 U.S.C. 1396p(d)(4)(A) is terminated, the trustee shall not distribute trust property to any person entitled to payment from the trust until the office of Medicaid policy and planning has been fully reimbursed for assistance rendered to the person for whom the trust was created.

(c) The primary purpose of a trust described in subsection (b) is to ensure that the state is repaid Medicaid benefits provided in return for excepting the trust from the general requirements of 42 U.S.C. 1396(d).

(d) A trustee may pay federal and state taxes from the trust before reimbursing the office of Medicaid policy and planning.

As added by P.L.14-2009, SEC.3.
Ind. Code § 30-2-14-43 — Indiana Code / Title 30 / Article 2 / Chapter 14 / Section 30-2-14-43
Adjustments to offset shifting of economic interests or tax benefits between income beneficiaries and remainder beneficiaries
Status: in_force

Sec. 43. (a) A fiduciary may make adjustments between principal and income to offset the shifting of economic interests or tax benefits between income beneficiaries and remainder beneficiaries that arise from:

(1) elections and decisions, other than those described in subsection (b), that the fiduciary makes from time to time regarding tax matters;

(2) an income tax or any other tax that is imposed upon the fiduciary or a beneficiary as a result of a transaction involving or a distribution from the estate or trust; or

(3) the ownership by an estate or trust of an interest in an entity whose taxable income, whether or not distributed, is includable in the taxable income of the estate, trust, or a beneficiary.

(b) If the amount of an estate tax marital deduction or charitable contribution deduction is reduced because a fiduciary deducts an amount paid from principal for income tax purposes instead of deducting it for estate tax purposes, and as a result estate taxes paid from principal are increased and income taxes paid by an estate, a trust, or a beneficiary are decreased, each estate, trust, or beneficiary that benefits from the decrease in income tax shall reimburse the principal from which the increase in estate tax is paid. The total reimbursement must equal the increase in the estate tax to the extent that the principal used to pay the increase would have qualified for a marital deduction or charitable contribution deduction but for the payment. The proportionate share of the reimbursement for each estate, trust, or beneficiary whose income taxes are reduced must be the same as its proportionate share of the total decrease in income tax. An estate or trust shall reimburse principal from income.

As added by P.L.84-2002, SEC.2.
Ind. Code § 30-2-8.5-17 — Indiana Code / Title 30 / Article 2 / Chapter 8.5 / Section 30-2-8.5-17
Scope and jurisdiction
Status: in_force

Sec. 17. (a) This chapter applies to a transfer that refers to this chapter in the designation under section 24(a) of this chapter by which the transfer is made if, at the time of the transfer, the transferor, the minor, or the custodian is a resident of Indiana or the custodial property is located in Indiana. The custodianship created under this section remains subject to this chapter despite:

(1) a change in residence of:

(A) a transferor;

(B) the minor; or

(C) the custodian; or

(2) the removal of custodial property from Indiana.

(b) A person designated as custodian under this chapter is subject to personal jurisdiction in Indiana with respect to a matter relating to the custodianship.

(c) A transfer that purports to be made and that is valid under the uniform transfers to minors act, the uniform gifts to minors act or a substantially similar act of another state is governed by the law of the designated state and may be executed and is enforceable in Indiana if at the time of the transfer the transferor, the minor, or the custodian is a resident of the designated state or the custodial property is located in the designated state.

As added by P.L.267-1989, SEC.2.
Ind. Code § 30-5-5-11 — Indiana Code / Title 30 / Article 5 / Chapter 5 / Section 30-5-5-11
Claims and litigation
Status: in_force

Sec. 11. (a) Language conferring general authority with respect to claims and litigation means the principal authorizes the attorney in fact to do the following:

(1) Assert and prosecute before a court, an administrative board, a department, a commissioner, or other tribunal, a cause of action, a claim, a counterclaim, an offset, or a defense that the principal has or claims to have against an individual, a partnership, an association, a government, a person, or an instrumentality, including the power to sue for the following:

(A) The recovery of land or a thing of value.

(B) The recovery of damages sustained by the principal in any manner.

(C) The elimination or modification of tax liability.

(D) An injunction.

(E) Specific performance.

(F) Any other relief.

(2) Bring an action of interpleader or other action to determine adverse claims, intervene or interplead in an action or proceeding, and act in litigation as amicus curiae.

(3) In connection with an action, a proceeding, or a controversy at law or otherwise, apply for and, if possible, procure a libel, an attachment, a garnishment, an order of arrest, or other preliminary, provisional, or intermediate relief and resort to and use in all ways permitted by law an available procedure to satisfy a judgment, an order, or a decree.

(4) In connection with an action or a proceeding at law, or otherwise, perform an act the principal might perform, including an acceptance of tender, an offer of judgment, an admission of facts, a submission of controversy on an agreed statement of facts, a consent to examination before trial, and the general binding of the principal in the conduct of litigation or controversy as the attorney in fact considers desirable.

(5) Submit to arbitration, settle, and propose or accept a compromise with respect to a claim existing in favor of or against the principal or litigation to which the principal is, may become, or may be designated a party.

(6) Waive the issuance and service of a summons, citation, or other process upon the principal, accept service of process, appear for the principal, designate persons upon whom process directed to the principal may be served, execute and file or deliver stipulations on the principal's behalf, verify pleadings, appeal to appellate tribunals, procure and give surety and indemnity bonds at the times and to the extent the attorney in fact considers desirable or necessary, contract and pay for the preparation and printing of records and briefs, receive and execute and file or deliver a consent, a waiver, a release, a confession of judgment, a satisfaction of judgment, a notice, an agreement, or other instrument the attorney in fact considers desirable or necessary in connection with the prosecution, settlement, or defense of a claim by or against the principal or of litigation to which the principal is, may become, or may be designated a party.

(7) Appear for, represent, and act for the principal with respect to bankruptcy or insolvency proceedings, whether voluntary or involuntary, whether of the principal or another person, with respect to a reorganization proceeding, a receivership, or an application for the appointment of a receiver or trustee that affects an interest of the principal in real property, a bond, a share, a commodity interest, tangible personal property, or other thing of value.

(8) Hire, discharge, and compensate an attorney, accountant, expert witness, or other assistant when the attorney in fact considers the action to be desirable for the execution of a power permitted under this section.

(9) Pay, from funds in the control of the attorney in fact or the account of the principal, a judgment against the principal or a settlement that may be made in connection with a transaction permitted under this section, receive and conserve money or other things of value paid in settlement of or as proceeds of a transaction permitted under this section, and receive, endorse, and deposit checks.

(10) Perform other acts in connection with a claim by or against the principal or litigation to which the principal is, may become, or may be designated a party.

(b) The powers described in this section are exercisable equally with respect to a claim or litigation existing at the time of the giving of the power of attorney or arising after that time, whether located in Indiana or in another jurisdiction.

As added by P.L.149-1991, SEC.2.
Ind. Code § 30-4-2-10 — Indiana Code / Title 30 / Article 4 / Chapter 2 / Section 30-4-2-10
Capacity of settlor
Status: in_force

Sec. 10. (a) If a trust is created by a will, the settlor's capacity that is required to create the trust is determined by the applicable probate law.

(b) The capacity of a settlor that is required to create, amend, revoke, or add property to a revocable trust is the same as the capacity of a testator that is required to make a will.

(c) To create or add property to an irrevocable trust, the settlor or transferor must be of sound mind and have a reasonable understanding of the nature and effect of the act and the terms of the trust.

(d) To direct the actions of the trustee of a trust, the settlor or other person must:

(1) have the capacity to hold and deal with property for the settlor's or person's own benefit;

(2) be at least eighteen (18) years of age; and

(3) be of sound mind.

Formerly: Acts 1971, P.L.416, SEC.3. As amended by P.L.238-2005, SEC.24.
Ind. Code § 30-4-9-6 — Indiana Code / Title 30 / Article 4 / Chapter 9 / Section 30-4-9-6
Powers of direction
Status: in_force

Sec. 6. (a) Subject to section 7 of this chapter, the terms of the trust may grant a power of direction to a trust director.

(b) Unless the terms of a trust provide otherwise:

(1) a trust director may exercise any further power appropriate to the exercise or nonexercise of a power of direction granted to the director under subsection (a); and

(2) trust directors with joint powers must act by majority decision.

