Ind. Code § 30-4-8-8 — Indiana Code / Title 30 / Article 4 / Chapter 8 / Section 30-4-8-8
Prohibited claims against property subject of a qualified disposition; exceptions; extinguishing a claim
Status: in_force

Sec. 8. (a) Except as provided in subsection (e), a claim against property that is the subject of a qualified disposition to a legacy trust is barred by section 7 of this chapter unless the claim is one (1) of the following:

(1) Except as provided in subsection (b), an action brought in Indiana under the Uniform Fraudulent Transfer Act (IC 32-18-2) in which the requirements for recovery under the act are met by clear and convincing evidence.

(2) An action to enforce the child support obligations of the transferor under a judgment or court order.

(3) A court judgment or order for the division of property in a dissolution of the transferor's marriage or a legal separation between the transferor and the transferor's spouse, if the transferor's qualified distribution to the legacy trust was made:

(A) after the date of the transferor's marriage that is subject to the dissolution or legal separation; or

(B) within thirty (30) days before the date of the transferor's marriage that is subject to the dissolution or legal separation unless the transferor provided written notice of the qualified disposition to the other party to the marriage at least three (3) days before making the qualified disposition.

(b) A claim brought under an action described in subsection (a)(1) is extinguished unless:

(1) the creditor's claim arose before the qualified disposition to a legacy trust was made and the action is brought not later than the later of:

(A) two (2) years after the transfer was made; or

(B) six (6) months after the transfer:

(i) was recorded or made a public record; or

(ii) if not recorded or made a public record, was discovered or could have reasonably been discovered by the creditor; or

(2) notwithstanding IC 32-18-2-19, the creditor's claim arose concurrent with or after the qualified disposition and the action is brought not more than two (2) years after the date of the qualified disposition.

(c) A qualified disposition made by a transferor who is a trustee is considered for purposes of this chapter to have been made on the date that the property that is subject to the qualified disposition was originally transferred in trust to the trustee or any predecessor trustee and the condition set forth in section 4(3) of this chapter is satisfied.

(d) If more than one (1) qualified disposition is made by means of the same legacy trust:

(1) the making of a subsequent qualified disposition is disregarded when determining whether a creditor's claim with respect to a prior qualified disposition is extinguished under subsection (b); and

(2) any distribution to a beneficiary is considered to have been made from the latest qualified disposition.

(e) If the state of Indiana is a creditor of a transferor, then notwithstanding subsection (a)(1) and subsection (b), the state of Indiana may bring an action against a qualified trustee to assert a claim against or to recover property that is the subject of a qualified disposition by proceeding under the Indiana Uniform Fraudulent Transfer Act, subject to the standard of evidence in IC 32-18-2-14 and IC 32-18-2-15, and the limitation periods in IC 32-18-2-19.

As added by P.L.221-2019, SEC.9. Amended by P.L.231-2019, SEC.30; P.L.56-2020, SEC.13.
Ind. Code § 30-4-5-14 — Indiana Code / Title 30 / Article 4 / Chapter 5 / Section 30-4-5-14
Settlements; objections; hearing; surcharge
Status: in_force

Sec. 14. (Settlements; Objections; Hearing; Surcharge)

(a) With respect to the annual written statement required by 30-4-5-12(a), a beneficiary or his personal representative will be deemed to have discharged the trustee from liability as to that beneficiary for all matters disclosed in the statement if he approves in writing the trustee's statement.

(b) In a proceeding in which the court has been requested by petition to approve a verified written statement of accounts, any person authorized by 30-4-5-12(c) to petition for an accounting may file an appropriate responsive pleading, and if he does so, he must file it within the period of time after notice that a responsive pleading is required to be filed after service of a prior pleading under the Indiana Rules of Procedure.

(c) When a responsive pleading filed under subsection (b) of this section includes objections to any matter contained in the trustee's statement, those objections must be specific unless the court orders otherwise.

(d) Upon request for approval of a verified written statement of accounts and the filing of objections, if any, the court shall determine the correctness of the statement and the validity and propriety of all actions of the trustee described in the statement and may take any additional action that it deems necessary.

Formerly: Acts 1971, P.L.416, SEC.6.
Ind. Code § 30-5-11-5 — Indiana Code / Title 30 / Article 5 / Chapter 11 / Section 30-5-11-5
Amendment of electronic power of attorney; revocation of electronic power of attorney
Status: in_force

Sec. 5. (a) If the principal created or last amended a power of attorney by electronically signing an electronic power of attorney, the principal may amend or revoke the power of attorney as follows:

(1) By complying with a method provided in the terms of the power of attorney and making either an electronic signature or an ordinary signature on paper to confirm the amendment or the revocation.

(2) By performing one (1) or more of the following if the terms of the power of attorney do not specify a method for amendment or revocation or do not specify an exclusive method for amending or revoking the electronic power of attorney:

(A) Using the principal's electronic signature on an electronic record to manifest clear and convincing intent on behalf of the principal to amend or revoke the power of attorney and to specify the desired amendments or revocation.

(B) Using the principal's written signature on a paper record to manifest clear and convincing intent on behalf of the principal to amend or revoke the power of attorney and to specify the desired amendments or revocation.

(C) By:

(i) permanently deleting each copy of the electronic record for the electronic power of attorney that is in the principal's possession or control; or

(ii) rendering each copy of the electronic record unreadable and nonretrievable;

if the principal is not using a custodian to store the electronic record.

(D) By transmitting or giving to the custodian of the electronic power of attorney a written or electronic record of the desired amendment or revocation that:

(i) is signed by the principal; and

(ii) directs the custodian to permanently delete the electronic record for the electronic power of attorney or to render that electronic record unreadable and nonretrievable;

if the principal is using a custodian to store the electronic record.

If the principal knows that the electronic record for the electronic power of attorney or a complete converted copy of the electronic power of attorney is in the possession of a custodian, the principal has a duty to use reasonable efforts to provide the custodian with written electronic evidence of the amendment or revocation of the electronic power of attorney.

(b) If the principal has possession of the electronic record for an electronic power of attorney that the principal intends to amend or revoke, the principal shall make and save a complete converted copy of the electronic power of attorney before making and saving an amendment or revocation of the electronic power of attorney under subsection (a). If a custodian has possession of an electronic record for an electronic power of attorney that the principal intends to amend or revoke, the custodian shall make and save a complete converted copy of the electronic power of attorney as it existed originally before rendering the electronic record or electronic power of attorney unreadable or nonretrievable for potential use in evidence in the event that the validity of an amendment or revocation is later challenged.

As added by P.L.40-2018, SEC.4. Amended by P.L.10-2019, SEC.121.
Ind. Code § 30-4-5-0.5 — Indiana Code / Title 30 / Article 4 / Chapter 5 / Section 30-4-5-0.5
Application of Uniform Principal and Income Act
Status: in_force

Sec. 0.5. The Uniform Principal and Income Act (IC 30-2-14) applies to the administration of a trust under this article.

As added by P.L.84-2002, SEC.4.
Ind. Code § 30-2-9-1.5 — Indiana Code / Title 30 / Article 2 / Chapter 9 / Section 30-2-9-1.5
Funeral trusts
Status: in_force

Sec. 1.5. (a) After June 30, 1978, but before July 1, 1982, an individual may establish one (1) funeral trust under this section, in lieu of any other arrangement for advance payment of funeral and burial expense, such as a joint account, that may be lawful under section 1(b) of this chapter.

(b) A funeral trust established under this section must:

(1) be irrevocable;

(2) have only one (1) settlor;

(3) name a financial institution qualified under section 1(b) of this chapter in which all funds are to be deposited;

(4) name an embalmer, a funeral director, or funeral home, licensed under IC 25-15, as sole beneficiary;

(5) be accompanied by a contract between the settlor and beneficiary as provided in subsection (c); and

(6) be either a time deposit, or account, or certificate of deposit in a financial institution, in the names of the settlor and the beneficiary payable on death to the survivor, or name the designated financial institution as sole trustee.

(c) A funeral trust contract must specify in detail the funeral and burial services to be provided by the beneficiary, and must specify the place of the funeral and the place of burial or other disposition. The contract must contain an acknowledgement by the settlor that he understands the irrevocable nature of the trust. In addition, the contract may provide for reasonable adjustment of the services to be provided if:

(1) the settlor has not contributed the full amount specified in the contract at the time of his death; or

(2) the reasonable expense of transporting the corpse a distance greater than twenty-five (25) miles to the place of the funeral or the place of burial is paid by the beneficiary.

The contract may contain other provisions not inconsistent with this chapter, including a provision for disposition of income on the trust funds that results in a balance greater than the contribution agreed to by the settlor.

(d) The settlor may change the beneficiary, but any new beneficiary must be licensed under IC 25-15 or be a funeral director or funeral home licensed under the laws of another state. The settlor may also change the place of the funeral or the place of burial.

(e) Any trust established under section 1(a) of this chapter may be converted to a funeral trust, provided for under this section, by agreement of the parties to the original contract, payment of all trust funds into the funeral trust, and satisfaction of all requirements of this section including execution of the required contract.

(f) Any trust established under this chapter may be converted to a funeral trust provided for under IC 30-2-10 by satisfaction of all requirements of that chapter.

As added by Acts 1978, P.L.133, SEC.2. Amended by Acts 1979, P.L.272, SEC.2; Acts 1982, P.L.179, SEC.1; P.L.246-1985, SEC.20.
Ind. Code § 30-2-9-4 — Indiana Code / Title 30 / Article 2 / Chapter 9 / Section 30-2-9-4
Deposits or investments; interest or dividends; withdrawal; forfeiture
Status: in_force

Sec. 4. The amount or amounts deposited or invested, with interest or dividends on the amount or amounts, if any, shall not be withdrawn until the death of the person or persons for whose funeral or burial such funds were paid, unless sooner withdrawn and repaid to the person who originally paid the money under or in connection with said agreement or series of agreements or to the person's legal representative. However:

(1) if the agreement or series of agreements provides for forfeiture and retention of any or all such payments by reason of default in payment upon and according to the terms of the agreement or series of agreements, then upon any such default and forfeiture the trustee may withdraw such deposits or investments; and

(2) nothing in this section shall prohibit the change of depository by the trustee and the transfer of trust funds from one (1) depository to another.

This section applies only to trust funds that include payments under section 1(a) of this chapter.

Formerly: Acts 1963, c.303, s.4. As amended by Acts 1978, P.L.133, SEC.5; P.L.136-2018, SEC.221.
Ind. Code § 30-2-5-3 — Indiana Code / Title 30 / Article 2 / Chapter 5 / Section 30-2-5-3
Assignment by fiduciary
Status: in_force

Sec. 3. Except as otherwise provided in this chapter, a corporation or transfer agent making a transfer of a security pursuant to an assignment by a fiduciary:

(a) may assume without inquiry that the assignment, even though to the fiduciary himself or to his nominee, is within his authority and capacity and is not in breach of his fiduciary duties;

(b) may assume without inquiry that the fiduciary has complied with any controlling instrument and with the law of the jurisdiction governing the fiduciary relationship, including any law requiring the fiduciary to obtain court approval of the transfer; and

(c) is not charged with notice of and is not bound to obtain or examine any court record or any recorded or unrecorded document relating to the fiduciary relationship or the assignment, even though the record or document is in its possession.

Formerly: Acts 1961, c.124, s.3. As amended by Acts 1982, P.L.171, SEC.97.
Ind. Code § 30-2-15-15 — Indiana Code / Title 30 / Article 2 / Chapter 15 / Section 30-2-15-15
Conversion to unitrust; unitrust rate
Status: in_force

Sec. 15. (a) This section applies to a trust described in section 2(1) of this chapter.

(b) When a trustee gives notice of a proposed action under section 10(a)(1)(A) of this chapter to convert a trust to a unitrust, the trustee must include the unitrust rate in the notice of proposed action.

(c) If:

(1) the trustee proposes a unitrust rate of four percent (4%) in the notice of proposed action; and

(2) no beneficiary entitled to notice of the proposed action makes a written objection to the unitrust rate under section 10(a)(1)(B) of this chapter;

the unitrust rate must be four percent (4%).

(d) A trust may have a unitrust rate that represents a reasonable current return from the trust and best reflects the goals of the trust and the intent of the settlor or testator, 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 beneficiaries entitled to notice under section 11 of this chapter; or

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

As added by P.L.3-2003, SEC.2. Amended by P.L.33-2019, SEC.11.
Ind. Code § 30-2-13-7 — Indiana Code / Title 30 / Article 2 / Chapter 13 / Section 30-2-13-7
"Insurance policy"
Status: in_force

Sec. 7. As used in this chapter, "insurance policy" means a policy providing one (1) or more of the types of insurance described in IC 27-1-5-1, Class 1(a) and Class 1(c).

As added by P.L.200-1991, SEC.1.
Ind. Code § 30-5-11-11 — Indiana Code / Title 30 / Article 5 / Chapter 11 / Section 30-5-11-11
"Digital asset"; "electronic communication"; "custodian"; "user"; "transaction in or affecting interstate or foreign commerce"; exclusive authority
Status: in_force

Sec. 11. (a) For purposes of IC 29-3, IC 30-5, and IC 32-39:

(1) the electronic record for an electronic power of attorney is a "digital asset" as defined in IC 32-39-1-10;

(2) the electronic record for an electronic power of attorney is not an "electronic communication" as defined in 18 U.S.C. 2510(12) or IC 32-39-1-12;

(3) the digital or electronic transfer of an electronic record for an electronic power of attorney between any two (2) persons other than the principal and principal's attorney or the principal and an attorney in fact is an "electronic communication" as defined in 18 U.S.C. 2510(12) or IC 32-39-1-12;

(4) a custodian of an electronic power of attorney is also a "custodian" as defined in IC 32-39-1-8; and

(5) the:

(A) principal of an electronic power of attorney;

(B) attorney in fact;

(C) attorney representing a principal or attorney in fact; or

(D) other person with authorized possession of or authorized access to the electronic record for an electronic power of attorney;

is a "user" for purposes of IC 32-39 if the person contracts with another person to store the electronic record for the electronic power of attorney.

(b) The execution or revocation of an electronic power of attorney may be a contract of a "transaction in or affecting interstate or foreign commerce" for purposes of the federal E-Sign Act (15 U.S.C. 7001).

(c) The execution or revocation of an electronic power of attorney is subject to IC 26-2-8 unless there is a conflict between IC 26-2-8 and any provision contained in this article. In the event of a conflict between IC 26-2-8 and a provision of this article, the provision of this article shall control.

As added by P.L.40-2018, SEC.4.
Ind. Code § 30-2-8.6-24 — Indiana Code / Title 30 / Article 2 / Chapter 8.6 / Section 30-2-8.6-24
Custodial trustee's acceptance of trust property
Status: in_force

Sec. 24. (a) Obligations of a custodial trustee, including the obligation to follow directions of the beneficiary, arise under this chapter upon the custodial trustee's acceptance, express or implied, of the custodial trust property.

(b) The custodial trustee's acceptance may be evidenced by a writing stating in substance:

CUSTODIAL TRUSTEE'S RECEIPT AND ACCEPTANCE

I, _______________ (name of custodial trustee) acknowledge receipt of the custodial trust property described below or in the attached instrument and accept the custodial trust as custodial trustee for _______________ (name of beneficiary) under the Indiana uniform custodial trust act. I undertake to administer and distribute the custodial trust property under the Indiana uniform custodial trust act. My obligations as custodial trustee are subject to the directions of the beneficiary unless the beneficiary is designated as, is, or becomes incapacitated. The custodial trust property consists of _____________.

Dated:__________________________

________________________________

(Signature of Custodial Trustee)

(c) Upon accepting custodial trust property, a person designated as custodial trustee under this chapter is subject to personal jurisdiction of the court with respect to any matter relating to the custodial trust.

As added by P.L.3-2003, SEC.1.
Ind. Code § 30-2-8.6-14 — Indiana Code / Title 30 / Article 2 / Chapter 8.6 / Section 30-2-8.6-14
"Personal representative"
Status: in_force

Sec. 14. As used in this chapter, "personal representative" has the meaning set forth in IC 29-1-1-3.

As added by P.L.3-2003, SEC.1.
Ind. Code § 30-2-4-8 — Indiana Code / Title 30 / Article 2 / Chapter 4 / Section 30-2-4-8
Deposit in name of principal
Status: in_force

Sec. 8. If a check is drawn upon the account of his principal in a bank by a fiduciary who is empowered to draw checks upon his principal's account, the bank is authorized to pay such check without being liable to the principal, unless the bank pays the check with actual knowledge that the fiduciary is committing a breach of his obligation as fiduciary in drawing such check, or with knowledge of such facts that its action in paying the check amounts to bad faith. If, however, such a check is payable to the drawee bank and is delivered to it in payment of or as security for a personal debt of the fiduciary to it, the bank is liable to the principal if the fiduciary in fact commits a breach of his obligation as fiduciary in drawing or delivering the check.

Formerly: Acts 1927, c.17, s.8.
Ind. Code § 30-2-14-36 — Indiana Code / Title 30 / Article 2 / Chapter 14 / Section 30-2-14-36
Transactions in derivatives; granting, acquiring, or exercising an option
Status: in_force

Sec. 36. (a) As used in this section, "derivative" means a contract or financial instrument or a combination of contracts and financial instruments that gives a trust the right or obligation to participate in:

(1) some or all changes in the price of a tangible or intangible asset or group of assets; or

(2) changes in a rate, an index of prices or rates, or other market indicator for an asset or a group of assets.

(b) To the extent that a trustee does not account under section 25 of this chapter for transactions in derivatives, the trustee shall allocate to principal receipts from and disbursements made in connection with those transactions.

(c) If a trustee:

(1) grants an option to buy property from the trust, whether or not the trust owns the property when the option is granted;

(2) grants an option that permits another person to sell property to the trust; or

(3) acquires an option to buy property for the trust or an option to sell an asset owned by the trust;

and the trustee or other owner of the asset is required to deliver the asset if the option is exercised, an amount received for granting the option must be allocated to principal. An amount paid to acquire the option must be paid from principal. A gain or loss realized upon the exercise of an option, including an option granted to a settlor of the trust for services rendered, must be allocated to principal.

As added by P.L.84-2002, SEC.2.
Ind. Code § 30-2-8.6-20 — Indiana Code / Title 30 / Article 2 / Chapter 8.6 / Section 30-2-8.6-20
Adding trust property
Status: in_force

Sec. 20. A person may augment existing custodial trust property by the addition of other property under this chapter.

As added by P.L.3-2003, SEC.1.
Ind. Code § 30-5-11-4.5 — Indiana Code / Title 30 / Article 5 / Chapter 11 / Section 30-5-11-4.5
Electronic power of attorney; witnesses; self-proving clauses; presence requirement
Status: in_force

Sec. 4.5. (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) An electronic power of attorney executed in the presence of witnesses under section 4(a)(2) of this chapter must be executed by the signatures of the principal and at least two (2) witnesses on:

(1) an electronic power of attorney under subsection (c);

(2) a self-proving clause under section 4.7(c) of this chapter; or

(3) a self-proving clause under section 4.7(d) of this chapter.

(c) An electronic power of attorney may be attested as follows:

(1) The principal, in the presence of two (2) or more attesting witnesses, shall signify to the witnesses that the instrument is the principal's power of attorney and:

(A) sign the power of attorney;

(B) acknowledge the principal's signature already made; or

(C) at the principal's direction and in the principal's presence, have someone else sign the principal's name.

(2) The attesting witnesses must sign in the presence of the principal and each other.

An attestation or self-proving clause is not required under this subsection for a valid power of attorney.

(d) If the principal and the attesting witnesses are not in each other's physical presence when the electronic power of attorney is signed and witnessed and if the principal and the witnesses use audiovisual technology to satisfy the presence requirement in subsection (a), an attorney or a directed paralegal must supervise the signing and the witnessing of the electronic power of attorney.

(e) Within a reasonable time after an attorney or a directed paralegal supervises the signing and witnessing of an electronic power of attorney in the manner described in subsection (d), the attorney or directed paralegal must sign an affidavit of compliance. An affidavit of compliance under this subsection must be sworn to or affirmed by the signing attorney or directed paralegal under the penalties of perjury and must contain:

(1) the name and residential address of the principal;

(2) the name and:

(A) residential address; or

(B) business address;

for each attesting witness who signs the electronic power of attorney;

(3) the address, city, and state in which the principal is physically located at the time the principal signs the electronic power of attorney;

(4) the city and state in which each attesting witness is physically located when the witness signs the electronic power of attorney as a witness;

(5) a description of the method and form of identification used to confirm the identity of the principal to the witnesses and supervising attorney or directed paralegal;

(6) a description of the method used by the supervising attorney or paralegal, principal, and the witnesses for the purpose of interacting with each other in real time during the signing process;

(7) a brief description of the method used to add or capture the electronic signature of the principal and the witnesses;

(8) the name, business or residential address, and telephone number of the attorney or directed paralegal who supervised the execution of the electronic power of attorney; and

(9) any other information that the supervising attorney or directed paralegal considers to be material to:

(A) the principal's capacity to sign a valid power of attorney; and

(B) the principal's and witnesses' compliance with subsection (a).

After the attorney or directed paralegal signs an affidavit of compliance under this subsection, the attorney or directed paralegal must preserve an accurate copy of the signed affidavit with a scanned copy or photocopy of the completely signed power of attorney. An affidavit of compliance signed under this subsection is admissible as prima facie evidence that the principal and witnesses executed the power of attorney in counterparts that comply with the requirements of subsection (c).

(f) An electronic power of attorney that is executed in substantial compliance with subsection (c) will not be rendered invalid by the existence of:

(1) an attestation or self-proving clause or other language; or

(2) additional signatures;

not required by subsection (c).

(g) An electronic power of attorney executed in accordance with subsection (c) is self-proved if the witness's signatures follow an attestation or self-proving clause or other declaration indicating, in substance, the facts set forth in section 4.7(d) or 4.7(e) of this chapter.

(h) This section shall be construed to favor the effectuation of the principal's intent to make a valid power of attorney.

As added by P.L.185-2021, SEC.28.
Ind. Code § 30-2-4-1 — Indiana Code / Title 30 / Article 2 / Chapter 4 / Section 30-2-4-1
Definitions
Status: in_force

Sec. 1. (a) In this chapter unless the context or subject-matter otherwise requires:

(1) "Bank" includes any person or association of persons, whether incorporated or not, carrying on the business of banking.

(2) "Fiduciary" includes a trustee under any trust, expressed, implied, resulting or constructive, executor, administrator, guardian, conservator, curator, receiver, trustee in bankruptcy, assignee for the benefit of creditors, partner, agent, officer of a corporation, public or private, public officer, or any other person acting in a fiduciary capacity for any person, trust or estate.

(3) "Person" includes a corporation, limited liability company, partnership, or other association, or two (2) or more persons having a joint or common interest.

(4) "Principal" includes any person to whom a fiduciary as such owes an obligation.

(b) A thing is done "in good faith" within the meaning of this chapter, when it is in fact done honestly, whether it be done negligently or not.

Formerly: Acts 1927, c.17, s.1. As amended by Acts 1982, P.L.171, SEC.92; P.L.8-1993, SEC.463.
Ind. Code § 30-2-8.6-30 — Indiana Code / Title 30 / Article 2 / Chapter 8.6 / Section 30-2-8.6-30
Administering custodial trust for incapacitated beneficiary
Status: in_force

Sec. 30. (a) The custodial trustee shall administer the custodial trust as for an incapacitated beneficiary if:

(1) the custodial trust was created under section 25 of this chapter;

(2) the transferor has so directed in the instrument creating the custodial trust; or

(3) the custodial trustee has determined that the beneficiary is incapacitated.

(b) A custodial trustee may determine that the beneficiary is incapacitated in reliance upon:

(1) previous direction or authority given by the beneficiary while not incapacitated, including direction or authority under a durable power of attorney;

(2) the certificate of the beneficiary's physician; or

(3) other persuasive evidence.

(c) If a custodial trustee for an incapacitated beneficiary reasonably concludes that:

(1) the beneficiary's incapacity has ceased; or

(2) circumstances concerning the beneficiary's ability to manage property and business affairs have changed since the creation of a custodial trust directing administration as for an incapacitated beneficiary;

the custodial trustee may administer the trust as for a beneficiary who is not incapacitated.

(d) Upon the petition of:

(1) the beneficiary;

(2) the custodial trustee; or

(3) another person interested in:

(A) the custodial trust property; or

(B) the welfare of the beneficiary;

the court shall determine whether the beneficiary is incapacitated.

(e) If:

(1) the custodial trustee or a court has not determined that a beneficiary is incapacitated under subsection (b) or (d); and

(2) the custodial trustee has reason to believe that the beneficiary is incapacitated;

the custodial trustee shall administer the custodial trust in accordance with the provisions of this chapter applicable to an incapacitated beneficiary.

(f) Incapacity of a beneficiary does not terminate:

(1) the custodial trust;

(2) any designation of a successor custodial trustee;

(3) rights or powers of the custodial trustee; or

(4) any immunities of third persons acting on the instructions of the custodial trustee.

As added by P.L.3-2003, SEC.1.
Ind. Code § 30-4-3-29.5 — Indiana Code / Title 30 / Article 4 / Chapter 3 / Section 30-4-3-29.5
Corporate trustee that acquires trust due to change in control
Status: in_force

Sec. 29.5. (a) Except as provided in subsection (b) and unless the trust instrument provides otherwise, a corporate trustee that acquires a trust as a result of a change in control may not:

(1) decline to accept the trust property;

(2) resign as trustee; or

(3) otherwise refuse to administer the trust;

based upon the amount of property or funds held in the trust estate.

(b) A court may, at the court's discretion, allow a trustee described in subsection (a) to resign if:

(1) the trustee petitions the court; and

(2) the court determines that the trustee's resignation will be in the best interests of all the beneficiaries of the trust.

As added by P.L.199-1996, SEC.2.
Ind. Code § 30-2-14-13.5 — Indiana Code / Title 30 / Article 2 / Chapter 14 / Section 30-2-14-13.5
Personal representative as a fiduciary
Status: in_force

Sec. 13.5. 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, is a fiduciary for purposes of this chapter if:

(1) under the terms of a decedent's will this chapter applies to the administration of the estate; or

(2) under other applicable law, the personal representative is required or allowed to account for and distribute income received during administration of the estate separately from the corpus of the estate.

As added by P.L.51-2014, SEC.11.
Ind. Code § 30-2-5-10 — Indiana Code / Title 30 / Article 2 / Chapter 5 / Section 30-2-5-10
Uniformity of interpretation
Status: in_force

Sec. 10. This chapter shall be so construed as to effectuate its general purpose to make uniform the law of those states which enact it.

Formerly: Acts 1961, c.124, s.10. As amended by Acts 1982, P.L.171, SEC.103.
Ind. Code § 30-4-10-30 — Indiana Code / Title 30 / Article 4 / Chapter 10 / Section 30-4-10-30
"State"
Status: in_force

Sec. 30. As used in this chapter, "state" means:

(1) a state of the United States;

(2) the District of Columbia;

(3) Puerto Rico;

(4) the United States Virgin Islands; or

(5) a territory or insular possession subject to the jurisdiction of the United States.

As added by P.L.161-2022, SEC.3.
Ind. Code § 30-5-3-7 — Indiana Code / Title 30 / Article 5 / Chapter 3 / Section 30-5-3-7
Effect on the Electronic Signatures in Global and National Commerce Act
Status: in_force

Sec. 7. This article modifies, limits, and supersedes the Electronic Signatures in Global and National Commerce Act (15 U.S.C. 7001 et seq.). However, this article does not:

(1) modify, limit, or supersede 15 U.S.C. 7001(c); or

(2) authorize the electronic delivery of a notice described in 15 U.S.C. 7003(b).

As added by P.L.143-2009, SEC.26.
Ind. Code § 30-5-2-3.6 — Indiana Code / Title 30 / Article 5 / Chapter 2 / Section 30-5-2-3.6
"Directed paralegal"
Status: in_force

Sec. 3.6. "Directed paralegal" means a nonlawyer assistant who is employed, retained, or otherwise associated with a licensed attorney or law firm and whose work is directly supervised by a licensed attorney, as required by Rule 5.3 of the Rules of Professional Conduct.

As added by P.L.185-2021, SEC.17.
Ind. Code § 30-4-5-24 — Indiana Code / Title 30 / Article 4 / Chapter 5 / Section 30-4-5-24
Repealed
Status: repealed

Formerly: Acts 1971, P.L.416, SEC.6. Repealed by P.L.2-1987, SEC.53.
Ind. Code § 30-2-8.6-12 — Indiana Code / Title 30 / Article 2 / Chapter 8.6 / Section 30-2-8.6-12
"Member of the beneficiary's family"
Status: in_force

Sec. 12. As used in this chapter, "member of the beneficiary's family" means a beneficiary's spouse, descendant, stepchild, parent, stepparent, grandparent, brother, sister, uncle, or aunt, whether of whole or half blood or by adoption.

As added by P.L.3-2003, SEC.1.
Ind. Code § 30-2-5-1 — Indiana Code / Title 30 / Article 2 / Chapter 5 / Section 30-2-5-1
Definitions
Status: in_force

Sec. 1. In this chapter and IC 30-2-6, unless the context otherwise requires:

(1) "Assignment" includes any written stock power, bond power, bill of sale, deed, declaration of trust, or other instrument of transfer.

(2) "Claim of beneficial interest" includes a claim of any interest by a decedent's legatee, distributee, heir, or creditor, a beneficiary under a trust, a protected person, a beneficial owner of a security registered in the name of a nominee, or an owner under eighteen (18) years of age, of a security registered in the name of a custodian, or a claim of any similar interest, whether the claim is asserted by the claimant or by a fiduciary or by any other authorized person on the claimant's behalf, and includes a claim that the transfer would be in breach of fiduciary duties.

(3) "Corporation" means a private or public corporation, association, or trust issuing a security.

(4) "Fiduciary" means an executor, administrator, trustee, guardian, committee, conservator, curator, tutor, custodian, or nominee.

(5) "Person" includes an individual, a corporation, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, two (2) or more persons having a joint or common interest, or any other legal or commercial entity.

(6) "Security" includes any share of stock, bond, debenture, note, or other security issued by a corporation which is registered as to ownership on the books of the corporation.

(7) "Transfer" means a change on the books of a corporation in the registered ownership of a security.

(8) "Transfer agent" means a person employed or authorized by a corporation to transfer securities issued by the corporation.