As added by P.L.221-2019, SEC.10.
Ind. Code § 30-5-10-2 — Indiana Code / Title 30 / Article 5 / Chapter 10 / Section 30-5-10-2
Specific termination date and time
Status: in_force

Sec. 2. If a power of attorney specifies a termination date and time, the power of attorney terminates at that date and time.

As added by P.L.149-1991, SEC.2.
Ind. Code § 30-2-7-7 — Indiana Code / Title 30 / Article 2 / Chapter 7 / Section 30-2-7-7
Exempt security not credited
Status: in_force

Sec. 7. When any creditor has legal or equitable security upon assets which are exempt from process for the satisfaction of unsecured debts and are duly claimed as exempt by the insolvent debtor, the value of such security shall not be credited upon the claim. Amounts realized by the creditor from such security after liquidation proceedings are begun shall be disregarded in computing dividends, unless the dividend so computed exceeds the sum actually owing upon the claim, in which event only the amount owing shall be paid.

Formerly: Acts 1941, c.50, s.7.
Ind. Code § 30-2-8.6-16 — Indiana Code / Title 30 / Article 2 / Chapter 8.6 / Section 30-2-8.6-16
"Transferor"
Status: in_force

Sec. 16. As used in this chapter, "transferor" means a person who creates a custodial trust by transfer or declaration.

As added by P.L.3-2003, SEC.1.
Ind. Code § 30-2-10-4 — Indiana Code / Title 30 / Article 2 / Chapter 10 / Section 30-2-10-4
Trustee; expenses and compensation
Status: in_force

Sec. 4. The trustee, in the administration of funds accepted under this chapter, may be reimbursed and receive from the funds its reasonable expenses in the custody and administration of the funds, and is entitled to the usual and reasonable compensation for its services as trustee. The expenses and compensation shall be paid in accordance with the rules of the department of financial institutions.

As added by Acts 1982, P.L.179, SEC.2.
Ind. Code § 30-2-12-8 — Indiana Code / Title 30 / Article 2 / Chapter 12 / Section 30-2-12-8
Repealed
Status: repealed

As added by P.L.268-1989, SEC.1. Repealed by P.L.226-2007, SEC.24.
Ind. Code § 30-2-9-7 — Indiana Code / Title 30 / Article 2 / Chapter 9 / Section 30-2-9-7
False reports; illegal use or disbursement of funds
Status: in_force

Sec. 7. (a) Except as provided in subsection (b) or (c), a person who violates this chapter or makes any false and fraudulent report required under this chapter commits a Class B misdemeanor.

(b) A person who knowingly or intentionally uses or disburses funds in a funeral trust established under this chapter for purposes other than the purposes required under this chapter commits a Level 5 felony.

(c) Except as authorized in an agreement described in section 4 of this chapter permitting the early withdrawal of funds, a trustee that disburses funds in a funeral trust established under this chapter without verifying:

(1) the death of the individual for whom services are to be provided under the contract; and

(2) that the beneficiary fully performed all funeral and burial services provided for in the contract;

through the use of documentation required under rules adopted by the state board of funeral and cemetery service established by IC 25-15-9-1 commits a Class A infraction.

Formerly: Acts 1963, c.303, s.7. As amended by Acts 1978, P.L.2, SEC.3001; P.L.113-2007, SEC.8; P.L.61-2008, SEC.4; P.L.158-2013, SEC.304.
Ind. Code § 30-5-8-7 — Indiana Code / Title 30 / Article 5 / Chapter 8 / Section 30-5-8-7
Reliance on power of attorney; immunity
Status: in_force

Sec. 7. (a) A person who acts in good faith reliance on a power of attorney is immune from liability to the same extent as if the person had dealt directly with the named principal and the named principal had been competent and not incapacitated.

(b) The named attorney in fact may furnish an affidavit to a person that states, to the best knowledge of the attorney in fact:

(1) that the instrument relied on by the person is a true copy of the power of attorney;

(2) that the named principal is alive;

(3) that the power of attorney was validly granted and executed;

(4) that the relevant powers granted to the attorney in fact have not been altered or terminated;

(5) in the case of a successor attorney in fact, that the original attorney in fact has failed or ceased to serve and the successor attorney in fact is empowered to act on behalf of the principal; and

(6) if the effective date of the power of attorney begins upon the occurrence of a certain event, that the event has occurred and the attorney in fact is authorized to act under the power of attorney.

(c) A person who:

(1) relies on an affidavit described in subsection (b); and

(2) acts in good faith;

is immune from liability that might otherwise arise from the person's action in reliance on the power of attorney that is the subject of the affidavit.

As added by P.L.238-2005, SEC.51.
Ind. Code § 30-4-4-4 — Indiana Code / Title 30 / Article 4 / Chapter 4 / Section 30-4-4-4
Disclosure of information concerning beneficiaries
Status: in_force

Sec. 4. (Disclosure of Information Concerning Beneficiaries)

(a) Any person may petition the court for disclosure of information concerning beneficiaries or the trust estate. The court may order the disclosure of all or any part of the information requested in the petition only after the petitioner has shown both a reasonable need for it and that the trustee has either refused or neglected to provide the information on written request delivered to the trustee.

(b) The court shall, upon petition, order the disclosure of the identity of the beneficiaries or their agents, if any, and any other information concerning the trust, in any case in which:

(1) in a trust of real estate, there is a violation of a state law or an ordinance or resolution of a political subdivision relating to the structure or condition of buildings, or the health and safety of occupants of or visitors to buildings; or

(2) there has been or may be a deed, sale, lease, purchase, mortgage, assignment or similar transfer of any interest in trust property to or from any unit of state or local government or agency or official thereof;

and the trustee has refused to disclose the identities of the beneficiaries within a reasonable time after written demand.

Formerly: Acts 1971, P.L.416, SEC.5.
Ind. Code § 30-4-6-3 — Indiana Code / Title 30 / Article 4 / Chapter 6 / Section 30-4-6-3
Venue; transfer of trust's principal place of administration; notice; objection to transfer
Status: in_force

Sec. 3. (a) Venue in a proceeding brought by the attorney general against a trustee or a trust lies in Marion County, unless a court determines that venue in Marion County would be a hardship for a trustee or a trust.

(b) Unless the terms of the trust provide otherwise, venue in a proceeding brought by a party other than the attorney general for matters arising under this article shall be exclusively in the county in which the principal place of administration of the trust is located. The principal place of administration of a trust is that usual place at which the records pertaining to the trust are kept or, if there is no such place, the trustee's residence. If there are cotrustees, the principal place of administration is either that of the corporate trustee, if there is only one (1); that of the individual trustee who has custody of the records, if there is but one (1) such person and there is no corporate cotrustee; or, if neither of these alternatives apply, that of any of the cotrustees.

(c) Unless the trust provides otherwise, a trustee is under a continuing duty to administer the trust at a place appropriate to the trust's purposes and administration.

(d) Unless the trust provides otherwise, and without precluding the right of the court to order, approve, or disapprove a transfer, the trustee, in furtherance of a duty prescribed by subsection (b), may transfer the trust's principal place of administration to another state or to a jurisdiction outside the United States.

(e) The trustee shall notify the qualified beneficiaries of a proposed transfer of a trust's principal place of administration not less than sixty (60) days before initiating the transfer. The notice of proposed transfer must include the following information:

(1) The name of the jurisdiction to which the principal place of administration is to be transferred.

(2) The address and telephone number of the new location at which the trustee can be contacted.

(3) An explanation of the reasons for the proposed transfer.

(4) The date on which the proposed transfer is anticipated to occur.

(5) The date, not less than sixty (60) days after the giving of notice, by which the qualified beneficiary must notify the trustee of an objection to the proposed transfer.

(f) The authority of a trustee under this section to transfer a trust's principal place of administration terminates if a qualified beneficiary notifies the trustee of an objection to the proposed transfer on or before the date specified in the notice.

(g) In connection with a transfer of the trust's principal place of administration, the trustee may transfer some or all of the trust property to a successor trustee designated in the terms of the trust or appointed under IC 30-4-3-33.

(h) If the principal place of administration is maintained in another state, venue in this state for any matters arising under this article shall be in the county stipulated in writing by the parties to the trust or, if there is no such stipulation, in the county where the trust property, or the evidence of the trust property, which is the subject of the action is either situated or generally located.

(i) Any party to an action or proceeding shall be entitled to a change of venue or change of judge as provided in the Indiana Rules of Procedure. A change of venue in any action shall not be construed to authorize a permanent change of venue for all matters arising under this article, and, upon conclusion of the action, venue shall return to the court where the action was initiated.

Formerly: Acts 1971, P.L.416, SEC.7. As amended by P.L.238-2005, SEC.43; P.L.245-2005, SEC.9; P.L.1-2006, SEC.494.
Ind. Code § 30-2-14-17 — Indiana Code / Title 30 / Article 2 / Chapter 14 / Section 30-2-14-17
Discretionary powers of fiduciary; failure to exercise power; remedies
Status: in_force

Sec. 17. (a) A court shall not change a fiduciary's decision to exercise or not to exercise a discretionary power conferred by this chapter unless it determines that the decision was an abuse of the fiduciary's discretion. A court shall not determine that a fiduciary abused its discretion merely because the court would have exercised the discretion in a different manner or would not have exercised the discretion.

(b) The decisions to which subsection (a) applies include the following:

(1) A determination under section 15(a) of this chapter of whether and to what extent an amount should be transferred from principal to income or from income to principal.

(2) In deciding whether and to what extent to exercise the power conferred by section 15(a) of this chapter, a determination of the following:

(A) The factors that are relevant to the trust and the trust's beneficiaries.

(B) The extent to which the factors are relevant.

(C) The weight, if any, to be given to the relevant factors.

(c) If a court determines that a fiduciary has abused the fiduciary's discretion, the remedy shall be to restore the income and remainder beneficiaries to the positions they would have occupied if the fiduciary had not abused the fiduciary's discretion, subject to the following:

(1) To the extent that the abuse of discretion has resulted in no distribution to a beneficiary or a distribution that is too small, the court shall require the fiduciary to distribute to the beneficiary an amount that the court determines will restore the beneficiaries, in whole or in part, to their appropriate positions.

(2) To the extent that the abuse of discretion has resulted in a distribution to a beneficiary that is too large, the court shall restore the beneficiaries, in whole or in part, to their appropriate positions by requiring:

(A) the fiduciary to withhold an amount from at least one (1) future distribution to that beneficiary; or

(B) the beneficiary to return some or all of the distribution to the trust.

(3) To the extent the court is unable, after applying subdivisions (1) and (2), to restore the beneficiaries to the positions they would have occupied if the fiduciary had not abused the fiduciary's discretion, the court shall require the fiduciary to pay an appropriate amount to:

(A) at least one (1) of the beneficiaries;

(B) the trust; or

(C) entities under both clauses (A) and (B).

(d) Upon a petition by the fiduciary, the court having jurisdiction over the trust or estate shall determine whether a proposed exercise or nonexercise of a discretionary power by the fiduciary will result in an abuse of the fiduciary's discretion. The petition shall:

(1) describe the proposed exercise or nonexercise of the power;

(2) contain sufficient information to inform the beneficiaries of:

(A) the reasons for the proposal; and

(B) the facts upon which the fiduciary relies; and

(3) contain an explanation of how the income and remainder beneficiaries will be affected by the proposed exercise or nonexercise of the power.

(e) A beneficiary who challenges a fiduciary's proposed decision or actual decision to exercise or not to exercise a discretionary power conferred by this chapter shall have the burden of establishing that it will result or did result in an abuse of discretion.

As added by P.L.84-2002, SEC.2.
Ind. Code § 30-2-12-1.3 — Indiana Code / Title 30 / Article 2 / Chapter 12 / Section 30-2-12-1.3
"Charitable purpose" defined
Status: in_force

Sec. 1.3. As used in this chapter, "charitable purpose" means the following:

(1) Relief of poverty.

(2) Advancement of education.

(3) Advancement of religion.

(4) Promotion of health.

(5) Promotion of a governmental purpose.

(6) Any other purpose the achievement of which benefits the community.

As added by P.L.226-2007, SEC.8.
Ind. Code § 30-2-8.5-34 — Indiana Code / Title 30 / Article 2 / Chapter 8.5 / Section 30-2-8.5-34
Accounting by and determination of liability of custodian
Status: in_force

Sec. 34. (a) A minor who is at least fourteen (14) years of age, the minor's guardian or legal representative, an adult member of the minor's family, a transferor, or a transferor's legal representative may petition the court for:

(1) an accounting by the custodian or the custodian's legal representative; or

(2) a determination of responsibility between the custodial property and the custodian personally, for claims against the custodial property unless the responsibility has been adjudicated in an action under section 32 of this chapter to which the minor or the minor's legal representative was a party.

(b) A successor custodian may petition the court for an accounting by the predecessor custodian.

(c) The court, in a proceeding under this chapter or in any other proceeding, may require or permit the custodian or the custodian's legal representative to give an accounting.

(d) If a custodian is removed under section 33(f) of this chapter, the court shall require an accounting and order delivery of the custodial property and records to the successor custodian and the execution of all instruments required for transfer of the custodial property.

As added by P.L.267-1989, SEC.2.
Ind. Code § 30-4-3-23 — Indiana Code / Title 30 / Article 4 / Chapter 3 / Section 30-4-3-23
Remedy of a beneficiary against a co-beneficiary
Status: in_force

Sec. 23. (Remedy of a Beneficiary against a Co-Beneficiary)

(a) If no recovery can be made from the trustee for a breach of trust, a beneficiary may maintain an action against a co-beneficiary who consented to the breach for a redress of the breach, if the co-beneficiary:

(1) knows or should have known that the act of the trustee to which he consented constituted a breach of trust;

(2) agreed with the trustee or the other beneficiaries to be liable for any loss which might result from the act constituting the breach; or

(3) participated in the act constituting the breach.

(b) The consenting co-beneficiary shall be personally liable for any loss for which the other beneficiaries are entitled to redress under subsection (a) of this section and his beneficial interest in the trust estate may be charged for the amount of the loss if the court deems it proper to do so.

Formerly: Acts 1971, P.L.416, SEC.4.
Ind. Code § 30-4-3-1.3 — Indiana Code / Title 30 / Article 4 / Chapter 3 / Section 30-4-3-1.3
Revocable trusts; powers of settlor; duties of trustees
Status: in_force

Sec. 1.3. (a) While a trust is revocable and the settlor has the capacity to revoke the trust:

(1) the rights of the beneficiaries are subject to the control of; and

(2) the duties of the trustee are owed exclusively to;

the settlor.

(b) A settlor is presumed to have capacity for the purposes of subsection (a) until the trustee receives from at least one (1) licensed physician written certification that the settlor lacks the capacity to revoke the trust.

(c) If a revocable trust has more than one (1) settlor, the duties of the trustee are owed to all of the settlors having capacity to revoke the trust.

(d) During the period the power may be exercised, the holder of a power of withdrawal has the rights of a settlor of a revocable trust under this section to the extent of the property subject to the power.

(e) If a trustee reasonably believes that a settlor of a revocable trust lacks capacity to revoke the trust, the trustee is authorized to provide information to the settlor's designated agent (even if the designated agent is one (1) of two (2) or more trustees) or to any beneficiary who, if the settlor were deceased, would be entitled to distributions from the trust.

(f) A person who becomes a successor trustee of a revocable trust upon the death, resignation, or incapacity of a trustee who was also a settlor is not liable for any act or failure to act by the settlor while the settlor was trustee.

(g) A successor trustee of a revocable trust who succeeds a trustee who was also a settlor of the trust does not have a duty to:

(1) investigate any act or failure to act by the predecessor trustee;

(2) review any accounting of the predecessor trustee; or

(3) take action on account of any breach of trust by the predecessor trustee.

As added by P.L.99-2013, SEC.9.
Ind. Code § 30-2-14-8 — Indiana Code / Title 30 / Article 2 / Chapter 14 / Section 30-2-14-8
"Net income" defined
Status: in_force

Sec. 8. As used in this chapter, "net income" means the total receipts allocated to income during an accounting period minus the disbursements made from income during the period, plus or minus transfers under this chapter to or from income during the period.

As added by P.L.84-2002, SEC.2.
Ind. Code § 30-4-8-12 — Indiana Code / Title 30 / Article 4 / Chapter 8 / Section 30-4-8-12
Transferor's service as an investment advisor
Status: in_force

Sec. 12. A transferor who makes a qualified disposition may also serve as an investment adviser to the trust. However, the transferor may not serve as a trust director to a legacy trust except with respect to the retention of a veto right permitted by section 13(a)(1) of this chapter.