Formerly: Acts 1961, c.124, s.1; Acts 1973, P.L.293, SEC.1. As amended by P.L.33-1989, SEC.91.
Ind. Code § 30-2-10-2 — Indiana Code / Title 30 / Article 2 / Chapter 10 / Section 30-2-10-2
Payments required to be made to accounts in certain banks, trust companies, and other institutions
Status: in_force

Sec. 2. It is unlawful to enter into any agreement or contract for a purpose described in section 1 of this chapter 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;

with an office in Indiana.

As added by Acts 1982, P.L.179, SEC.2. Amended by P.L.79-1998, SEC.93; P.L.216-2013, SEC.67.
Ind. Code § 30-2-15-4 — Indiana Code / Title 30 / Article 2 / Chapter 15 / Section 30-2-15-4
"Total return unitrust"
Status: in_force

Sec. 4. As used in this chapter, "total return unitrust" means an income trust that has been converted to a total return unitrust in accordance with this chapter.

As added by P.L.3-2003, SEC.2.
Ind. Code § 30-2-15-24 — Indiana Code / Title 30 / Article 2 / Chapter 15 / Section 30-2-15-24
Construing the governing instrument
Status: in_force

Sec. 24. After the income trust is converted to a total return unitrust under this chapter, both of the following apply:

(1) The term "income" in the governing instrument means the unitrust amount plus any income from the trust assets excluded from the determination of net fair market value under sections 18 and 19 of this chapter.

(2) The trustee shall make regular distributions in accordance with the governing instrument construed in accordance with this chapter.

As added by P.L.3-2003, SEC.2.
Ind. Code § 30-4-2.1-11 — Indiana Code / Title 30 / Article 4 / Chapter 2.1 / Section 30-4-2.1-11
Written statement or list disposing of tangible personal property
Status: in_force

Sec. 11. (a) A written statement or list that:

(1) complies with this section; and

(2) is referred to in a settlor's trust that was revocable during the settlor's lifetime;

may be used to dispose of items of tangible personal property, other than property used in a trade or business, not otherwise specifically disposed of by the trust.

(b) To be admissible under this section as evidence of the intended disposition, the writing must be signed by the settlor and must describe the items and the beneficiaries with reasonable certainty. The writing may be prepared before or after the execution of the trust. The writing may be altered by the settlor after the writing is prepared. The writing may have no significance apart from the writing's effect on the dispositions made by the trust.

(c) If more than one (1) otherwise effective writing exists, then, to the extent of a conflict among the writings, the provisions of the most recent writing revoke the inconsistent provisions of each earlier writing.

As added by P.L.238-2005, SEC.29.
Ind. Code § 30-4-3.5-5 — Indiana Code / Title 30 / Article 4 / Chapter 3.5 / Section 30-4-3.5-5
Trust managed in interest of beneficiaries
Status: in_force

Sec. 5. A trustee shall invest and manage the trust assets solely in the interest of the beneficiaries.

As added by P.L.137-1999, SEC.3.
Ind. Code § 30-4-1-8 — Indiana Code / Title 30 / Article 4 / Chapter 1 / Section 30-4-1-8
Effect of requirement of exercising power of appointment by reference
Status: in_force

Sec. 8. If a trust creating a power of appointment expressly requires that the power be exercised by a reference, an express reference, or a specific reference to the power or its source, it is presumed that the settlor's intention, in requiring that the grantee exercise the power by making reference to the particular power or to the creating instrument, was to prevent an inadvertent exercise of the power.

As added by P.L.252-2001, SEC.30.
Ind. Code § 30-2-8.5-4 — Indiana Code / Title 30 / Article 2 / Chapter 8.5 / Section 30-2-8.5-4
"Custodial property" defined
Status: in_force

Sec. 4. As used in this chapter, "custodial property" means:

(1) an interest in property transferred to a custodian under this chapter; and

(2) the income from and proceeds of that interest in property.

As added by P.L.267-1989, SEC.2.
Ind. Code § 30-2-7-4 — Indiana Code / Title 30 / Article 2 / Chapter 7 / Section 30-2-7-4
Value of security credited upon claims
Status: in_force

Sec. 4. Dividends paid to secured creditors shall be computed only upon the balance due after the value of all security not exempt from the claims of unsecured creditors and not released or surrendered to the liquidator, is determined and credited upon the claim secured by it.

Formerly: Acts 1941, c.50, s.4.
Ind. Code § 30-4-7-7 — Indiana Code / Title 30 / Article 4 / Chapter 7 / Section 30-4-7-7
Docket of documents
Status: in_force

Sec. 7. After a compromise is executed, an interested person may submit the following documents to the court for the court's approval:

(1) The agreement executed under section 6 of this chapter.

(2) A copy of the trust instrument filed under IC 30-4-6.

(3) Any other relevant documents.

As added by P.L.200-1991, SEC.6. Amended by P.L.99-2024, SEC.16.
Ind. Code § 30-2-8.5-11 — Indiana Code / Title 30 / Article 2 / Chapter 8.5 / Section 30-2-8.5-11
"Person" defined
Status: in_force

Sec. 11. As used in this chapter, "person" means an individual, corporation, organization, or other legal entity.

As added by P.L.267-1989, SEC.2.
Ind. Code § 30-4-9-17 — Indiana Code / Title 30 / Article 4 / Chapter 9 / Section 30-4-9-17
Uniformity of the law
Status: in_force

Sec. 17. In applying and construing this uniform act, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among the states that enact it.

As added by P.L.221-2019, SEC.10.
Ind. Code § 30-5-5-14 — Indiana Code / Title 30 / Article 5 / Chapter 5 / Section 30-5-5-14
Records, reports, and statements
Status: in_force

Sec. 14. (a) Language conferring general authority with respect to records, reports, and statements means the principal authorizes the attorney in fact to do the following:

(1) Keep records of cash received and disbursed for or on account of the principal, of credits and debits to the account of the principal, and of transactions affecting the assets and liabilities of the principal.

(2) Prepare, execute, and file tax and tax information returns for all periods required by the laws of the United States, a state, or a subdivision of a state, or a foreign government, prepare, execute, and file other tax related documents for all tax periods, including requests for an extension of time, offers, waivers, consents, powers of attorney, closing agreements, and petitions to a tax court regarding tax matters, and prepare, execute, and file all other instruments the attorney in fact considers desirable or necessary for the safeguarding of the principal against excessive or illegal taxation or against penalties imposed for claimed violation of a law or other governmental regulation. This subdivision is intended to be sufficiently definite to permit the attorney in fact to represent the principal respecting all taxes the principal has paid and all tax returns the principal has filed, either personally or through an agent, with the Internal Revenue Service, another agency of the United States, a state department of revenue, a political subdivision of a state, or a foreign country, or a political subdivision of a foreign country.

(3) Prepare, execute, and file a return, report, declaration, or other document required by the laws of the United States, a state, a political subdivision of a state, or a foreign government, including a report or declaration required by the Social Security Administration, the commissioner of economic security, or other similar agency that the attorney in fact considers desirable or necessary for the safeguarding or maintenance of the principal's interest.

(4) Prepare, execute, and file a record, report, or statement the attorney in fact considers desirable or necessary for the safeguarding or maintenance of the principal's interest with respect to price, rent, wage, or rationing control, or other governmental activity.

(5) 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.

(6) Execute any document under IC 3 except:

(A) a voter registration application;

(B) the authorization to cancel a voter registration;

(C) a declaration of candidacy;

(D) a candidate's consent to be placed on the ballot;

(E) a ballot; or

(F) an absentee ballot.

(7) Perform any other acts in connection with the preparation, execution, filing, storage, or other use of records, reports, or statements of or concerning the principal's affairs.

(b) The powers described in this section are exercisable equally with respect to records, reports, or statements of or concerning the affairs of the principal existing at the time of the giving of the power of attorney or arising after that time, whether arising in Indiana or in another jurisdiction.

As added by P.L.149-1991, SEC.2. Amended by P.L.3-1993, SEC.251; P.L.194-2013, SEC.99; P.L.219-2013, SEC.92.
Ind. Code § 30-4-10-20 — Indiana Code / Title 30 / Article 4 / Chapter 10 / Section 30-4-10-20
"Power of appointment"
Status: in_force

Sec. 20. As used in this chapter, "power of appointment" means a power that enables a powerholder acting in a nonfiduciary capacity to designate a recipient of an ownership interest in or another power of appointment over the appointive property. The term does not include a power of attorney.

As added by P.L.161-2022, SEC.3.
Ind. Code § 30-2-14-37 — Indiana Code / Title 30 / Article 2 / Chapter 14 / Section 30-2-14-37
Asset backed securities
Status: in_force

Sec. 37. (a) As used in this section, "asset backed security" means an asset whose value is based upon the right it gives the owner to receive distributions from the proceeds of financial assets that provide collateral for the security. The term includes an asset that gives the owner the right to receive from the collateral financial assets only the interest or other current return or only the proceeds other than interest or current return. The term does not include an asset to which section 23 or section 31 of this chapter applies.

(b) If a trust receives a payment from interest or other current return and from other proceeds of the collateral financial assets, the trustee shall allocate to income the portion of the payment that the payer identifies as being from interest or other current return and shall allocate the balance of the payment to principal.

(c) If a trust receives one (1) or more payments in exchange for the trust's entire interest in an asset backed security in one (1) accounting period, the trustee shall allocate the payments to principal. If a payment is one (1) of a series of payments that will result in the liquidation of the trust's interest in the security over more than one (1) accounting period, the trustee shall allocate ten percent (10%) of the payment to income and the balance to principal.

As added by P.L.84-2002, SEC.2.
Ind. Code § 30-3-4-1 — Indiana Code / Title 30 / Article 3 / Chapter 4 / Section 30-3-4-1
Application of chapter; home for indigent women, worthy poor, or orphaned children
Status: in_force

Sec. 1. Notwithstanding IC 30-4-2-2 and IC 30-4-3-33, this chapter applies whenever a county that has been given, devised, or bequeathed money or property in trust for the purpose of establishing and maintaining a home for indigent women, worthy poor, or orphan children, and the board of commissioners of the county has been named as trustee by the donor of the property or money.

[Pre-Local Government Recodification Citation: 17-2-19-1 part.]

As added by Acts 1980, P.L.8, SEC.143. Amended by P.L.238-2005, SEC.18.
Ind. Code § 30-4-1-10 — Indiana Code / Title 30 / Article 4 / Chapter 1 / Section 30-4-1-10
Distribution under laws of intestate succession when manner not specified
Status: in_force

Sec. 10. If a distribution in favor of "descendants", "issue", or "heirs of the body" does not specify the manner in which the property is to be distributed among the class members, the property is distributed among the class members who are living when the distribution is to take effect in possession or enjoyment, in such shares they would receive, under the applicable law of intestate succession, as if the designated ancestor had then died intestate, unmarried, and owning the subject matter of the distribution.

As added by P.L.252-2001, SEC.32.
Ind. Code § 30-4-3-29.3 — Indiana Code / Title 30 / Article 4 / Chapter 3 / Section 30-4-3-29.3
Power to appoint a successor trustee
Status: in_force

Sec. 29.3. (a) The power to appoint a successor trustee under a governing instrument or under section 33 of this chapter includes:

(1) the power to appoint multiple successor trustees; and

(2) the power to allocate trustee powers to one (1) or more trustees.

(b) A trustee to whom powers:

(1) have been exclusively allocated under subsection (a) must be a fiduciary only with respect to the powers allocated; and

(2) have not been allocated under subsection (a) is not liable for the actions of a trustee to whom the powers, duties, and responsibilities are allocated.

(c) The rules governing the rights, powers, duties, and liabilities of a governing instrument under this chapter apply to a trustee appointed under this section unless expressly limited by the terms of a governing instrument.

As added by P.L.161-2022, SEC.1.
Ind. Code § 30-4-4-5 — Indiana Code / Title 30 / Article 4 / Chapter 4 / Section 30-4-4-5
Certification of trust; contents; liability of person relying on certification of trust
Status: in_force

Sec. 5. (a) A trustee may furnish to a person other than a beneficiary a certification of trust instead of a copy of the trust instrument. The certification of trust must contain the following information:

(1) That the trust exists and the date the trust instrument was executed.

(2) The identity of the settlor.

(3) The identity and address of the currently acting trustee.

(4) The powers of the trustee.

(5) The revocability or irrevocability of the trust and the identity of any person holding a power to revoke the trust.

(6) The authority of cotrustees to sign or otherwise authenticate and whether all or less than all the cotrustees are required in order to exercise the powers of the trustee.

(7) The manner of taking title to trust property.

(b) A certification of trust may be signed or authenticated by any trustee.

(c) A certification of trust must state that the trust has not been revoked, modified, or amended in any manner that would cause the representations contained in the certification of trust to be incorrect.

(d) A certification of trust may contain the dispositive terms of a trust.

(e) A recipient of a certification of trust may require the trustee to furnish copies of excerpts from the original trust instrument and later amendments that:

(1) designate the trustee; and

(2) confer on the trustee the power to act in a pending transaction in which the recipient has an interest.

(f) A person who acts in reliance on a certification of trust without knowledge that the representations contained in the certification of trust are incorrect:

(1) is not liable to any person for acting in reliance on the certification of trust; and

(2) may assume without inquiry the existence of the facts contained in the certification of trust.

Knowledge of the terms of the trust may not be inferred solely from the fact that a copy of all or part of the trust instrument is held by the person relying on the certification.

(g) A person who in good faith enters into a transaction in reliance on a certification of trust may enforce the transaction against the trust property as if the representations contained in the certification were correct.

(h) A person making a demand for the trust instrument in addition to a certification of trust or excerpts from the original trust instrument is liable for damages if the court determines that a person did not act in good faith in demanding the trust instrument.

(i) This section does not limit the right of a person to obtain a copy of the trust instrument in a judicial proceeding concerning the trust.

As added by P.L.238-2005, SEC.41. Amended by P.L.95-2007, SEC.18; P.L.202-2007, SEC.5.
Ind. Code § 30-1-9-7 — Indiana Code / Title 30 / Article 1 / Chapter 9 / Section 30-1-9-7
Repealed
Status: repealed

Formerly: Acts 1852, 1RS, c.113, s.7. Repealed by P.L.144-1994, SEC.4.
Ind. Code § 30-4-8-9 — Indiana Code / Title 30 / Article 4 / Chapter 8 / Section 30-4-8-9
Creditor's claims
Status: in_force

Sec. 9. (a) If a creditor's claim is allowed under section 8 of this chapter, the transferor's qualified disposition to a legacy trust is subject to the claim only to the extent necessary to satisfy the transferor's debt to the creditor making the allowed claim.

(b) In the event the trustee participates in litigation brought by a lender to enforce its rights under section 1(b) of this chapter, the trustee may recover the fees and costs incurred in such litigation from the trust only after the lender has been paid in full.

(c) If a creditor's claim is allowed under section 8 of this chapter and the creditor has not sought to enforce its rights under section 1(b) of this chapter, the claim is limited as follows:

(1) If the court is satisfied that a qualified trustee has not acted in bad faith in accepting or administering the property that is the subject of the qualified disposition:

(A) the qualified trustee has a first and paramount lien against the property that is the subject of the qualified disposition in an amount equal to the entire cost, including attorney's fees, properly incurred by the qualified trustee in the defense of the action or proceedings filed by the creditor;

(B) the creditor's claim shall be allowed subject to the proper fees, costs, preexisting rights, claims, and interests of the qualified trustee and of any predecessor qualified trustee that has not acted in bad faith; and

(C) it is presumed that the qualified trustee did not act in bad faith merely by accepting the property that is the subject of the qualified disposition.