As added by P.L.221-2019, SEC.9.
Ind. Code § 30-4-2-4 — Indiana Code / Title 30 / Article 4 / Chapter 2 / Section 30-4-2-4
Repealed
Status: repealed

Formerly: Acts 1971, P.L.416, SEC.3. Repealed by P.L.293-1983, SEC.2.
Ind. Code § 30-4-9-2 — Indiana Code / Title 30 / Article 4 / Chapter 9 / Section 30-4-9-2
Definitions
Status: in_force

Sec. 2. As used in this chapter, the following definitions apply:

(1) "Breach of trust" includes a violation by a trust director or trustee of a duty imposed on that director or trustee by the terms of the trust, this chapter, or the law of this state other than this chapter.

(2) "Directed trust" means a trust for which the terms of the trust grant a power of direction.

(3) "Directed trustee" means a trustee that is subject to a trust director's power of direction.

(4) "Person" means an individual, estate, business or nonprofit entity, public corporation, government or government subdivision, agency, or instrumentality or other legal entity.

(5) "Power of direction" means a power over a trust granted to a person by the terms of the trust to the extent the power is exercisable while the person is not serving as a trustee. The term includes a power over the investment, management, or distribution of trust property or other matters of trust administration. The term excludes the powers described in section 5(b) of this chapter.

(6) "Settlor" means a person, including a testator, that creates, or contributes property to, a trust. If more than one (1) person creates or contributes property to a trust, each person is a settlor of the portion of the trust property attributable to that person's contribution except to the extent another person has the power to revoke or withdraw that portion.

(7) "State" means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any other territory or possession subject to the jurisdiction of the United States.

(8) "Terms of a trust" means:

(A) except as otherwise provided in clause (B), the manifestation of the settlor's intent regarding a trust's provisions as:

(i) expressed in the trust instrument; or

(ii) established by other evidence that would be admissible in a judicial proceeding; or

(B) the trust's provisions as established, determined, or amended by:

(i) a trustee or trust director in accordance with applicable law; or

(ii) court order.

(9) "Trust director" means a person that is granted a power of direction by the terms of a trust to the extent the power is exercisable while the person is not serving as a trustee. The person is a trust director whether or not the terms of the trust refer to the person as a trust director and whether or not the person is a beneficiary or settlor of the trust.

(10) "Trustee" includes an original, additional, and successor trustee, and a cotrustee.

(11) "Willful misconduct" means intentional wrongdoing, and not mere negligence, gross negligence, or recklessness.

(12) "Wrongdoing" means malicious conduct or conduct designed to defraud or to seek an unconscionable advantage.

As added by P.L.221-2019, SEC.10. Amended by P.L.156-2020, SEC.112.
Ind. Code § 30-4-1.5-4 — Indiana Code / Title 30 / Article 4 / Chapter 1.5 / Section 30-4-1.5-4
Creation of electronic inter vivos trust; use of electronic record; creation of complete converted copy
Status: in_force

Sec. 4. (a) Any of the following persons may create a valid inter vivos trust by electronically signing an electronic trust instrument, with no witness requirement or acknowledgment before any notary public, if the electronic trust instrument sufficiently states the terms of the trust in compliance with IC 30-4-2-1(c):

(1) A settlor.

(2) An agent of a settlor who is an attorney in fact.

(3) A person who holds a power of appointment that is exercisable by appointing money or property to the trustee of a trust.

(4) An adult who is not an ineligible person under subsection (b) and who electronically signs the electronic trust instrument:

(A) at the settlor's direction; and

(B) in the direct physical presence of the settlor.

If an adult electronically signs the trust instrument under subdivision (4), the trust instrument must indicate that the adult signer is signing at the direction of the settlor and in the settlor's direct physical presence and must state that the adult signer is not a relative of the settlor, is not a trustee named in the electronic trust instrument, and is not entitled to any beneficial interest or power of appointment under the electronic trust instrument. For all purposes under this article, a trust instrument electronically signed under subdivision (1), (2), or (4) is the creation of the named settlor.

(b) The following persons are ineligible to sign an electronic trust instrument at the direction of the settlor under subsection (a)(4):

(1) A trustee named in the electronic instrument.

(2) A relative of the settlor.

(3) A person who is entitled to receive a beneficial interest in the trust or a power of appointment under the electronic trust instrument.

(c) The following persons may use the electronic record associated with an electronic trust instrument to make a complete converted copy of an electronic trust instrument immediately after its execution or at a later time when a complete and intact electronic record is available:

(1) The settlor.

(2) A trustee who accepts appointment under the electronic trust instrument.

(3) An attorney representing the settlor or the trustee.

(4) Any other person authorized by the settlor.

If a complete converted copy is generated from a complete and intact electronic record associated with an electronic trust instrument, the person who generates the complete converted copy is not required to sign the affidavit described in subsection (e).

(d) If:

(1) a person discovers an accurate but incomplete copy of an electronic trust instrument;

(2) the electronic record for the electronic trust instrument becomes:

(A) lost; or

(B) corrupted; or

(3) freedom from tampering or unauthorized alteration cannot be authenticated or verified;

a living settlor, attorney, custodian, or person responsible for the discovery of the incomplete electronic trust instrument may prepare a complete converted copy of the electronic trust instrument using all available information if the person creating the complete converted copy of the electronic trust instrument has access to a substantially complete, nonelectronic copy of the electronic trust instrument.

(e) A person who creates a complete converted copy of an electronic trust instrument under subsection (d) shall sign an affidavit that affirms or specifies, as applicable, the following:

(1) The date the electronic trust instrument was created.

(2) The time the electronic trust instrument was created.

(3) How the incomplete electronic trust instrument was discovered.

(4) The method and format used to store the original electronic record associated with the electronic trust instrument.

(5) The methods used, if any, to prevent tampering or the making of unauthorized alterations to the electronic record or electronic trust instrument.

(6) Whether the electronic trust instrument has been altered since its creation.

(7) Confirmation that an electronic record, including the document integrity evidence, if any, was created at the time the settlor made the electronic trust instrument.

(8) Confirmation that the electronic record has not been altered while in the custody of the current custodian or any prior custodian.

(9) Confirmation that the complete converted copy is a complete and correct duplication of the electronic trust instrument and the date, place, and time of its execution by the settlor or the settlor's authorized agent.

(f) A complete converted copy derived from a complete and correct electronic trust instrument may be docketed under IC 30-4-6-7 or, absent any objection, offered and admitted as evidence of the trust's terms in the same manner as the original and traditional paper trust instrument of the settlor. Whenever this article permits or requires the trustee of a trust to provide a copy of a trust instrument to a beneficiary or other interested person, the trustee may provide a complete converted copy of the electronic trust instrument. A complete and converted copy is conclusive evidence of the trust's terms unless otherwise determined by a court in an order entered upon notice to all interested persons and after an opportunity for a hearing.

As added by P.L.40-2018, SEC.3. Amended by P.L.56-2020, SEC.8; P.L.185-2021, SEC.15.
Ind. Code § 30-4-1-13 — Indiana Code / Title 30 / Article 4 / Chapter 1 / Section 30-4-1-13
Applicability of constructive trust provisions
Status: in_force

Sec. 13. IC 29-1-2-12.1 applies to a trust.

As added by P.L.238-2005, SEC.20.
Ind. Code § 30-4-1.5-11 — Indiana Code / Title 30 / Article 4 / Chapter 1.5 / Section 30-4-1.5-11
Prima facie evidence of validity
Status: in_force

Sec. 11. (a) Regardless of the number of custodians or other persons who receive, hold, or transfer copies of an electronic record for an electronic trust instrument to other custodians, other authorized persons, or to the settlor:

(1) the electronic record, including any accompanying document integrity evidence (if applicable) is prima facie evidence of:

(A) the validity of the electronic trust instrument; and

(B) freedom from unauthorized alteration or tampering unless evidence of alteration or tampering is evident on the face of the electronic record;

(2) a complete converted copy of an electronic trust instrument is prima facie evidence of:

(A) the validity of the electronic trust instrument; and

(B) freedom from unauthorized alteration or tampering;

if the electronic trust instrument was executed in compliance with this chapter; and

(3) except when required by an order of the court, a custodian or other person is not required to make or issue an affidavit regarding the custodian's or other person's custody of the electronic record for an electronic trust instrument or custody of a complete converted copy of the electronic trust instrument. Any custodian or other person may, however, make an affidavit of regularity under section 10 of this chapter if any objection is asserted or any doubt is raised concerning the validity of the electronic trust instrument or about any alleged unauthorized alteration of or tampering with the electronic trust instrument.