(2) If the court is satisfied that a beneficiary of a legacy trust has not acted in bad faith, and the distribution was made to the beneficiary before the creditor made the trustee aware of its claim or commenced an action to enforce its claim, the creditor's claim is subject to the right of the beneficiary to retain any distribution made upon the exercise of a trust power or the discretion vested in the qualified trustee that was properly exercised before the trustee was made aware of the claim or an action was commenced to enforce the claim.

As added by P.L.221-2019, SEC.9. Amended by P.L.231-2019, SEC.31.
Ind. Code § 30-2-15-21 — Indiana Code / Title 30 / Article 2 / Chapter 15 / Section 30-2-15-21
Adjusting net fair market values of assets
Status: in_force

Sec. 21. For purposes of section 16 of this chapter, the net fair market values of the assets held in trust on the first business day of a proper valuation year shall be adjusted to reflect any:

(1) reduction, in the case of a distribution or payment; or

(2) increase, in the case of a receipt;

for the prior valuation year as if the distribution, payment, or receipt had occurred on the first day of the prior valuation year.

As added by P.L.3-2003, SEC.2.
Ind. Code § 30-2-8.5-26 — Indiana Code / Title 30 / Article 2 / Chapter 8.5 / Section 30-2-8.5-26
Validity and effect of transfer
Status: in_force

Sec. 26. (a) The validity of a transfer made in a manner prescribed in this chapter is not affected by:

(1) the failure of the transferor to comply with section 24(c) of this chapter concerning possession and control;

(2) the designation of an ineligible custodian, except designation of the transferor in the case of property for which the transferor is ineligible to serve as custodian under section 24(a) of this chapter; or

(3) the death or incapacity of a person nominated under section 18 of this chapter or designated under section 24 of this chapter as custodian or the disclaimer of the office by that person.

(b) A transfer made under section 24 of this chapter is irrevocable, and the custodial property is indefeasibly vested in the minor, but the custodian has all the rights, powers, duties, and authority provided in this chapter and neither the minor nor the minor's legal representative has a right, power, duty, or authority with respect to the custodial property except as provided in this chapter.

(c) By making a transfer, the transferor incorporates in the disposition all the provisions of this chapter, and grants to the custodian, and to a third person dealing with a person designated as custodian, the respective powers, rights, and immunities provided in this chapter.

As added by P.L.267-1989, SEC.2.
Ind. Code § 30-4-5-17 — Indiana Code / Title 30 / Article 4 / Chapter 5 / Section 30-4-5-17
Compensation if trustee breaches trust
Status: in_force

Sec. 17. (Compensation if Trustee Breaches Trust)

(a) In a proceeding in which the trustee is found to be in breach of trust, the court may in its discretion either deny him all compensation, allow him a reduced compensation, or allow him full compensation.

(b) In the exercise of its discretion under subsection (a) of this section, the court may consider, among others, the following facts:

(1) whether the breach of trust was intentional, negligent, or without fault;

(2) whether or not the trustee acted in good faith;

(3) whether or not the breach of trust resulted in a loss to the trust estate;

(4) if a loss results, whether the trustee has indemnified the trust estate; and

(5) whether the trustee's services were of value to the trust estate.

Formerly: Acts 1971, P.L.416, SEC.6.
Ind. Code § 30-4-5-14.5 — Indiana Code / Title 30 / Article 4 / Chapter 5 / Section 30-4-5-14.5
Nonjudicial settlement; procedures
Status: in_force

Sec. 14.5. (a) A trustee may obtain a nonjudicial settlement of its accounts in accordance with subsection (b) when:

(1) a trust terminates pursuant to the terms of the trust;

(2) a trust terminates early pursuant to IC 30-4-3-24.5;

(3) a trustee resigns or is removed; or

(4) a trustee seeks discharge of an interim accounting period when the trust is continuing.

(b) A trustee who elects to proceed under this section shall provide the following to the qualified beneficiaries of the trust and a successor trustee, if applicable, within a reasonable time after termination of the trust pursuant to its terms, the resignation or removal of the trustee, or the end of the period for which the trustee is seeking discharge:

(1) A statement showing the fair market value of the net assets to be distributed from a terminating trust or to a successor trustee.

(2) A trust accounting for the prior three (3) years showing all receipts and disbursements and inventory value of the net assets.

(3) An estimate for any items reasonably anticipated to be received or disbursed.

(4) The amount of any fees, including trustee fees, remaining to be paid.

(5) Notice that the trust is terminating, or that the trustee has resigned or been removed, the time period for which the trustee seeks discharge of its accounts, and a statement providing that claims against a trustee under IC 30-4-6-12 and IC 30-4-6-14, if applicable, shall be barred if no objections are received within the time period described in subsection (c).

(6) The name and mailing address of the trustee.

(7) The name and telephone number of a person who may be contacted for additional information.

The trustee may also provide the statement and notice described in this subsection to any other person who the trustee reasonably believes may have an interest in the trust.

(c) If, after receiving the notice and trust information described in subsection (b), a qualified beneficiary objects to a disclosed act or omission, the qualified beneficiary shall provide written notice of the objection to the trustee not later than sixty (60) days after the notice was sent by the trustee. If no written objection is provided in the sixty (60) day time period, the information provided under subsection (b) shall be considered approved by the recipient. The trustee shall, in the case of a trust terminating pursuant to the terms of the trust or the trustee's resignation or removal, within a reasonable period of time following the expiration of the sixty (60) day time period, distribute the assets as provided in the trust or to the successor trustee. If a qualified beneficiary gives the trustee a written objection within the applicable sixty (60) day time period, the trustee or the qualified beneficiary may:

(1) submit the written objection to the court for resolution and charge the expense of commencing a proceeding to the trust; or

(2) resolve the objection by a nonjudicial settlement agreement under section 25 of this chapter, or otherwise.

Any agreement entered into pursuant to subdivision (2) may include a release, an indemnity clause, or both, on the part of the beneficiary against the trustee relating to the trust. If the parties agree to a nonjudicial settlement agreement under section 25 of this chapter, any related expenses shall be charged to the trust. Upon a resolution of an objection under this subsection, within a reasonable period of time, the trustee shall distribute the remaining trust assets as provided in the trust or to the successor trustee.

(d) The trustee may rely upon the written statement of a person receiving notice that the person does not object.

(e) When a trustee distributes assets of a terminating trust or to a successor trustee after complying with the provisions of this article and having received no objections, each person who received notice and either consented or failed to object pursuant to this section is barred from:

(1) bringing a claim against the trustee or challenging the validity of the trust to the same extent and with the same preclusive effect as if the court had entered a final order approving the trustee's final account; or

(2) bringing a claim against the trustee for the period of such interim accounts to the same extent and with the same preclusive effect as if the court had entered a final order approving the trustee's interim accounts.

(f) A trustee may not request that a beneficiary indemnify the trustee against loss in exchange for the trustee forgoing a request to the court to approve its accounts at the time that the trust terminates, or at the time the trustee resigns or is removed, except as agreed upon by the parties pursuant to subsection (c).

(g) The court that exercises probate jurisdiction shall have exclusive jurisdiction over matters under this section.

(h) IC 30-4-6-10.5 shall apply to this section.

(i) Nothing in this section shall preclude a trustee from proceeding under IC 30-4-3-18(b) to have the trustee's accounts reviewed and settled by the court.

As added by P.L.221-2019, SEC.6. Amended by P.L.231-2019, SEC.27; P.L.56-2020, SEC.11.
Ind. Code § 30-4-3-11 — Indiana Code / Title 30 / Article 4 / Chapter 3 / Section 30-4-3-11
Potential liability of trustee to beneficiary; remedies; removal of trustee
Status: in_force

Sec. 11. (a) The trustee is accountable to the beneficiary for the trust estate.

(b) If the trustee commits a breach of trust, the trustee is liable to the beneficiary for:

(1) any loss or depreciation in the value of the trust property as a result of the breach;

(2) any profit made by the trustee through the breach;

(3) any reasonable profit which would have accrued on the trust property in the absence of a breach; and

(4) reasonable attorney's fees incurred by the beneficiary in bringing an action on the breach.

(c) In the absence of a breach of trust, the trustee has no liability to the beneficiary either for any loss or depreciation in value of the trust property or for a failure to make a profit. However, if:

(1) a loss or depreciation in value of the trust property; or

(2) the trust's failure to make a profit;

is the result of a violation by the trustee of IC 28-1-12-8 or IC 28-6.1-6-26, one (1) or more beneficiaries of the trust may petition the court for any remedy described in subsection (b) or for removal of the trustee under section 22(a)(4) of this chapter, regardless of whether the transaction under IC 28-1-12-8 or IC 28-6.1-6-26 constitutes or involves a breach of trust. The court may award one (1) or more remedies described in subsection (b) or remove the trustee, or both, if the court determines that the remedy or the removal of the trustee is in the best interests of all beneficiaries of the trust. The burden of proof is on the one (1) or more petitioning beneficiaries to demonstrate that the remedy or the removal of the trustee is in the best interests of all beneficiaries of the trust.

(d) The trustee is liable to the beneficiary for acts of an agent which, if committed by the trustee, would be a breach of the trust if the trustee:

(1) directs or permits the act of the agent;

(2) delegates the authority to perform an act to the agent which the trustee is under a duty not to delegate;

(3) fails to use reasonable care in the selection or retention of the agent;

(4) fails to exercise proper supervision over the conduct of the agent;

(5) approves, acquiesces in, or conceals the act of the agent; or

(6) fails to use reasonable effort to compel the agent to reimburse the trust estate for any loss or to account to the trust estate for any profit.

Formerly: Acts 1971, P.L.416, SEC.4. As amended by P.L.202-2007, SEC.4; P.L.226-2007, SEC.23; P.L.3-2008, SEC.228.
Ind. Code § 30-4-3.5-6 — Indiana Code / Title 30 / Article 4 / Chapter 3.5 / Section 30-4-3.5-6
Impartial management
Status: in_force

Sec. 6. If a trust has at least two (2) beneficiaries, the trustee shall act impartially in investing and managing the trust assets, taking into account any differing interests of the beneficiaries.

As added by P.L.137-1999, SEC.3.
Ind. Code § 30-4-7-9 — Indiana Code / Title 30 / Article 4 / Chapter 7 / Section 30-4-7-9
Court order
Status: in_force

Sec. 9. If the court finds:

(1) the contest or controversy is in good faith; and

(2) the effect of the agreement on the interests of all the parties is just and reasonable;

the court shall enter an order approving the agreement submitted under section 7 of this chapter and directing the trustee and the parties to the agreement to carry out the terms of the agreement.

As added by P.L.200-1991, SEC.6.
Ind. Code § 30-4-6-12 — Indiana Code / Title 30 / Article 4 / Chapter 6 / Section 30-4-6-12
Statute of limitations
Status: in_force

Sec. 12. Unless previously barred by adjudication, consent or limitation, any right against a trustee for breach of trust shall be barred as to any beneficiary who has received a final account or other statement fully disclosing the matter and showing termination of the trust relationship between the trustee and the beneficiary unless a proceeding to assert the right is commenced within three (3) years after receipt of the final account or statement if, being an adult, it is received by him personally or if, being a minor or person with a disability, it is received by his personal representative. The rights thus barred do not include the rights to recover from a trustee for fraud, misrepresentation or inadequate disclosure related to the settlement of the trust.

Formerly: Acts 1971, P.L.416, SEC.7. As amended by P.L.99-2007, SEC.195.
Ind. Code § 30-4-8-6 — Indiana Code / Title 30 / Article 4 / Chapter 8 / Section 30-4-8-6
Qualified trustees; duties
Status: in_force

Sec. 6. (a) A person may serve as a qualified trustee of a legacy trust if the person is not the transferor and satisfies either of the following requirements:

(1) In the case of an individual, the individual is a resident of Indiana.

(2) In all other cases, the person is:

(A) authorized by Indiana law to act as a trustee; and

(B) subject to the supervision of:

(i) the department of financial institutions; or

(ii) the federal Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, or any successor to these agencies.

(b) A qualified trustee shall do the following:

(1) Maintain or arrange for providing custody of the property subject to the qualified disposition in Indiana.

(2) Maintain complete and accurate records for the legacy trust on an exclusive or nonexclusive basis.

(3) Prepare or arrange for the preparation of all required tax returns for the legacy trust.

(4) Materially participate in the administration of the legacy trust.

As added by P.L.221-2019, SEC.9.
Ind. Code § 30-5-5-8 — Indiana Code / Title 30 / Article 5 / Chapter 5 / Section 30-5-5-8
Beneficiary transactions
Status: in_force

Sec. 8. (a) Language conferring general authority with respect to beneficiary transactions means the principal authorizes the attorney in fact to do the following:

(1) Represent and act for the principal in all ways and in all matters affecting a trust, a probate, an estate, a guardianship, an escrow, a custodianship, or other fund out of which the principal is entitled, or claims to be entitled as a beneficiary, to some share or payment, including the following powers:

(A) To accept, reject, disclaim, receive, receipt for, sell, assign, release, pledge, exchange, or consent to a reduction in or modification of a share in or payment from a fund.

(B) To demand or obtain by action or proceeding money or other things of value to which the principal is, may become, or claims to be entitled to because of the fund, initiate, participate in, or oppose a proceeding, for the ascertainment of the meaning, validity, or effect of a deed, declaration of trust, or other transaction affecting in any way the interest of the principal, initiate, participate in, or oppose a proceeding for the removal, substitution, or surcharge of a fiduciary, conserve, invest, disburse, or use anything received for the purposes permitted under this section, and reimburse the attorney in fact for expenditures properly made by the attorney in fact in the execution of the powers conferred upon the attorney in fact.

(C) To prepare, sign, file, and deliver all reports, compilations of information, returns, or papers with respect to an interest had or claimed on behalf of the principal in the fund, pay, compromise, or contest, and apply for and receive refunds in connection with a tax or an assessment with respect to an interest had or claimed by or on behalf of the principal in the fund or with respect to a property in which an interest is had or claimed.

(D) To agree and contract in any manner and on any terms with a person the attorney in fact selects to accomplish a purpose permitted under this section, and perform, rescind, reform, release, or modify an agreement or contract.

(E) To execute, acknowledge, verify, seal, file, and deliver a deed, a mortgage, a lease, a consent, a designation, a pleading, a demand, a notice, an election, a conveyance, a release, an assignment, a pledge, a check, a waiver, an admission of service, a notice of appearance, or other instrument the attorney in fact considers useful to accomplish a purpose permitted under this section.

(F) To submit to arbitration, settle, and propose or accept a compromise with respect to a controversy or claim that affects the administration of a fund in which the principal has or claims to have an interest and do all acts the attorney in fact considers to be desirable or necessary to reach a compromise.

(G) To 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.

(H) To transfer part or all of an interest the principal may have in interests in real property, stocks, bonds, bank accounts, insurance, and other assets of any kind to the trustee of a revocable trust created by the principal as grantor.

(2) Perform any other acts in connection with the administration or disposition of a trust, a probate estate, a guardianship, an escrow, a custodianship, or other fund in which the principal has, or claims to have, an interest as a beneficiary.