(b) The presumption of:

(1) validity; and

(2) freedom from unauthorized alteration or tampering;

described in subsection (a) may be rebutted by clear and convincing evidence of the settlor's execution of another electronic trust instrument or traditional paper trust instrument at a later date.

As added by P.L.40-2018, SEC.3.
Ind. Code § 30-5-6-3 — Indiana Code / Title 30 / Article 5 / Chapter 6 / Section 30-5-6-3
Fiduciary capacity; exercise of all powers
Status: in_force

Sec. 3. An attorney in fact shall exercise all powers granted under the power of attorney in a fiduciary capacity.

As added by P.L.149-1991, SEC.2.
Ind. Code § 30-4-10-32 — Indiana Code / Title 30 / Article 4 / Chapter 10 / Section 30-4-10-32
"Trust instrument"
Status: in_force

Sec. 32. As used in this chapter, "trust instrument" has the meaning set forth in IC 30-4-1-2(25). The term includes a written document executed by the settlor to create a trust or by a person to create a second trust that contains some or all of the terms of the trust, including any amendments.

As added by P.L.161-2022, SEC.3.
Ind. Code § 30-2-16-8 — Indiana Code / Title 30 / Article 2 / Chapter 16 / Section 30-2-16-8
Static balance account; maximum monthly charge
Status: in_force

Sec. 8. The maximum charge that may be imposed on an account with a static balance is one dollar ($1) per month.

As added by P.L.141-2005, SEC.27.
Ind. Code § 30-4-5-11 — Indiana Code / Title 30 / Article 4 / Chapter 5 / Section 30-4-5-11
Repealed
Status: repealed

Formerly: Acts 1971, P.L.416, SEC.6. As amended by Acts 1982, P.L.171, SEC.121; P.L.138-1994, SEC.4. Repealed by P.L.84-2002, SEC.11.
Ind. Code § 30-2-12-15 — Indiana Code / Title 30 / Article 2 / Chapter 12 / Section 30-2-12-15
Delegation of management or investment of institutional fund; duties of agent
Status: in_force

Sec. 15. (a) Subject to the terms of a gift instrument and except as provided in any other law, an institution may delegate to an agent the management or investment of an institutional fund. The institution shall act in good faith and with the care a prudent person acting in a like position would use under similar circumstances in doing the following:

(1) Selecting an agent.

(2) Establishing the scope and terms of the delegation, subject to the purposes of the institution and the institutional fund.

(3) Periodically reviewing the agent's actions to monitor the agent's performance of and compliance with the scope and terms of the delegation.

An institution that complies with this subsection is not liable for the decisions or actions of an agent to whom the management or investment of an institutional fund is delegated.

(b) An agent shall exercise reasonable care to perform a delegated function in compliance with the scope and terms of the delegation.

(c) An agent that accepts the delegation of a management or investment function from an institution submits to the jurisdiction of Indiana courts in all proceedings concerning the delegation or the performance of a delegated function.

(d) An institution may delegate management or investment functions to its committees, officers, or employees as otherwise provided by law.

As added by P.L.226-2007, SEC.18.
Ind. Code § 30-2-7-5 — Indiana Code / Title 30 / Article 2 / Chapter 7 / Section 30-2-7-5
Determination of value by secured creditor
Status: in_force

Sec. 5. (1) By collection. When the asset constituting the security is an obligation for the payment of money, the secured creditor may determine its value by collection or by exhausting his remedies thereon and then surrendering the obligation to the liquidator.

(2) By creditor's sale. When the asset constituting the security is something other than an obligation for the payment of money, the secured creditor may determine its value by creditor's sale.

Formerly: Acts 1941, c.50, s.5.
Ind. Code § 30-2-8.5-18 — Indiana Code / Title 30 / Article 2 / Chapter 8.5 / Section 30-2-8.5-18
Nomination of custodian
Status: reserved

Sec. 18. (a) A person having the right to designate the recipient of property transferable upon the occurrence of a future event may revocably nominate a custodian to receive the property for a minor beneficiary upon the occurrence of the event by naming the custodian, followed by the words: "as custodian for ________________________ (name of minor) under the Indiana uniform transfers to minors act". The nomination may name one (1) or more persons as substitute custodians to whom the property shall be transferred, in the order named, if the first nominated custodian dies before the transfer or is unable, declines, or is ineligible to serve. The nomination may be made in a will, a trust, a deed, an instrument exercising a power of appointment, or in a writing designating a beneficiary of contractual rights that is registered with or delivered to the payor, issuer, or other obligor of the contractual rights.

(b) A custodian nominated under this section must be a person to whom a transfer of property of that kind may be made under section 24(a) of this chapter.

(c) The nomination of a custodian under this section does not create custodial property until the nominating instrument becomes irrevocable or a transfer to the nominated custodian is completed under section 24 of this chapter. Unless the nomination of a custodian has been revoked, upon the occurrence of the future event the custodianship becomes effective and the custodian shall enforce a transfer of the custodial property under section 24 of this chapter.

As added by P.L.267-1989, SEC.2.
Ind. Code § 30-2-12-5 — Indiana Code / Title 30 / Article 2 / Chapter 12 / Section 30-2-12-5
"Institution" defined
Status: in_force

Sec. 5. As used in this chapter, "institution" means any of the following:

(1) A person, other than an individual, that is organized and operated exclusively for charitable purposes.

(2) The state, including any agency or instrumentality of the state, or a unit of local government to the extent that the state or unit holds funds exclusively for charitable purposes.

(3) A trust that has only charitable interests, including a trust:

(A) that previously had both charitable and noncharitable interests; and

(B) the noncharitable interests of which were previously terminated.

As added by P.L.268-1989, SEC.1. Amended by P.L.199-1991, SEC.1; P.L.266-1995, SEC.2; P.L.2-2007, SEC.356; P.L.226-2007, SEC.11; P.L.3-2008, SEC.227.
Ind. Code § 30-4-10-21 — Indiana Code / Title 30 / Article 4 / Chapter 10 / Section 30-4-10-21
"Powerholder"
Status: in_force

Sec. 21. As used in this chapter, "powerholder" means a person in which a donor creates a power of appointment.

As added by P.L.161-2022, SEC.3.
Ind. Code § 30-1-9-15 — Indiana Code / Title 30 / Article 1 / Chapter 9 / Section 30-1-9-15
Disposition more extensive than power
Status: in_force

Sec. 15. No disposition by virtue of a power, shall be void on the ground that it is more extensive than was authorized by the power. But every estate or trust so created, so far as embraced by the terms of the power, shall be valid.

Formerly: Acts 1852, 1RS, c.113, s.15.
Ind. Code § 30-2-15-23 — Indiana Code / Title 30 / Article 2 / Chapter 15 / Section 30-2-15-23
Unitrust amount's satisfying tax law requirement of preserving tax benefit
Status: in_force

Sec. 23. (a) This section applies to the following trusts:

(1) A trust for which a marital deduction has been taken for federal tax purposes during the lifetime of the spouse for whom the trust was created under Section 2056 or 2523 of the Internal Revenue Code.

(2) A trust to which the generation-skipping transfer tax due under Section 2601 of the Internal Revenue Code does not apply by reason of any effective date or transition rule.

(b) To the extent necessary to satisfy a tax law requirement or to preserve a tax benefit, the unitrust amount may not be less than the net income of the trust. Net income of the trust shall be determined as if the trust were not a unitrust.

As added by P.L.3-2003, SEC.2.
Ind. Code § 30-2-12-3 — Indiana Code / Title 30 / Article 2 / Chapter 12 / Section 30-2-12-3
"Gift instrument" defined
Status: reserved

Sec. 3. As used in this chapter, "gift instrument" means a record, including any institutional solicitations, under which property is granted or transferred to or held by an institution as an institutional fund.

As added by P.L.268-1989, SEC.1. Amended by P.L.226-2007, SEC.10.
Ind. Code § 30-2-14-9 — Indiana Code / Title 30 / Article 2 / Chapter 14 / Section 30-2-14-9
"Person" defined
Status: in_force

Sec. 9. As used in this chapter, "person" means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, government; governmental subdivision, agency, or instrumentality; public corporation, or any other legal or commercial entity.

As added by P.L.84-2002, SEC.2.
Ind. Code § 30-2-14-31 — Indiana Code / Title 30 / Article 2 / Chapter 14 / Section 30-2-14-31
Allocating payments to principal or income
Status: in_force

Sec. 31. (a) This section does not apply to a payment to which section 32 of this chapter applies.

(b) As used in this section, "payment" means a payment that a trustee may receive over a fixed number of years or during the life of one (1) or more individuals because of services rendered or property transferred to the payer in exchange for future payments, regardless of whether the trustee also has the option to receive the payment in a lump sum or other form of payment, whether the payment is made in money or other property, and whether the payment is made from the payer's general assets or from a separate fund created by the payer. For purposes of subsection (h), the term also includes any payment from any separate fund, regardless of the reason for the payment.

(c) As used in this section, "separate fund" includes a private or commercial annuity, an individual retirement account, and a pension, profit sharing, stock bonus, or stock ownership plan (including an individual account under a plan and a separate share of any account described in this subsection).

(d) To the extent that a payment is characterized as interest, a dividend, or a payment made in lieu of interest or a dividend, a trustee shall allocate the payment to income. The trustee shall allocate to principal the balance of the payment and any other payment received in the same accounting period that is not characterized as interest, a dividend, or an equivalent payment.

(e) If a payment is not characterized as interest, a dividend, or an equivalent payment and is made from a separate fund, the payment shall be allocated between income and principal as follows:

(1) A trustee shall determine the internal income of each separate fund for the accounting period as if the separate fund were a trust subject to this chapter. The trustee shall allocate a payment from the separate fund to income to the extent of the internal income of the separate fund and allocate the balance of the payment to principal.

(2) If a trustee cannot determine the internal income of the separate fund but can determine the value of the separate fund, the internal income of the separate fund is deemed to equal five percent (5%) of the fund's value, according to the most recent statement of value preceding the beginning of the accounting period. If the trustee cannot determine the internal income of the separate fund or the fund's value, the internal income of the fund is deemed to equal the product of the interest rate and the present value of the expected future payments, as determined under section 7520 of the Internal Revenue Code, for the month preceding the accounting period for which the computation is made.

(f) If no part of a payment is characterized as interest, a dividend, or an equivalent payment, and the payment is made otherwise than from a separate fund, then the trustee shall allocate to income ten percent (10%) of any part of the payment that is required to be made during the accounting period and the balance to principal, unless no part of the payment is required to be made or the payment received is the entire amount to which the trustee is entitled, in which case the trustee shall allocate the entire payment to principal. For purposes of this subsection, a payment is not "required to be made" to the extent that it is made because the trustee exercises a right of withdrawal.

(g) Notwithstanding any other provision of this section, when a private or commercial deferred annuity is held as an asset of a charitable remainder trust, an increase in the value of the obligation over the value of the obligation at the time of the acquisition by the trust is distributable as income. For purposes of this subsection, the increase in value is available for distribution only when the trustee exercises a right of withdrawal or otherwise receives cash on account of the obligation. If the obligation is surrendered wholly or partially before annuitization, the cash available shall be attributed first to the increase. The increase is distributable to the income beneficiary who is the income beneficiary at the time the cash is received.

(h) Except as provided in subdivision (2), trusts described in subdivision (1) are subject to the following special rules regarding allocations and distributions of income provided in subdivision (3):

(1) This subsection applies to:

(A) a trust to which an election to qualify for a marital deduction under Section 2056(b)(7) of the Internal Revenue Code has been made; or

(B) a trust that qualifies for the marital deduction under Section 2056(b)(5) of the Internal Revenue Code.

(2) This subsection does not apply to a series of payments if and to the extent that the series of payments would, without the application of this subsection, qualify for the marital deduction under Section 2056(b)(7)(C) of the Internal Revenue Code.

(3) Except as provided in subdivision (2), a payment made from a separate fund to a trust described in subdivision (1) shall be allocated between income and principal in accordance with subsection (e)(1) and (e)(2) and not in accordance with subsection (d) or (f), even if part or all of the payment is characterized as interest, a dividend, or an equivalent payment, and even if the payment is the entire amount to which the trustee is entitled. The trustee shall distribute to the surviving spouse the part of the payment allocated to income. Upon request of the surviving spouse, the trustee shall demand that the person administering the separate fund distribute all of the internal income of the fund to the trust. Upon request of the surviving spouse, the trustee shall allocate principal to income to the extent the internal income of the separate fund exceeds payments from the separate fund to the trust during the accounting period.

As added by P.L.84-2002, SEC.2. Amended by P.L.143-2009, SEC.19.
Ind. Code § 30-4-8-4 — Indiana Code / Title 30 / Article 4 / Chapter 8 / Section 30-4-8-4
Requirements
Status: in_force

Sec. 4. A legacy trust must do the following:

(1) Provide for the appointment of at least one (1) qualified trustee for the property that is the subject of a qualified disposition.

(2) Expressly incorporate Indiana law to govern the validity, construction, and administration of the trust.

(3) Be irrevocable.

(4) Provide that the interests of the transferor or beneficiary in the trust property or the income from the trust property may not voluntarily or involuntarily be transferred, assigned, pledged, or mortgaged before the qualified trustee actually distributes the property or income to the beneficiary.

As added by P.L.221-2019, SEC.9.
Ind. Code § 30-4-10-19 — Indiana Code / Title 30 / Article 4 / Chapter 10 / Section 30-4-10-19
"Person"
Status: in_force

Sec. 19. As used in this chapter, "person" means:

(1) an individual;

(2) a corporation;

(3) a business trust;

(4) an estate;

(5) a trust;

(6) a partnership;

(7) a limited liability company;

(8) an association;

(9) a joint venture;

(10) a government;

(11) a governmental subdivision;

(12) an agency or instrumentality;

(13) a public corporation; or

(14) any other legal or commercial entity.

As added by P.L.161-2022, SEC.3.
Ind. Code § 30-4-2.1-11.1 — Indiana Code / Title 30 / Article 4 / Chapter 2.1 / Section 30-4-2.1-11.1
Trust referencing writing; effect to be given to writing
Status: in_force

Sec. 11.1. Except as provided in section 11 of this chapter, if a trust refers to a writing of any kind, the referenced writing, whether subsequently amended or revoked, as it existed at the time of the execution of the trust, shall be given the same effect as if set forth at length in the trust, if the referenced writing is clearly identified in the trust and is in existence at the time of the execution of the trust.

As added by P.L.81-2015, SEC.19.
Ind. Code § 30-2-13-25 — Indiana Code / Title 30 / Article 2 / Chapter 13 / Section 30-2-13-25
Solicitation of sales; conditions
Status: in_force

Sec. 25. Solicitation of a sale of prepaid services or merchandise is permitted by a seller or an agent of a seller if the following exist:

(1) The conditions set forth in sections 21 and 24 of this chapter are observed.

(2) The following are clearly identified:

(A) The seller or agent.

(B) The seller with whom the agent is affiliated.

(3) The purpose of the call or visit is explained.

(4) An appointment is made with the prospective purchaser.

As added by P.L.200-1991, SEC.1.
Ind. Code § 30-2-4-6 — Indiana Code / Title 30 / Article 2 / Chapter 4 / Section 30-2-4-6
Check drawn by and payable to fiduciary
Status: reserved

Sec. 6. If a check or other bill of exchange is drawn by a fiduciary as such or in the name of his principal by a fiduciary empowered to draw such instrument in the name of his principal, payable to the fiduciary personally, or payable to a third person and by him transferred to the fiduciary, and is thereafter transferred by the fiduciary, whether in payment of a personal debt of the fiduciary or otherwise, the transferee is not bound to inquire whether the fiduciary is committing a breach of his obligation as fiduciary in transferring the instrument, and is not chargeable with notice that the fiduciary is committing a breach of his obligation as fiduciary unless he takes the instrument with actual knowledge of such breach or with knowledge of such facts that his action in taking the instrument amounts to bad faith.