(b) The powers described in this section are exercisable equally with respect to the administration or disposition of a trust, a probate estate, a guardianship, an escrow, a custodianship, or other fund in which the principal is interested at the time the power of attorney is given or becomes interested in after that time, whether located in Indiana or in another jurisdiction.

As added by P.L.149-1991, SEC.2.
Ind. Code § 30-4-2.1-13 — Indiana Code / Title 30 / Article 4 / Chapter 2.1 / Section 30-4-2.1-13
Repealed
Status: repealed

As added by P.L.6-2010, SEC.13. Repealed by P.L.149-2012, SEC.12.
Ind. Code § 30-1-9-11 — Indiana Code / Title 30 / Article 1 / Chapter 9 / Section 30-1-9-11
Repealed
Status: repealed

Formerly: Acts 1852, 1RS, c.113, s.11. Repealed by Acts 1971, P.L.416, SEC.8.
Ind. Code § 30-4-10-18 — Indiana Code / Title 30 / Article 4 / Chapter 10 / Section 30-4-10-18
"Jurisdiction"
Status: in_force

Sec. 18. As used in this chapter, "jurisdiction" means a geographic area, including a state or country.

As added by P.L.161-2022, SEC.3.
Ind. Code § 30-2-7-6 — Indiana Code / Title 30 / Article 2 / Chapter 7 / Section 30-2-7-6
Alternative determination of value
Status: in_force

Sec. 6. Where valuation under the provisions of section 5 of this chapter is impracticable or would cause undue delay, the court, upon petition by either the secured creditor or the liquidator, may order the value of the security determined by any of the following methods:

(1) By compromise, if the secured creditor and the liquidator agree upon a value. The liquidator may redeem such assets by payment of the agreed value, if authorized by the court.

(2) By litigation, through proceedings in the liquidation proceedings. The liquidator may redeem such assets by paying the value so determined, if authorized by the court.

(3) By liquidator's sale of the assets which, when completed and approved by the court, shall pass to the purchaser good title, free and clear of all liens of the secured creditor, such liens to be transferred to the proceeds of the sale. The order of sale may be either:

(a) conditional, requiring the sale to be made by the liquidator only if the secured creditor does not complete a determination by collection or creditor's sale as set forth in section 5 of this chapter within a time fixed by the court; or

(b) absolute, requiring the sale to be made by the liquidator within a time fixed by the court.

Provided, that subdivision (3) shall not apply to security upon real estate or insolvent decedents' estates administered by the court.

Formerly: Acts 1941, c.50, s.6. As amended by Acts 1982, P.L.171, SEC.108.
Ind. Code § 30-4-10-27 — Indiana Code / Title 30 / Article 4 / Chapter 10 / Section 30-4-10-27
"Second-trust instrument"
Status: in_force

Sec. 27. As used in this chapter, "second-trust instrument" means the trust instrument for a second trust.

As added by P.L.161-2022, SEC.3.
Ind. Code § 30-4-10-51 — Indiana Code / Title 30 / Article 4 / Chapter 10 / Section 30-4-10-51
Discretionary distribution
Status: in_force

Sec. 51. An authorized fiduciary may exercise the decanting power whether under the first trust's discretionary distribution standard the fiduciary would have made or could have been compelled to make a discretionary distribution of principal at the time of the exercise.

As added by P.L.161-2022, SEC.3.
Ind. Code § 30-2-14-5 — Indiana Code / Title 30 / Article 2 / Chapter 14 / Section 30-2-14-5
"Income beneficiary" defined
Status: in_force

Sec. 5. As used in this chapter, "income beneficiary" means a person to whom net income of a trust is or may be payable.

As added by P.L.84-2002, SEC.2.
Ind. Code § 30-2-15-9 — Indiana Code / Title 30 / Article 2 / Chapter 15 / Section 30-2-15-9
Trustee's power to convert trust, reconvert trust, and change unitrust rate
Status: in_force

Sec. 9. A trustee may:

(1) release the trustee's power to adjust between trust principal and income under IC 30-2-14-15 and convert an income trust to a total return unitrust;

(2) reconvert a total return unitrust to an income trust; or

(3) change the unitrust rate;

if the requirements of this chapter are met.

As added by P.L.3-2003, SEC.2.
Ind. Code § 30-2-12-14 — Indiana Code / Title 30 / Article 2 / Chapter 12 / Section 30-2-12-14
Duties of person or institution managing or investing institutional fund
Status: in_force

Sec. 14. (a) An institution that manages or invests an institutional fund shall consider the following:

(1) The intent of a donor expressed in a gift instrument.

(2) The charitable purposes of the institution.

(3) The purposes of the institutional fund.

(b) A person who is responsible for managing or investing an institutional fund shall:

(1) comply with the duty of loyalty imposed by any law; and

(2) manage or invest the fund in good faith and with the care a prudent person acting in a like position would use under similar circumstances.

(c) An institution that manages or invests an institutional fund:

(1) may only incur costs that are appropriate and reasonable in relation to:

(A) the assets of;

(B) the purposes of; and

(C) the skills available to;

the institution; and

(2) shall make a reasonable effort to verify facts relevant to the management and investment of the fund.

(d) An institution may pool two (2) or more institutional funds for purposes of management or investment.

(e) Subject to the terms of a gift instrument, an institution or a person shall do the following:

(1) An institution that manages or invests an institutional fund shall consider the following factors:

(A) General economic conditions.

(B) The possible effects of inflation or deflation.

(C) The possible tax consequences of investment decisions or strategies.

(D) The role of each investment or course of action in relation to the overall investment portfolio of the institutional fund.

(E) The expected total return from income and the appreciation of investments.

(F) Other resources of the institution.

(G) The needs of the institution and institutional fund to make distributions and to preserve capital.

(H) The relationship or value of an asset to the charitable purposes of the institution.

(2) An institution shall make management and investment decisions about an individual asset:

(A) in the context of an institutional fund's portfolio of investments as a whole and not in isolation; and

(B) as part of an overall investment strategy that has risk and return objectives reasonably suited to the institutional fund and to the institution.

(3) Except as otherwise provided in law, an institution may invest in any kind of property or type of investment.

(4) An institution shall diversify the investments of an institutional fund unless the institution reasonably determines that, due to special circumstances, the purposes of the institutional fund are better served without diversification.

(5) Within a reasonable time after receiving property, an institution shall:

(A) retain or dispose of the property; or

(B) otherwise rebalance the investment portfolio;

to bring the institutional fund into compliance with the purposes, terms, and distribution requirements of the institution.

(6) A person that has, or represents to have, special skills or expertise shall use the skills or expertise to manage or invest institutional funds.

(7) Notwithstanding any other provision in this chapter, an institution may retain property contributed by a donor to an institutional fund as long as the governing board of the institution considers it advisable.

As added by P.L.226-2007, SEC.17.
Ind. Code § 30-2-12-17 — Indiana Code / Title 30 / Article 2 / Chapter 12 / Section 30-2-12-17
Effect on existing law
Status: in_force

Sec. 17. (a) Except as provided in subsection (b), this chapter modifies, limits, and supersedes the Electronic Signatures in Global and National Commerce Act, 15 U.S.C. 7001 et seq.

(b) This chapter does not:

(1) modify, limit, or supersede 15 U.S.C. 7001(a); or

(2) authorize electronic delivery of a notice described in 15 U.S.C. 7003(b).

As added by P.L.226-2007, SEC.20.
Ind. Code § 30-1-9-16 — Indiana Code / Title 30 / Article 1 / Chapter 9 / Section 30-1-9-16
Repealed
Status: repealed

Formerly: Acts 1852, 1RS, c.113, s.16. Repealed by Acts 1975, P.L.111, SEC.13.
Ind. Code § 30-4-1-6 — Indiana Code / Title 30 / Article 4 / Chapter 1 / Section 30-4-1-6
Construction of singular number
Status: in_force

Sec. 6. (Construction of Singular Number)

Any word appearing in the singular number in this article may be construed as plural, unless the context requires otherwise.

Formerly: Acts 1971, P.L.416, SEC.2.
Ind. Code § 30-5-9-2 — Indiana Code / Title 30 / Article 5 / Chapter 9 / Section 30-5-9-2
Attorney in fact benefiting from act; individual or conflicting interests
Status: in_force

Sec. 2. (a) An attorney in fact who acts with due care for the benefit of the principal is not liable or limited only because the attorney in fact:

(1) also benefits from the act;

(2) has individual or conflicting interests in relation to the property, care, or affairs of the principal; or

(3) acts in a different manner with respect to the principal's and the attorney in fact's individual interests.

(b) A gift, bequest, transfer, or transaction is not presumed to be valid or invalid if the gift, bequest, transfer, or transaction:

(1) is:

(A) made by the principal taking action; and

(B) not made by an attorney in fact acting for the principal under a power of attorney; and

(2) benefits the principal's attorney in fact.

As added by P.L.149-1991, SEC.2. Amended by P.L.238-2005, SEC.52.
Ind. Code § 30-4-4-1 — Indiana Code / Title 30 / Article 4 / Chapter 4 / Section 30-4-4-1
Presumption of trustee's authority
Status: in_force

Sec. 1. (Presumption of Trustee's Authority)

(a) Except as provided in subsection (b) of this section, any third person dealing with the trustee or assisting him in conducting a transaction:

(1) may assume without inquiry that the trustee has the powers he purports to exercise and has exercised them properly; and

(2) shall not be responsible for the application of money or property paid or delivered to the trustee.

(b) If the third person has actual knowledge that the trustee is exceeding his powers or is improperly exercising them, that person will not be protected under subsection (a) of this section.

(c) If a trust which includes real estate is a public record in the county in which the real estate is situated, a third person dealing with the trustee with respect to that real estate shall be deemed to have actual notice of the terms of the trust.

Formerly: Acts 1971, P.L.416, SEC.5.
Ind. Code § 30-2-15-26 — Indiana Code / Title 30 / Article 2 / Chapter 15 / Section 30-2-15-26
Immunity of trustee
Status: in_force

Sec. 26. (a) A trustee who in good faith acts or fails to act under section 9 of this chapter is not liable to any person affected by the action or inaction, regardless of whether the person:

(1) received written notice as provided in section 10 of this chapter; and

(2) was under legal disability at the time of the delivery of the notice.

(b) The exclusive remedy of a person affected by the action or inaction of a trustee is to obtain an order of the court having jurisdiction of the trust that directs the trustee to take an action described in section 9 of this chapter.

As added by P.L.3-2003, SEC.2.
Ind. Code § 30-4-10-41 — Indiana Code / Title 30 / Article 4 / Chapter 10 / Section 30-4-10-41
Exercise of decanting power and distributive discretion; limitations; general or nongeneral appointment
Status: in_force

Sec. 41. (a) As used in this section, "noncontingent right" means a right that is not subject to the:

(1) exercise of discretion; or

(2) occurrence of a specified event that is not certain to occur.

The term does not include a right held by a beneficiary if any person has discretion to distribute property subject to the right of any person other than the beneficiary or the beneficiary's estate.

(b) As used in this section, "presumptive remainder beneficiary" means a qualified beneficiary other than a current beneficiary.

(c) As used in this section, "successor beneficiary" means a beneficiary that is not a qualified beneficiary on the date the beneficiary's qualification is determined. The term does not include a person that is a beneficiary only because the person holds a nongeneral power of appointment.

(d) As used in this section, "vested interest" means a:

(1) right to a mandatory distribution that is a noncontingent right as of the date of the exercise of the decanting power;

(2) current and noncontingent right, annually or more frequently, to a mandatory distribution of income, a specified dollar amount, or a percentage of value of some or all of the trust property;

(3) current and noncontingent right, annually or more frequently, to withdraw income, a specified dollar amount, or a percentage of value of some or all of the trust property;

(4) presently exercisable general power of appointment; or

(5) right to receive an ascertainable part of the trust property on the trust's termination that is not subject to the exercise of discretion or to the occurrence of a specified event that is not certain to occur.

(e) Subject to subsection (f) and section 44 of this chapter, an authorized fiduciary that has expanded distributive discretion over the principal of a first trust for the benefit of one (1) or more current beneficiaries may exercise the decanting power over the principal of the first trust.

(f) Subject to section 43 of this chapter, an exercise of the decanting power under this section must not:

(1) except as provided in subsection (g), include as a current beneficiary a person that is not a current beneficiary of the first trust;

(2) except as provided in subsection (g), include as a presumptive remainder beneficiary or successor beneficiary a person that is not a current beneficiary, presumptive remainder beneficiary, or successor beneficiary of the first trust; or

(3) reduce or eliminate a vested interest.

(g) Subject to subsection (f)(3) and section 44 of this chapter, in an exercise of the decanting power under this subsection, a second trust may be a trust created or administered under the law of any jurisdiction and may:

(1) retain a power of appointment granted in the first trust;

(2) omit a power of appointment granted in the first trust, other than a presently exercisable general power of appointment;

(3) create or modify a power of appointment if the powerholder is a current beneficiary of the first trust and the authorized fiduciary has expanded distributive discretion to distribute principal to the beneficiary; and

(4) create or modify a power of appointment if the powerholder is a presumptive remainder beneficiary or successor beneficiary of the first trust, but the exercise of the power may take effect only after the powerholder becomes, or would have become a current beneficiary.

(h) A power of appointment described in subsections (g)(1) through (g)(4) may be general or nongeneral. The class of permissible appointees in favor of which the power may be exercised may be broader than or different from the beneficiaries of the first trust.

(i) If an authorized fiduciary has expanded distributive discretion over part of the principal of a first trust, the fiduciary may exercise the decanting power under this section over the principal that the authorized fiduciary has expanded distributive discretion.

As added by P.L.161-2022, SEC.3.
Ind. Code § 30-2-8.6-37 — Indiana Code / Title 30 / Article 2 / Chapter 8.6 / Section 30-2-8.6-37
Termination of a custodial trust
Status: in_force

Sec. 37. (a) Upon termination of a custodial trust, the custodial trustee shall transfer the unexpended custodial trust property:

(1) to the beneficiary, if not incapacitated or deceased;

(2) to the guardian or other recipient designated by the court for an incapacitated beneficiary; or

(3) upon the beneficiary's death, in the following order:

(A) as last directed in a writing:

(i) signed by the deceased beneficiary while not incapacitated; and

(ii) received by the custodial trustee during the life of the deceased beneficiary;

(B) to the survivor of multiple beneficiaries if survivorship is provided for under section 26 of this chapter;

(C) as designated in the instrument creating the custodial trust; or

(D) to the estate of the deceased beneficiary.

(b) If, when the custodial trust would otherwise terminate, the distributee is incapacitated, the custodial trust continues for the use and benefit of the distributee as beneficiary until the incapacity is removed or the custodial trust is otherwise terminated.

(c) Death of a beneficiary does not terminate the power of the custodial trustee to discharge obligations of the custodial trustee or beneficiary incurred before the termination of the custodial trust.

As added by P.L.3-2003, SEC.1.
Ind. Code § 30-2-13-38 — Indiana Code / Title 30 / Article 2 / Chapter 13 / Section 30-2-13-38
Uncured deceptive acts; violations; injunctive relief; private right of action
Status: in_force

Sec. 38. (a) A seller who violates a provision of this chapter commits an uncured deceptive act (as defined in IC 24-5-0.5-2).