Formerly: Acts 1927, c.17, s.6.
Ind. Code § 30-2-10-8.5 — Indiana Code / Title 30 / Article 2 / Chapter 10 / Section 30-2-10-8.5
Management of settlor's funds by registered investment adviser
Status: in_force

Sec. 8.5. (a) The bank, trust company, savings association, or credit union that receives the payments made by a settlor under section 2 of this chapter may enter into a contract under which the account into which the settlor's payments are deposited is managed by a third party.

(b) To manage the funds in a settlor's account under subsection (a), a third party must be:

(1) an investment adviser registered with the United States Securities and Exchange Commission under the federal Investment Advisers Act of 1940 (15 U.S.C. 80b-1 et seq.); or

(2) an investment adviser registered under IC 23-19-4.

(c) In managing the funds in a settlor's account under subsection (a), an investment adviser shall comply in all respects with the Indiana Uniform Prudent Investor Act under IC 30-4-3.5-1(c)(3).

As added by P.L.53-2015, SEC.1.
Ind. Code § 30-4-3-31 — Indiana Code / Title 30 / Article 4 / Chapter 3 / Section 30-4-3-31
Judicial modification of trusts for benevolent public purpose and certain transfers not in trust; federal compliance
Status: in_force

Sec. 31. (a) This section is enacted for the purpose of confirming the power of Indiana courts to modify trusts for a benevolent public purpose, and transfers not in trust as described in Section 170(f)(3)(A) of the Internal Revenue Code, to effect compliance with Sections 170, 664, 2055, 2106, and 2522 of the Internal Revenue Code so that these trusts and transfers may obtain the income tax exemption afforded by Section 664 of the Internal Revenue Code and donors or other contributors of gifts or contributions to these trusts and transfers may secure the income, estate, and gift tax charitable deductions granted by Sections 170, 2055, 2106, and 2522 of the Internal Revenue Code.

(b) Upon petition, any court of general or probate jurisdiction in Indiana may, in its discretion, modify the instrument of an inter vivos or testamentary trust for a benevolent public purpose, or transfer not in trust as described in Section 170(f)(3)(A) of the Internal Revenue Code, so that the trust or transfer complies with and conforms to the provisions of Sections 170, 664, 2055, 2106, and 2522 of the Internal Revenue Code and regulations thereunder from the date of the trust's or transfer's creation, if consent to the modification is given by:

(1) all beneficiaries of the trust or transfer; and

(2) the settlor of the trust or transfer if the settlor is living at the date of modification.

Formerly: Acts 1973, P.L.294, SEC.1. As amended by Acts 1977, P.L.301, SEC.1; Acts 1982, P.L.180, SEC.1; P.L.2-1987, SEC.46; P.L.41-2000, SEC.4.
Ind. Code § 30-4-3-37 — Indiana Code / Title 30 / Article 4 / Chapter 3 / Section 30-4-3-37
Unclaimed trust shares; disposition procedures
Status: in_force

Sec. 37. (a) If a beneficiary of a trust cannot be found after a reasonable search, the trustee may file a petition setting out the facts of the unsuccessful search. The court may order the trustee to sell the shares of the trust to which the beneficiary is entitled and to pay the proceeds to the clerk of the court. The clerk shall hold the proceeds for the use and benefit of the person or persons thereafter determined by law to be entitled to the proceeds.

(b) If a trustee pays any money to the clerk of the court under this section, the trustee shall file a receipt with the court. Filing the receipt is sufficient to discharge the trustee in the same manner and to the same extent as though the trustee had paid or distributed the appropriate share of the trust to the unlocated beneficiary.

(c) This section does not apply to stocks, dividends, capital credits, patronage, refunds, utility deposits, membership fees, account balances, or book equities for which the owner cannot be found that are the result of distributable savings of a rural electric membership corporation formed under IC 8-1-13, a rural communications cooperative corporation formed under IC 8-1-17, or an agricultural cooperative association formed under IC 15-12-1.

As added by P.L.6-2010, SEC.20. Amended by P.L.81-2020, SEC.17.
Ind. Code § 30-4-7-8 — Indiana Code / Title 30 / Article 4 / Chapter 7 / Section 30-4-7-8
Notice and hearing on agreement
Status: in_force

Sec. 8. After notice has been given in the manner directed by the court to:

(1) all interested persons;

(2) the guardians or guardians ad litem of interested persons;

(3) the personal representative of an estate affected by the agreement; and

(4) the trustee of a trust affected by the agreement;

the court shall hold a hearing on the agreement.

As added by P.L.200-1991, SEC.6.
Ind. Code § 30-2-14-11 — Indiana Code / Title 30 / Article 2 / Chapter 14 / Section 30-2-14-11
"Remainder beneficiary" defined
Status: in_force

Sec. 11. As used in this chapter, "remainder beneficiary" means a person entitled to receive principal when an income interest ends.

As added by P.L.84-2002, SEC.2.
Ind. Code § 30-2-8.5-24 — Indiana Code / Title 30 / Article 2 / Chapter 8.5 / Section 30-2-8.5-24
Manner of creating custodial property and effecting transfer; designation of initial custodian; control
Status: in_force

Sec. 24. (a) Custodial property is created and a transfer is made if:

(1) an uncertificated security or a certificated security in registered form is:

(A) registered in the name of:

(i) the transferor;

(ii) an adult other than the transferor; or

(iii) a trust company;

followed by the words: "as custodian for _________ (name of minor) under the Indiana uniform transfers to minors act"; or

(B) delivered if in certificated form, or a document necessary for the transfer of an uncertificated security is delivered, together with a necessary endorsement to an adult other than the transferor or to a trust company as custodian, accompanied by an instrument in substantially the form set forth in subsection (b);

(2) money is paid or delivered to a broker or financial institution for credit to an account in the name of:

(A) the transferor;

(B) an adult other than the transferor; or

(C) a trust company;

followed by the words: "as custodian for _________ (name of minor) under the Indiana uniform transfers to minors act";

(3) the ownership of a life or endowment insurance policy or annuity contract is:

(A) registered with the issuer in the name of:

(i) the transferor;

(ii) an adult other than the transferor; or

(iii) a trust company;

followed by the words: "as custodian for _________ (name of minor) under the Indiana uniform transfers to minors act"; or

(B) assigned in a writing delivered to:

(i) an adult other than the transferor; or

(ii) a trust company;

whose name in the assignment is followed by the words: "as custodian for ___________ (name of minor) under the Indiana uniform transfers to minors act";

(4) an irrevocable exercise of a power of appointment or an irrevocable present right to future payment is the subject of a written notification delivered to the payor, issuer, or other obligor that the right is transferred to:

(A) the transferor;

(B) an adult other than the transferor; or

(C) a trust company;

whose name in the notification is followed by the words: "as custodian for _______ (name of minor) under the Indiana uniform transfers to minors act";

(5) an interest in real property is recorded in the name of:

(A) the transferor;

(B) an adult other than the transferor; or

(C) a trust company;

followed by the words: "as custodian for __________ (name of minor) under the Indiana uniform transfers to minors act";

(6) a certificate of title issued by a department or agency of a state or of the United States that evidences title to tangible personal property is:

(A) issued in the name of:

(i) the transferor;

(ii) an adult other than the transferor; or

(iii) a trust company;

followed by the words: "as custodian for __________ (name of minor) under the Indiana uniform transfers to minors act"; or

(B) delivered and endorsed to:

(i) an adult other than the transferor; or

(ii) a trust company;

followed by the words: "as custodian for __________ (name of minor) under the Indiana uniform transfers to minors act"; or

(7) an interest in property not described in subdivisions (1) through (6) is transferred to:

(A) an adult other than the transferor; or

(B) a trust company;

by a written instrument in substantially the form set forth in subsection (b).

(b) An instrument in the following form satisfies the requirements of subsection (a)(1)(B) and (a)(7):

TRANSFER UNDER THE INDIANA UNIFORM

TRANSFERS TO MINORS ACT

I, __________ (name of transferor or name and representative capacity if a fiduciary) hereby transfer to _________ (name of custodian), as custodian for _________ (name of minor) under the Indiana uniform transfers to minors act, the following: (insert a description of the custodial property sufficient to identify it).

Dated: _____

_________________

(Signature)

________ (name of custodian) acknowledges receipt of the property described above as custodian for the minor named above under the Indiana uniform transfers to minors act.

Dated: _____

____________________

(Signature of Custodian)

(c) A transferor shall place the custodian in control of the custodial property as soon as practicable.