(b) A person doing business as a sole proprietor, a firm, a limited liability company, a corporation, an association, or a partnership, but not acting as a seller that:

(1) sells or advertises prepaid services or merchandise or services or merchandise (as defined in section 8 of this chapter) and fails to obtain the certificate of authority required by section 33 of this chapter; or

(2) sells or advertises prepaid services or merchandise or services or merchandise (as defined in section 8 of this chapter) after the entity's certificate of authority has:

(A) expired; or

(B) been rescinded, revoked, or suspended by the board;

commits a Class A misdemeanor. Each act committed in violation of this subsection constitutes a separate offense.

(c) The following may maintain an action to enjoin an individual or entity from continuing to violate this section:

(1) The board.

(2) The attorney general.

(3) The prosecuting attorney of a county in which a violation occurs.

(d) A purchaser has a private right of action against a seller who commits an uncured deceptive act.

(e) A trustee or escrow agent, acting as a fiduciary, that disburses funds in a trust or escrow account established under this chapter without verifying that the seller has delivered the services or merchandise for which the funds were deposited 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.

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

As added by P.L.114-1999, SEC.19. Amended by P.L.61-2008, SEC.10; P.L.143-2009, SEC.18; P.L.158-2013, SEC.306.
Ind. Code § 30-2-12-0.5 — Indiana Code / Title 30 / Article 2 / Chapter 12 / Section 30-2-12-0.5
Application of chapter
Status: in_force

Sec. 0.5. This chapter applies to gift instruments, whenever executed or in effect.

As added by P.L.220-2011, SEC.484.
Ind. Code § 30-4-9-5 — Indiana Code / Title 30 / Article 4 / Chapter 9 / Section 30-4-9-5
Powers of appointment
Status: in_force

Sec. 5. (a) As used in this section, "power of appointment" means a power that enables a person acting in a nonfiduciary capacity to designate a recipient of an ownership interest in or another power of appointment over trust property.

(b) This chapter does not apply to a:

(1) power of appointment;

(2) power to appoint or remove a trustee or trust director;

(3) power of a settlor over a trust to the extent the settlor has a power to revoke the trust;

(4) power of a beneficiary over a trust to the extent the exercise or nonexercise of the power affects the beneficiary interest of:

(A) the beneficiary; or

(B) another beneficiary represented by the beneficiary with respect to the exercise or nonexercise of the power; or

(5) power over a trust if:

(A) the terms of the trust provide that the power is held in a nonfiduciary capacity; and

(B) the power must be held in a nonfiduciary capacity to achieve the settlor's tax objectives under the Internal Revenue Code.

(c) Unless the terms of a trust provide otherwise, a power granted to a person to designate a recipient of an ownership interest in or power of appointment over trust property that is exercisable while the person is not serving as a trustee is a power of appointment and not a power of direction.

As added by P.L.221-2019, SEC.10.
Ind. Code § 30-4-5-6 — Indiana Code / Title 30 / Article 4 / Chapter 5 / Section 30-4-5-6
Repealed
Status: repealed

Formerly: Acts 1971, P.L.416, SEC.6. Repealed by P.L.84-2002, SEC.11.
Ind. Code § 30-4-3-24.4 — Indiana Code / Title 30 / Article 4 / Chapter 3 / Section 30-4-3-24.4
Modification or termination of trust by court
Status: in_force

Sec. 24.4. (a) The court may modify the administrative or dispositive terms of a trust if, because of circumstances not anticipated by the settlor, modification or termination will further the purposes of the trust. To the extent practicable, the modification must be made in accordance with the settlor's probable intention.

(b) The court may modify the administrative terms of a trust or terminate the trust if:

(1) the purpose of the trust has been fulfilled; or

(2) continuation of the trust on the trust's existing terms would:

(A) be illegal, impossible, impracticable, or wasteful; or

(B) impair the trust's administration.

(c) If the trust terminates under this section, the court shall direct the trustee to distribute the trust property in a manner consistent with the purposes of the trust.

(d) The court may modify the terms of a trust to give the settlor the power to revoke and modify the trust if the:

(1) settlor intended to reserve the power;

(2) settlor believed the power was reserved; and

(3) power was omitted from the terms of the trust by mistake.

As added by P.L.238-2005, SEC.35.
Ind. Code § 30-2-8.5-38 — Indiana Code / Title 30 / Article 2 / Chapter 8.5 / Section 30-2-8.5-38
Uniformity of application and construction
Status: in_force

Sec. 38. This chapter shall be applied and construed to effectuate a general purpose to make uniform the law with respect to the subject of this chapter among states enacting this chapter.

As added by P.L.267-1989, SEC.2.
Ind. Code § 30-4-10-12 — Indiana Code / Title 30 / Article 4 / Chapter 10 / Section 30-4-10-12
"Decanting power"
Status: in_force

Sec. 12. As used in this chapter, "decanting power" means the power of an authorized fiduciary under this chapter to:

(1) distribute property of a first trust to one (1) or more second trusts; or

(2) to modify the terms of the first trust.

As added by P.L.161-2022, SEC.3.
Ind. Code § 30-2-8.5-3 — Indiana Code / Title 30 / Article 2 / Chapter 8.5 / Section 30-2-8.5-3
"Broker" defined
Status: in_force

Sec. 3. As used in this chapter, "broker" means a person lawfully engaged in the business of effecting transactions in securities or commodities, or both, for the person's own account or for the account of others, or both.

As added by P.L.267-1989, SEC.2.
Ind. Code § 30-4-1.5-2 — Indiana Code / Title 30 / Article 4 / Chapter 1.5 / Section 30-4-1.5-2
Exclusive authority; application of other statutes
Status: in_force

Sec. 2. (a) Except as provided in subsections (b) and (c), electronic trust instruments are exclusively governed by this chapter.

(b) This chapter does not apply to an entity, arrangement, or relationship that:

(1) is or may be described as a trust; and

(2) is excluded from IC 30-4 under IC 30-4-1-1(c).

(c) The execution, amendment, and revocation of an electronic testamentary trust shall be governed by IC 29-1-21 during the lifetime of a testator or settlor who creates, has created, or intends to create an electronic testamentary trust.

(d) If this chapter does not provide an explicit definition, form, rule, or statute concerning an issue pertaining to electronic trust instruments, applicable statutes from this article that apply to traditional paper trust instruments control.

As added by P.L.40-2018, SEC.3.
Ind. Code § 30-2-8.5-29 — Indiana Code / Title 30 / Article 2 / Chapter 8.5 / Section 30-2-8.5-29
Use of custodial property; transfer of property to a trust or account
Status: in_force

Sec. 29. (a) A custodian may deliver or pay to the minor or expend for the minor's benefit so much of the custodial property as the custodian considers advisable for the use and benefit of the minor, without court order and without regard to:

(1) the duty or ability of the custodian personally or of any other person to support the minor; or

(2) any other income or property of the minor that may be applicable or available for the support of the minor.

(b) At any time and without a court order, a custodian may transfer part or all of the custodial property to:

(1) a trust, including a trust created by the custodian, in which:

(A) the minor is the sole beneficiary of the trust; and

(B) the terms of the trust satisfy the requirements of Section 2503(c) of the Internal Revenue Code and the regulations under that section;

(2) an account, including an account created by the custodian, in which:

(A) the minor is the sole beneficiary of the account; and

(B) the terms of the account satisfy the requirements of:

(i) Section 529 of the Internal Revenue Code; or

(ii) IC 21-9 (education savings programs);

(3) a qualified disability trust, including a qualified disability trust created by the custodian, in which:

(A) the minor, who has been determined to have a qualifying disability, is the sole beneficiary of the qualified disability trust; and

(B) the terms of the qualified disability trust satisfy the requirements of Section 642(b)(2)(C)(ii) of the Internal Revenue Code;

(4) an account established within a pooled trust managed by a nonprofit organization in which:

(A) the minor, who has been determined to have a qualifying disability, is the sole beneficiary of the account; and

(B) the pooled trust satisfies the requirements of 42 U.S.C. 1396p(d)(4)(C); or

(5) a qualified ABLE account, including an ABLE account created by a custodian, in which:

(A) the minor is the exclusive designated beneficiary of the ABLE account; and

(B) the ABLE account satisfies the requirements of:

(i) Section 529A of the Internal Revenue Code; and

(ii) IC 12-11-14 (Achieving a Better Life Experience (ABLE) program).

A transfer made under this subsection terminates the custodianship of the property to the extent of the transfer.

(c) On petition of an interested person or the minor if the minor is at least fourteen (14) years of age, the court may order the custodian to deliver or pay to the minor or expend for the minor's benefit as much of the custodial property as the court considers advisable for the use and benefit of the minor.

(d) A delivery, payment, or expenditure under this section is in addition to, not in substitution for, and does not affect an obligation of a person to support the minor. A custodian may not use custodial property to satisfy any legal support obligation owed to the minor by the custodian.

As added by P.L.267-1989, SEC.2. Amended by P.L.238-2005, SEC.17; P.L.95-2007, SEC.17; P.L.105-2026, SEC.6.
Ind. Code § 30-2-13-24 — Indiana Code / Title 30 / Article 2 / Chapter 13 / Section 30-2-13-24
Seller or agent; prohibited acts
Status: in_force

Sec. 24. A seller or an agent may not knowingly do the following:

(1) Except on request of a prospective purchaser, contact prospective purchasers in hospitals, health facilities, or similar institutions for the purpose of soliciting the sale of prepaid services or merchandise.

(2) Solicit relatives of a person whose death is apparently pending for the purpose of selling prepaid services or merchandise.

(3) Except where the arrangement is the subject of a contract allowed under this chapter, solicit, accept, or pay any consideration for recommending or causing a deceased person to be provided services or merchandise by specific sellers.

(4) Advertise prepaid services or merchandise in a false or misleading manner.

As added by P.L.200-1991, SEC.1. Amended by P.L.1-1992, SEC.160.
Ind. Code § 30-4-3-12 — Indiana Code / Title 30 / Article 4 / Chapter 3 / Section 30-4-3-12
Liability for breach of trust by co-trustee
Status: in_force

Sec. 12. (Liability for Breach of Trust by Co-Trustee)

A trustee becomes liable to the beneficiary for a breach of trust committed by his co-trustee if he:

(a) participates in the breach of trust;

(b) improperly delegates the administration of the trust to the co-trustee;

(c) approves, acquiesces in or conceals a breach of trust;

(d) enables the co-trustee to commit a breach of trust by his failure to exercise care in the administration of the trust; or

(e) fails to use reasonable effort to compel the co-trustee, or, if the co-trustee has died, his estate, to redress a breach of trust.

Formerly: Acts 1971, P.L.416, SEC.4.
Ind. Code § 30-4-2.1-1 — Indiana Code / Title 30 / Article 4 / Chapter 2.1 / Section 30-4-2.1-1
Construction
Status: in_force

Sec. 1. In the absence of a contrary intent appearing in the trust, a trust shall be construed in accordance with the rules in this chapter.

As added by P.L.4-2003, SEC.7.
Ind. Code § 30-2-14-12 — Indiana Code / Title 30 / Article 2 / Chapter 14 / Section 30-2-14-12
"Terms of a trust"
Status: in_force

Sec. 12. As used in this chapter, "terms of a trust" means the manifestation of the intent of:

(1) a settlor with respect to a trust; or

(2) a decedent with respect to a trust established under the decedent's will;

expressed in a manner that admits of its proof in a judicial proceeding, whether by written or spoken words or by conduct.

As added by P.L.84-2002, SEC.2. Amended by P.L.51-2014, SEC.10.
Ind. Code § 30-5-9-5 — Indiana Code / Title 30 / Article 5 / Chapter 9 / Section 30-5-9-5
Exoneration clauses
Status: in_force

Sec. 5. The principal may provide in the power of attorney that the attorney in fact is liable only if the attorney in fact acts in bad faith. This exoneration is binding on the principal and the principal's successors in interest.

As added by P.L.149-1991, SEC.2.
Ind. Code § 30-2-12-2 — Indiana Code / Title 30 / Article 2 / Chapter 12 / Section 30-2-12-2
"Endowment fund" defined
Status: in_force

Sec. 2. As used in this chapter, "endowment fund" means an institutional fund, or any part of the fund, not wholly expendable by the institution on a current basis under the terms of the applicable gift instrument. The term does not include assets that an institution designates as an endowment fund for the institution's use.

As added by P.L.268-1989, SEC.1. Amended by P.L.226-2007, SEC.9.
Ind. Code § 30-4-2-13 — Indiana Code / Title 30 / Article 4 / Chapter 2 / Section 30-4-2-13
Application of statute of uses
Status: in_force

Sec. 13. (Application of Statute of Uses)

If the trust property includes real property, and, under the terms of the trust,

(a) The beneficiary has the power to manage the trust property, including the power to direct the trustee to sell the property; and

(b) The trustee may sell the trust property only on direction by the beneficiary or other person or may sell it after a period of time stipulated in the terms of the trust in the absence of a direction:

then 30-4-2-9 shall not apply to defeat the trustee's title.

Formerly: Acts 1971, P.L.416, SEC.3. As amended by Acts 1979, P.L.268, SEC.8.
Ind. Code § 30-2-8.6-18 — Indiana Code / Title 30 / Article 2 / Chapter 8.6 / Section 30-2-8.6-18
Creating a custodial trust
Status: in_force

Sec. 18. (a) A person may create a custodial trust of property by a written transfer of the property to another person, evidenced by registration of the property or by an instrument of transfer that:

(1) is executed in any lawful manner;

(2) names an individual as beneficiary who may be the transferor; and

(3) in substance, designates the transferee to be the custodial trustee of the property under this chapter.

(b) A person may create a custodial trust of property by a written declaration evidenced by registration of the property or by another instrument of declaration that:

(1) is executed in any lawful manner;

(2) describes the property;

(3) names as beneficiary an individual other than the declarant; and

(4) in substance, designates the declarant, who is also the titleholder of the property, to be the custodial trustee of the property under this chapter.

(c) A registration or other declaration of trust for the sole benefit of the declarant is not a custodial trust under this chapter.

(d) Title to custodial trust property is in the custodial trustee and the beneficial interest is in the beneficiary.

As added by P.L.3-2003, SEC.1.
Ind. Code § 30-5-9-6 — Indiana Code / Title 30 / Article 5 / Chapter 9 / Section 30-5-9-6
Successor attorney in fact not liable for acts of predecessor
Status: in_force

Sec. 6. A successor attorney in fact who is named in a power of attorney to succeed an attorney in fact who fails or ceases to serve is not liable for the actions taken by a previous attorney in fact.

As added by P.L.149-1991, SEC.2.
Ind. Code § 30-1-9-1 — Indiana Code / Title 30 / Article 1 / Chapter 9 / Section 30-1-9-1
Repealed
Status: repealed

Formerly: Acts 1852, 1RS, c.113, s.1. Repealed by Acts 1971, P.L.416, SEC.8.
Ind. Code § 30-2-13-8 — Indiana Code / Title 30 / Article 2 / Chapter 13 / Section 30-2-13-8
"Prepaid services or merchandise" or "services or merchandise"
Status: in_force

Sec. 8. As used in this chapter, "prepaid services or merchandise" or "services or merchandise" includes personal property or services:

(1) typically sold or provided in connection with the final disposition or memorialization of human remains, including:

(A) caskets or other primary containers, including rental, temporary, or disposable caskets or containers;

(B) outer burial containers;

(C) cremation or transportation containers;

(D) funeral clothing or accessories;

(E) monuments;

(F) grave markers;

(G) cremation urns;

(H) embalming services;

(I) funeral directing services provided at the time of death and in connection with the final disposition of human remains;

(J) final date carving fees, including carving fees for double monuments;

(K) cremation;

(L) cremation services;

(M) other funeral and burial items, including items of service or merchandise that may be rented or leased; and

(N) services or merchandise otherwise described as cash advance items under section 11.5 of this chapter and sold directly by the seller and not provided by a third person; and

(2) purchased in advance of need to be provided or delivered after the death of the purchaser or individual for whom services or merchandise are to be provided in the contract.

As added by P.L.200-1991, SEC.1. Amended by P.L.207-1993, SEC.27; P.L.241-1995, SEC.4; P.L.114-1999, SEC.3.
Ind. Code § 30-5-6-4 — Indiana Code / Title 30 / Article 5 / Chapter 6 / Section 30-5-6-4
Records of transactions; accounting
Status: in_force

Sec. 4. (a) The attorney in fact shall keep complete records of all transactions entered into by the attorney in fact on behalf of the principal:

(1) for six (6) years after the date of the transaction; or

(2) until the records are delivered to the successor attorney in fact;

whichever occurs first.

(b) Except as otherwise:

(1) stated in the power of attorney; or

(2) required by subsection (c);

the attorney in fact is not required to render an accounting.

(c) Except as provided in subsection (f), the attorney in fact shall render a written accounting if an accounting is ordered by a court or requested by:

(1) the principal;

(2) a guardian appointed for the principal;

(3) a child of the principal, unless a court finds that such a rendering is not in the best interests of the principal;

(4) a person who jointly owns an account with the principal; or

(5) upon the death of the principal, the personal representative of the principal's estate or an heir or legatee of the principal.

(d) Except as provided in subsection (f), an attorney in fact shall deliver an accounting requested under subsection (c) to:

(1) the principal;

(2) a guardian appointed for the principal;

(3) the personal representative of the principal's estate;

(4) a person who jointly owns an account with the principal;

(5) an heir of the principal after the death of the principal;

(6) a legatee of the principal after the death of the principal; or

(7) a child of the principal, unless a court finds that such a delivery is not in the best interests of the principal.

(e) Except as provided in subsection (f)(2), an attorney in fact shall deliver an accounting ordered or requested under subsection (c) to the court or the person requesting the accounting not later than sixty (60) days after the date the attorney in fact receives the court order or written request for an accounting.

(f) In the case of a principal who has died, the following apply:

(1) The court may order an accounting under subsection (c) at any time.

(2) In the absence of a court ordered accounting, an attorney in fact is not required to deliver an accounting to a person described in subsection (d)(2) through (d)(7) unless the person requests the accounting not later than nine (9) months after the date of the principal's death.

(3) The delivery deadline set forth in subsection (e) applies to a written request for an accounting that is timely submitted under subdivision (2).

(g) Not more than one (1) accounting is required under this section in each twelve (12) month period unless the court, in its discretion, orders additional accountings.

(h) If an attorney in fact fails to deliver an accounting as required under this section, the person requesting the accounting may initiate an action in mandamus to compel the attorney in fact to render the accounting. The court may award the attorney's fees and court costs incurred under this subsection to the person requesting the accounting if the court finds that the attorney in fact failed to render an accounting as required under this section without just cause.

As added by P.L.149-1991, SEC.2. Amended by P.L.77-1998, SEC.1; P.L.252-2001, SEC.35; P.L.165-2002, SEC.8; P.L.42-2012, SEC.1; P.L.51-2014, SEC.29; P.L.151-2019, SEC.1.
Ind. Code § 30-1-9-18 — Indiana Code / Title 30 / Article 1 / Chapter 9 / Section 30-1-9-18
Sale of lands; mortgage or conveyance
Status: in_force

Sec. 18. Where a power to sell lands shall be given to the grantee, in any mortgage or other conveyance intended to secure the payment of money, the power shall be deemed a part of the security, and shall vest in any person who shall become entitled to the money so secured to be paid.

Formerly: Acts 1852, 1RS, c.113, s.18.
Ind. Code § 30-4-10-56 — Indiana Code / Title 30 / Article 4 / Chapter 10 / Section 30-4-10-56
Property discovered after distribution of the first trust
Status: in_force

Sec. 56. (a) Except as provided in subsection (c), if exercise of the decanting power was intended to distribute all of the principal of the first trust to one (1) or more second trusts, later discovered property belonging to the first trust and property paid to or acquired by the first trust after the exercise of the power is part of the trust estate of the second trust.

(b) Except as provided in subsection (c), if exercise of the decanting power was intended to distribute less than all of the principal of the first trust to one (1) or more second trusts, later discovered property belonging to the first trust or property paid to or acquired by the first trust after exercise of the power remains part of the trust estate of the first trust.

(c) An authorized fiduciary may provide in an exercise of the decanting power or by the terms of a second trust for disposition of later discovered property belonging to the first trust or property paid to or acquired by the first trust after exercise of the power.

As added by P.L.161-2022, SEC.3.
Ind. Code § 30-4-6-6 — Indiana Code / Title 30 / Article 4 / Chapter 6 / Section 30-4-6-6
Notice
Status: in_force

Sec. 6. (Notice)

(a) Notice must be given to any person or his personal representative who is named as a party in a petition or complaint, whose rights may be affected or upon whom a liability might be imposed by any proceeding; to the Attorney General if the trust is for a benevolent public purpose; and to any other person whom the court may order to be given notice.

(b) The form of notice required shall be in the form of a summons as provided for in the Indiana Rules of Procedure or in such other form as may be ordered or approved by the court.

(c) The manner of service of a notice shall be the same as that provided in the Indiana Rules of Procedure for service of summons or such other manner as may be ordered or approved by the court.

(d) Any person who is a nonresident of this state or whose address is unknown may be served by publication according to the Indiana Rules of Procedure. All persons served by publication whose names and addresses are known or can by reasonable diligence be ascertained by the party seeking service shall, in addition to such published notice, be served by registered or certified mail or other public means by which a return receipt may be requested.

(e) The court shall give notice in any case in which it acts on its own motion.

(f) Any person not under a legal disability or a personal representative may waive in writing notice of the proceeding.

(g) An order of the court is binding as to all persons who are given notice of the proceeding, even though less than all interested persons receive notice.

Formerly: Acts 1971, P.L.416, SEC.7.
Ind. Code § 30-2-8.5-6 — Indiana Code / Title 30 / Article 2 / Chapter 8.5 / Section 30-2-8.5-6
"Financial institution" defined
Status: in_force

Sec. 6. As used in this chapter, "financial institution" means a bank, trust company, savings institution, or credit union chartered and supervised under state or federal law.

As added by P.L.267-1989, SEC.2.
Ind. Code § 30-1-6-1 — Indiana Code / Title 30 / Article 1 / Chapter 6 / Section 30-1-6-1
Administrators, executors, and guardians; powers to execute leases; term; jurisdiction; sale of leases; petition
Status: in_force

Sec. 1. Administrators and executors of estates of deceased persons and guardians of the estates of persons under eighteen (18) years of age and incapacitated persons (as defined in IC 29-3-1-7.5) are authorized to execute oil and gas, coal, or other mining leases upon the lands belonging to the estates of the deceased persons, or of persons under eighteen (18) years of age or incapacitated persons, for a term not to exceed ten (10) years and as long thereafter as oil, gas, coal or other minerals may be produced in paying quantities, upon compliance with this chapter. The court having probate jurisdiction in the county in which the guardianship or administration proceedings are pending shall have jurisdiction to order the sale for execution and delivery of a lease or leases upon the filing of a petition alleging that the estate of the deceased person or the estate of a person under eighteen (18) years of age or a protected person is the owner of the lands described in the petition, and that the lands have a probable value for oil and gas, coal or other mining purposes, stating the probable value of the proposed lease, and that the estate of the deceased person or of the protected person is not financially able or that it is impractical for the estate to explore and develop the land for oil and gas, coal, or other minerals, and that it is to the best interest of the estate to lease the lands. The petition shall be verified by the administrator, executor, or guardian, and if it involves lands belonging to the estate of deceased persons, the petition shall set forth the names and post office addresses of the heirs of the deceased persons. If the will of any deceased person empowers the executor to sell oil, and gas, coal, or other mineral leases upon the lands of the testator, it shall not be necessary for the executor, or the administrator with the will annexed, to comply with this chapter. The word "land" or "lands" includes any oil, gas, coal, or other mineral rights or interests in lands which may be leasable.

Formerly: Acts 1943, c.270, s.1; Acts 1973, P.L.264, SEC.5. As amended by Acts 1982, P.L.171, SEC.88; P.L.33-1989, SEC.85.
Ind. Code § 30-5-2-9 — Indiana Code / Title 30 / Article 5 / Chapter 2 / Section 30-5-2-9
"Specified adult"
Status: in_force

Sec. 9. "Specified adult", for purposes of IC 30-5-5-6.5, has the meaning set forth in IC 30-5-5-6.5(a)(4).

As added by P.L.231-2019, SEC.36.
Ind. Code § 30-2-16-1 — Indiana Code / Title 30 / Article 2 / Chapter 16 / Section 30-2-16-1
"Participant"
Status: in_force

Sec. 1. As used in this chapter, "participant" means an individual who has accumulated a balance of funds with a payroll savings plan administrator through a payroll savings plan.

As added by P.L.141-2005, SEC.27.
Ind. Code § 30-4-10-13 — Indiana Code / Title 30 / Article 4 / Chapter 10 / Section 30-4-10-13
"Designated representative"
Status: in_force

Sec. 13. As used in this chapter, "designated representative" has the meaning set forth in IC 30-4-1-2(8).

As added by P.L.161-2022, SEC.3.
Ind. Code § 30-4-9-10 — Indiana Code / Title 30 / Article 4 / Chapter 9 / Section 30-4-9-10
Providing information to a trust director; liability; breach of trust
Status: in_force

Sec. 10. (a) Subject to section 11 of this chapter, a trustee shall provide information to a trust director to the extent the information is reasonably related both to:

(1) the powers or duties of the trustee; and

(2) the powers or duties of the director.

(b) Subject to section 11 of this chapter, a trust director shall provide information to a trustee or another trust director to the extent the information is reasonably related to:

(1) the powers or duties of the director; and

(2) the powers or duties of the trustee or other director.

(c) A trustee that acts in reliance on information provided by a trust director is not liable for a breach of trust to the extent the breach resulted from the reliance, unless by so acting, the trustee engages in willful misconduct.

(d) A trust director that acts in reliance on information provided by a trustee or another trust director is not liable for a breach of trust to the extent the breach resulted from the reliance, unless by so acting, the trust director engages in willful misconduct.

As added by P.L.221-2019, SEC.10.
Ind. Code § 30-1-8-1 — Indiana Code / Title 30 / Article 1 / Chapter 8 / Section 30-1-8-1
Definitions
Status: in_force

Sec. 1. The words and phrases used in this chapter shall be construed as follows:

(a) "Fiduciary" shall mean a bank or trust company undertaking to act alone or jointly with others primarily for the benefit of another in all matters connected with its undertaking and includes trustee, executor, administrator, personal representative, registrar of stocks and bonds, guardian of estates, assignee, receiver, managing agent and any other similar capacity.

(b) "Regulations" shall mean the regulations promulgated by the board of governors of the federal reserve system and the comptroller of currency in conformity with the federal Internal Revenue Code, as such regulations now exist or as they may be amended.

(c) "Participating interest" shall mean a proportionate undivided interest in all assets of the common trust fund for the time being, acquired by a fiduciary for cash, or in exchange for other assets.

(d) Words imputing the masculine gender shall be applied to and include all persons and corporations.

Formerly: Acts 1949, c.70, s.1; Acts 1965, c.409, s.1. As amended by Acts 1982, P.L.171, SEC.90; P.L.136-2018, SEC.220.
Ind. Code § 30-5-2-2.7 — Indiana Code / Title 30 / Article 5 / Chapter 2 / Section 30-5-2-2.7
"Content of an electronic communication"
Status: in_force

Sec. 2.7. "Content of an electronic communication" has the meaning set forth in IC 32-39-1-6.

As added by P.L.137-2016, SEC.10.
Ind. Code § 30-5-11-1 — Indiana Code / Title 30 / Article 5 / Chapter 11 / Section 30-5-11-1
Purpose of chapter; presumptions
Status: in_force

Sec. 1. The purpose of this chapter is to provide rules for the valid execution, amendment, and revocation of powers of attorney that are prepared and signed electronically. This chapter shall be applied fairly and flexibly so that a principal whose identity can be verified, who has capacity, and who is acting free from undue duress and undue influence may execute a valid electronic power of attorney consistent with the principal's intent. If an electronic power of attorney is electronically signed by the principal and is maintained as an electronic record or as a complete converted copy in compliance with this chapter, the normal presumptions that apply to a traditional paper power of attorney apply to the electronic power of attorney.

As added by P.L.40-2018, SEC.4.
Ind. Code § 30-2-12-6.7 — Indiana Code / Title 30 / Article 2 / Chapter 12 / Section 30-2-12-6.7
"Record" defined
Status: in_force

Sec. 6.7. As used in this chapter, "record" means information that is:

(1) inscribed on a tangible medium; or

(2) stored in an electronic or other medium; and

is retrievable in a perceivable form.

As added by P.L.226-2007, SEC.14.
Ind. Code § 30-5-6-5 — Indiana Code / Title 30 / Article 5 / Chapter 6 / Section 30-5-6-5
Notice to health care providers of power of attorney
Status: in_force

Sec. 5. The attorney in fact shall ascertain whether the principal has notified the principal's health care providers that a power of attorney has been executed. If the principal has not notified the principal's health care providers of the existence of a power of attorney, the attorney in fact shall notify the health care providers of the existence of the power of attorney.

As added by P.L.149-1991, SEC.2.
Ind. Code § 30-4-10-38 — Indiana Code / Title 30 / Article 4 / Chapter 10 / Section 30-4-10-38
Notice to a person authorized to represent another person
Status: in_force

Sec. 38. (a) Notice to a person with authority to represent and bind another person under a first-trust instrument or this article has the same effect as notice given directly to the person represented.

(b) Consent of or waiver by a person with authority to represent and bind another person under a first-trust instrument or this article is binding on the person represented unless the person represented objects to the representation before the consent or waiver otherwise would become effective.

(c) A person with authority to represent and bind another person under a first-trust instrument or this article may file a petition under section 39 of this chapter on behalf of the person represented.

(d) A settlor may not represent or bind a beneficiary under this chapter.

As added by P.L.161-2022, SEC.3.
Ind. Code § 30-1-9-6 — Indiana Code / Title 30 / Article 1 / Chapter 9 / Section 30-1-9-6
Resulting trust
Status: in_force

Sec. 6. When a conveyance for a valuable consideration is made to one (1) person, and the consideration therefor paid by another, no use or trust shall result in favor of the latter; but the title shall vest in the former, subject to the provisions of the next two (2) sections.