As added by P.L.267-1989, SEC.2.
Ind. Code § 30-5-8-1 — Indiana Code / Title 30 / Article 5 / Chapter 8 / Section 30-5-8-1
Effect of acts performed under power of attorney
Status: in_force

Sec. 1. All acts performed by an attorney in fact under a power of attorney have the same effect, provide the same benefit, and bind the principal and the principal's successors in interest in the same manner as if the principal were competent, not incapacitated, and had acted on the principal's own behalf.

As added by P.L.149-1991, SEC.2.
Ind. Code § 30-4-10-60 — Indiana Code / Title 30 / Article 4 / Chapter 10 / Section 30-4-10-60
Severability
Status: in_force

Sec. 60. If any provision of this chapter or its application to any person or circumstance is held invalid, the invalidity does not affect other provisions or applications of this chapter that can be given effect without the invalid provision or application, and to this end the provisions of this chapter are severable.

As added by P.L.161-2022, SEC.3.
Ind. Code § 30-4-6-9 — Indiana Code / Title 30 / Article 4 / Chapter 6 / Section 30-4-6-9
Suit on bond
Status: in_force

Sec. 9. (Suit on Bond)

(a) The court may, on breach of the obligation of the bond of the trustee, after notice to the obligors on the bond and to such other persons as the court directs, determine the damages, and by appropriate proceeding enforce the collection thereof from those liable on the bond. Such determination and enforcement may be made by the court upon its own motion or upon application of a successor trustee, or of any other interested person. Damages may be assessed on behalf of all interested persons and may be paid over to the successor or other non-defaulting trustee or any other person the court may direct.

(b) The bond of the trustee shall not be void upon the first recovery, but may be proceeded upon from time to time until the whole penalty is exhausted.

(c) If the court has already determined the liability of the trustee, the sureties shall not be permitted thereafter to deny such liability in any action or hearing to determine their liability; but the surety may intervene in any hearing to determine the liability of the trustee.

Formerly: Acts 1971, P.L.416, SEC.7.
Ind. Code § 30-4-5-13 — Indiana Code / Title 30 / Article 4 / Chapter 5 / Section 30-4-5-13
Content of written statements of account filed with the court
Status: in_force

Sec. 13. (a) A verified written statement of accounts filed with the court under 30-4-5-12 or by the trustee under 30-4-3-18(b) shall show:

(1) the period covered by the account;

(2) the total principal with which the trustee is chargeable according to the last preceding written statement of accounts or the original inventory if there is no preceding statement;

(3) an itemized schedule of all principal cash and property received and disbursed, distributed, or otherwise disposed of during the period;

(4) an itemized schedule of income received and disbursed, distributed, or otherwise disposed of during the period;

(5) the balance of principal and income remaining at the close of the period, how invested, and both the inventory and current market values of all investments;

(6) a statement that the trust has been administered according to the terms of the trust;

(7) the names and addresses of all living beneficiaries and a statement identifying any beneficiary known to be under a legal disability;

(8) a description of any possible unborn or unascertained beneficiary and the possible beneficiary's interest in the trust estate; and

(9) the business addresses, if any, or the residence addresses of all the trustees.

(b) The court may, either on petition or on its own motion, require the trustee to submit such proof as it deems necessary to support the trustee's verified written statement of accounts. The court may accept the unqualified certificate of a certified public accountant in lieu of other proof.

Formerly: Acts 1971, P.L.416, SEC.6. As amended by P.L.51-2014, SEC.25.
Ind. Code § 30-4-5-5 — Indiana Code / Title 30 / Article 4 / Chapter 5 / Section 30-4-5-5
Repealed
Status: repealed

Formerly: Acts 1971, P.L.416, SEC.6. As amended by P.L.138-1994, SEC.3; P.L.198-1996, SEC.2. Repealed by P.L.84-2002, SEC.11.
Ind. Code § 30-2-8.6-31 — Indiana Code / Title 30 / Article 2 / Chapter 8.6 / Section 30-2-8.6-31
Reliance on person purporting to be custodial trustee
Status: in_force

Sec. 31. (a) A third person in good faith and without a court order may act on instructions of, or otherwise deal with, a person purporting to:

(1) make a transfer as; or

(2) act in the capacity of;

a custodial trustee.

(b) In the absence of knowledge to the contrary, a third person described in subsection (a) is not responsible for determining:

(1) the validity of the purported custodial trustee's designation;

(2) the propriety of, or the authority under this chapter for, any action of the purported custodial trustee;

(3) the validity or propriety of an instrument executed or instruction given under this chapter by:

(A) the person purporting to make a transfer or declaration; or

(B) the purported custodial trustee; or

(4) the propriety of the application of property vested in the purported custodial trustee.

As added by P.L.3-2003, SEC.1.
Ind. Code § 30-2-13-19 — Indiana Code / Title 30 / Article 2 / Chapter 13 / Section 30-2-13-19
Common trust fund
Status: in_force

Sec. 19. (a) A trustee may place trust money in a common or commingled trust fund under a single trust instrument.

(b) A trustee shall maintain a separate accounting record for each seller who deposits funds in a trust.

(c) Except for trusts established under IC 30-2-10, records maintained under this section do not need to be segregated on a purchaser by purchaser basis.

As added by P.L.200-1991, SEC.1.
Ind. Code § 30-4-10-45 — Indiana Code / Title 30 / Article 4 / Chapter 10 / Section 30-4-10-45
First-trust instrument restriction on decanting power
Status: in_force

Sec. 45. (a) An authorized fiduciary may not exercise the decanting power to the extent the first-trust instrument expressly prohibits exercise of:

(1) the decanting power; or

(2) a power granted by state law to the fiduciary to distribute part or all of the principal of the trust to another trust or to modify the trust.

(b) Exercise of the decanting power is subject to a restriction in the first-trust instrument that expressly applies to exercise of:

(1) the decanting power; or

(2) a power granted by state law to a fiduciary to distribute the principal of the trust to another trust or to modify the trust.

(c) The decanting power of an authorized fiduciary is not precluded by:

(1) a general prohibition of the amendment or revocation of a first trust;

(2) a spendthrift clause; or

(3) a clause restraining the voluntary or involuntary transfer of a beneficiary's interest.

(d) Subject to subsections (a) and (b), an authorized fiduciary may exercise the decanting power under this chapter even if the first-trust instrument permits the authorized fiduciary or another person to modify the first-trust instrument or to distribute the principal of the first trust to another trust.

(e) If a first-trust instrument contains an express prohibition described in subsection (a) or an express restriction described in subsection (b), the provision must be included in the second-trust instrument.

As added by P.L.161-2022, SEC.3.
Ind. Code § 30-4-8-15 — Indiana Code / Title 30 / Article 4 / Chapter 8 / Section 30-4-8-15
Resignation of qualified trustee; appointing successor trustees
Status: in_force

Sec. 15. If:

(1) a qualified trustee of a legacy trust ceases to meet the requirements of section 6 of this chapter; and

(2) there remains no trustee of the legacy trust that meets the requirements of section 6 of this chapter;

the qualified trustee described in subdivision (1) is considered to have resigned when the qualified trustee ceased to meet the requirements of section 6 of this chapter, and a successor trustee provided for in the legacy trust shall become a qualified trustee. If the legacy trust does not provide for a successor qualified trustee, a court shall appoint a successor qualified trustee upon the application of any interested party.

As added by P.L.221-2019, SEC.9.
Ind. Code § 30-4-10-53 — Indiana Code / Title 30 / Article 4 / Chapter 10 / Section 30-4-10-53
Animal trust
Status: in_force

Sec. 53. (a) As used in this section, "animal trust" means a trust or an interest in a trust created to provide for the care of one (1) or more animals.

(b) As used in this section, "protector" means a person appointed in an animal trust to enforce the trust on behalf of the animal or, if no such person is appointed in the trust, a person appointed by the court for that purpose.

(c) The decanting power may be exercised over an animal trust that has a protector to the extent the trust could be decanted under this chapter if each animal that benefits from the trust were an individual, if the protector consents in a signed record to the exercise of the power.

(d) A protector for an animal has the rights under this chapter of a qualified beneficiary.

(e) If a first trust is an animal trust, in an exercise of the decanting power, the second trust must provide that trust property may be applied only to its intended purpose for the period the first trust benefitted the animal.

As added by P.L.161-2022, SEC.3.