Formerly: Acts 1852, 1RS, c.113, s.6.
Ind. Code § 30-2-8.5-27 — Indiana Code / Title 30 / Article 2 / Chapter 8.5 / Section 30-2-8.5-27
Care of custodial property
Status: in_force

Sec. 27. (a) A custodian shall:

(1) take control of custodial property;

(2) register or record title to custodial property if appropriate; and

(3) collect, hold, manage, invest, and reinvest custodial property.

(b) In dealing with custodial property, a custodian shall observe the standard of care that would be observed by a prudent person dealing with property of another and is not limited by any other statute restricting investments by fiduciaries. If a custodian has a special skill or expertise or is named custodian on the basis of representations of a special skill or expertise, the custodian shall use that skill or expertise. However, a custodian in the custodian's discretion and without liability to the minor or the minor's estate, may retain custodial property received from a transferor.

(c) A custodian may invest in or pay premiums on life insurance or endowment policies on:

(1) the life of the minor only if the minor or the minor's estate is the sole beneficiary; or

(2) the life of another person in whom the minor has an insurable interest only to the extent that the minor, the minor's estate, or the custodian in the capacity of custodian is the irrevocable beneficiary.

(d) A custodian at all times shall keep custodial property separate and distinct from all other property in a manner sufficient to identify the property clearly as custodial property of the minor. Custodial property consisting of an undivided interest is identified if the minor's interest is held as a tenant in common and is fixed. Custodial property subject to recordation is identified if the property is recorded, and custodial property subject to registration is identified if the property is either registered or held in an account designated in the name of the custodian, followed by the words: "as a custodian for _______________ (name of minor) under the Indiana uniform transfers to minors act".

(e) A custodian shall keep records of all transactions with respect to custodial property, including information necessary for the preparation of the minor's tax returns, and shall make them available for inspection at reasonable intervals by a parent or legal representative of the minor or by the minor if the minor is at least fourteen (14) years of age.

As added by P.L.267-1989, SEC.2.
Ind. Code § 30-1-9-12 — Indiana Code / Title 30 / Article 1 / Chapter 9 / Section 30-1-9-12
Repealed
Status: repealed

Formerly: Acts 1852, 1RS, c.113, s.12. Repealed by Acts 1971, P.L.416, SEC.8.
Ind. Code § 30-5-6-1 — Indiana Code / Title 30 / Article 5 / Chapter 6 / Section 30-5-6-1
Exercise of powers not required
Status: in_force

Sec. 1. The attorney in fact is not required to exercise the powers granted under the power of attorney or to assume control of or responsibility for any of the principal's property, care, or affairs, regardless of the principal's physical or mental condition.

As added by P.L.149-1991, SEC.2.
Ind. Code § 30-4-7-10 — Indiana Code / Title 30 / Article 4 / Chapter 7 / Section 30-4-7-10
Effect of entry of order
Status: in_force

Sec. 10. If the court enters an order under section 9 of this chapter, all further disposition of the trust that is within the scope of the agreement shall be made under the terms of the agreement.

As added by P.L.200-1991, SEC.6.
Ind. Code § 30-4-2-6 — Indiana Code / Title 30 / Article 4 / Chapter 2 / Section 30-4-2-6
Nature of trustee's estate
Status: in_force

Sec. 6. (Nature of the Trustee's Estate)

(a) The trustee takes the title to the trust property.

(b) The extent of the trustee's estate in the trust property is limited to that which is necessary to enable him to perform the trust.

Formerly: Acts 1971, P.L.416, SEC.3.
Ind. Code § 30-1-2-1 — Indiana Code / Title 30 / Article 1 / Chapter 2 / Section 30-1-2-1
Stocks; bonds; securities
Status: in_force

Sec. 1. Whenever any trust, or any decedent's estate, or any property subject to the control of any executor, administrator, trustee, guardian or other fiduciary shall consist, in whole or in part, of the corporate stock, bonds or other securities of any corporation, public or private, which the fiduciary is required or authorized to sell, and which are listed or admitted to trading on the New York Stock Exchange, the New York Curb Exchange, the Chicago Stock Exchange, or the San Francisco Stock Exchange, or which are securities which are obligations of the government of the United States, such securities may be sold by such fiduciary under the direction of the proper court for cash at the market price of such securities at the time of sale, whether such price be more or less than the appraised or inventory value of such securities. Such sale may be without notice and without any requirement for the reappraisement of such securities.

Formerly: Acts 1947, c.351, s.1.
Ind. Code § 30-2-8.5-13 — Indiana Code / Title 30 / Article 2 / Chapter 8.5 / Section 30-2-8.5-13
"State" defined
Status: in_force

Sec. 13. As used in this chapter, "state" includes a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, and a territory or possession subject to the legislative authority of the United States.

As added by P.L.267-1989, SEC.2.
Ind. Code § 30-4-2.1-7 — Indiana Code / Title 30 / Article 4 / Chapter 2.1 / Section 30-4-2.1-7
Beneficiary predeceases settlor
Status: in_force

Sec. 7. (a) As used in this section, "descendant" includes the following:

(1) A child adopted before the child is twenty-one (21) years of age by:

(A) the settlor; or

(B) the settlor's descendants.

(2) A descendant of a child adopted as set forth in subdivision (1).

(3) A child who is born of the mother out of wedlock in either of the following circumstances:

(A) The mother is a descendant of the settlor.

(B) The mother is the settlor.

(4) If the right of a child born out of wedlock to inherit from the father is or has been established in the manner provided under IC 29-1-2-7, the child, in either of the following circumstances:

(A) The father is a descendant of the settlor.

(B) The father is the settlor.

(5) A descendant of a child born out of wedlock as set forth in subdivisions (3) and (4).

(b) If:

(1) an estate, real or personal, is devised to a descendant of the settlor; and

(2) the beneficiary:

(A) dies during the lifetime of the settlor before or after the execution of the trust; and

(B) leaves a descendant who survives the settlor;

the devise does not lapse, but the property devised vests in the surviving descendant of the beneficiary as if the beneficiary had survived the settlor and died intestate.

As added by P.L.4-2003, SEC.7.
Ind. Code § 30-4-3.5-13 — Indiana Code / Title 30 / Article 4 / Chapter 3.5 / Section 30-4-3.5-13
Short title
Status: in_force

Sec. 13. This chapter may be cited as the "Indiana Uniform Prudent Investor Act".

As added by P.L.137-1999, SEC.3.
Ind. Code § 30-4-8-16 — Indiana Code / Title 30 / Article 4 / Chapter 8 / Section 30-4-8-16
Rights of a lender; notice of transfer of assets
Status: in_force

Sec. 16. (a) Nothing in this chapter shall be construed to prohibit a lender from enforcing its rights in property identified in section 1(b) of this chapter and, to the extent necessary, naming the legacy trust or trustee of the trust as a defendant to the action or proceeding.

(b) If an asset described in section 1(b)(1) of this chapter is transferred to a legacy trust or trustee of a legacy trust, the transferor of that asset must send written notice of the transfer to the pertinent lender within fifteen (15) days after that transfer. The transferor must send the notice by certified mail, return receipt requested, to the registered agent for the lender. If there is no registered agent for the lender, the transferor must send notice to one (1) of the following:

(1) The last known address of the lender.

(2) The last address specified by the lender for mailing payments on the obligations.

(3) The address specified by the lender for general inquiries by customers.

The notice must include the name of the transferor, a description of the asset transferred, the name of the trustee, and the date that the transfer was completed. Upon request, the transferor or trustee shall provide the lender with a certification of the trust under IC 30-4-4-5, the names and addresses of the qualified beneficiaries of the trust, and copies of the pages from the trust instrument that identify the current trustee and describe the trustee's administrative powers and duties.

(c) Nothing in this chapter shall be construed to authorize any disposition that is prohibited by the terms of any agreements, notes, guaranties, mortgages, indentures, instruments, undertakings, or other documents. Any provisions that prohibit such transfer or disposition shall be binding and shall make this chapter inapplicable, so long as any indebtedness remains outstanding in connection with such agreements, notes, guaranties, mortgages, indentures, instruments, undertakings, or other similar documents.

(d) In the event of a conflict between this section and any other provision of this chapter, this section shall control.

As added by P.L.221-2019, SEC.9. Amended by P.L.231-2019, SEC.32; P.L.56-2020, SEC.14; P.L.32-2021, SEC.87.
Ind. Code § 30-4-8-3 — Indiana Code / Title 30 / Article 4 / Chapter 8 / Section 30-4-8-3
Establishment
Status: in_force

Sec. 3. A legacy trust is established by:

(1) designating in writing in the trust that the trust is a legacy trust established under this chapter;

(2) including the terms required by section 4 of this chapter in the legacy trust; and

(3) delivering a qualified affidavit containing the statements required by section 5 of this chapter to the qualified trustee.

As added by P.L.221-2019, SEC.9.
Ind. Code § 30-2-13-20 — Indiana Code / Title 30 / Article 2 / Chapter 13 / Section 30-2-13-20
Funeral service contracts; ratification by funeral director
Status: in_force

Sec. 20. If an agent and a purchaser execute a contract covering funeral services (as defined in IC 25-15), the contract is valid only if the contract is ratified by a funeral director licensed under IC 25-15 who is directly affiliated with the seller as an agent when the contract is made. A contract ratified by an unaffiliated licensed funeral director is void.

As added by P.L.200-1991, SEC.1. Amended by P.L.114-1999, SEC.15.
Ind. Code § 30-2-13-10 — Indiana Code / Title 30 / Article 2 / Chapter 13 / Section 30-2-13-10
"Seller"
Status: in_force

Sec. 10. As used in this chapter, "seller" means a person doing business as a sole proprietor, a firm, a limited liability company, a corporation, an association, or a partnership contracting to provide services or merchandise, or both, to a named individual.

As added by P.L.200-1991, SEC.1. Amended by P.L.8-1993, SEC.468; P.L.114-1999, SEC.5.
Ind. Code § 30-2-8.6-2 — Indiana Code / Title 30 / Article 2 / Chapter 8.6 / Section 30-2-8.6-2
Transfer under other state's law; enforcement
Status: in_force

Sec. 2. A transfer made pursuant to an act of another state substantially similar to this chapter is governed by the law of that state and may be enforced in Indiana.

As added by P.L.3-2003, SEC.1.
Ind. Code § 30-4-10-58 — Indiana Code / Title 30 / Article 4 / Chapter 10 / Section 30-4-10-58
Uniformity of the law
Status: in_force

Sec. 58. In applying and construing this uniform act, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it.

As added by P.L.161-2022, SEC.3.
Ind. Code § 30-5-6-2 — Indiana Code / Title 30 / Article 5 / Chapter 6 / Section 30-5-6-2
Due care to act for benefit of principal
Status: in_force

Sec. 2. Except as otherwise stated in the power of attorney, the attorney in fact shall use due care to act for the benefit of the principal under the terms of the power of attorney.

As added by P.L.149-1991, SEC.2.
Ind. Code § 30-4-10-9 — Indiana Code / Title 30 / Article 4 / Chapter 10 / Section 30-4-10-9
"Charitable purpose"
Status: in_force

Sec. 9. As used in this chapter, "charitable purpose" means the relief of poverty, the advancement of education or religion, the promotion of health, a municipal or other governmental purpose, or a purpose that is beneficial to the community.

As added by P.L.161-2022, SEC.3.
Ind. Code § 30-4-5-19 — Indiana Code / Title 30 / Article 4 / Chapter 5 / Section 30-4-5-19
Private corporate foundations organized before January 1, 1970; application of IC 30-4-5-18
Status: in_force

Sec. 19. The provisions of 30-4-5-18 shall not apply to any such corporation organized before January 1, 1970, to the extent that a court of competent jurisdiction shall determine that application of such section to such corporation would be contrary to the terms of any instrument which may not be changed to conform to such section and by which such corporation is bound.

Formerly: Acts 1971, P.L.416, SEC.6.
Ind. Code § 30-5-4-4 — Indiana Code / Title 30 / Article 5 / Chapter 4 / Section 30-5-4-4
Failure or cessation of service; circumstances; successor attorney in fact; powers
Status: in_force

Sec. 4. (a) Except as stated otherwise in the power of attorney, an attorney in fact fails to serve or ceases to serve when:

(1) the attorney in fact dies;

(2) the attorney in fact resigns;

(3) the attorney in fact is adjudged incapacitated by a court;

(4) the attorney in fact cannot be located upon reasonable inquiry;

(5) the attorney in fact, if at one time the principal's spouse, legally is no longer the principal's spouse; or

(6) a physician familiar with the condition of the current attorney in fact certifies in writing to the immediate successor attorney in fact that the current attorney in fact is unable to transact a significant part of the business required under the power of attorney.

(b) Except as stated otherwise in the power of attorney, if the replaced attorney in fact reappears or is subsequently able to transact business, the successor attorney in fact shall remain as the attorney in fact.

(c) Except as otherwise stated in the power of attorney, an attorney in fact designated as a successor has the powers granted under the power of attorney to the original attorney in fact.

(d) Unless a power of attorney provides a different method for an attorney in fact's resignation, an attorney in fact may resign by giving notice to the principal and, if the principal is incapacitated:

(1) to:

(A) the principal's guardian, if a guardian has been appointed for the principal; and

(B) a co-attorney in fact or successor attorney in fact; or

(2) if there is no person described in subdivision (1), to:

(A) the principal's caregiver;

(B) another person reasonably believed by the attorney in fact to have sufficient interest in the principal's welfare; or

(C) a governmental agency having authority to protect the welfare of the principal.

As added by P.L.149-1991, SEC.2. Amended by P.L.143-2009, SEC.28; P.L.6-2010, SEC.21.
Ind. Code § 30-2-14-44 — Indiana Code / Title 30 / Article 2 / Chapter 14 / Section 30-2-14-44
Uniformity of the law
Status: in_force

Sec. 44. In applying and construing this uniform act, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it.

As added by P.L.84-2002, SEC.2.
Ind. Code § 30-2-8.5-21 — Indiana Code / Title 30 / Article 2 / Chapter 8.5 / Section 30-2-8.5-21
Other transfers by fiduciary; guardian as custodian
Status: reserved

Sec. 21. (a) A personal representative or trustee may make an irrevocable transfer to another adult or trust company as custodian for the benefit of a minor under section 24 of this chapter in the absence of a will or under a will or trust that does not contain an authorization to do so. The personal representative or trustee may also serve as the custodian of the transferred property if the personal representative or trustee is qualified under section 24 of this chapter.

(b) A guardian may make an irrevocable transfer to another adult or trust company as custodian for the benefit of the minor under section 24 of this chapter. The guardian may also serve as the custodian of the transferred property if the guardian is qualified under section 24 of this chapter.

(c) A transfer under subsection (a) or (b) may be made only if:

(1) the personal representative, trustee, or guardian considers the transfer to be in the best interest of the minor;

(2) the transfer is not prohibited by or inconsistent with provisions of the applicable will, trust agreement, or other governing instrument; and

(3) the transfer is authorized by the court if the property transferred exceeds ten thousand dollars ($10,000) in value.

As added by P.L.267-1989, SEC.2. Amended by P.L.95-2007, SEC.16.
Ind. Code § 30-4-1-12 — Indiana Code / Title 30 / Article 4 / Chapter 1 / Section 30-4-1-12
Persons born out of wedlock
Status: in_force

Sec. 12. In construing a trust making a distribution to a person described by relationship to the settlor or to another person, a person born out of wedlock shall be considered the child of the person's mother. If the right of a person born out of wedlock to inherit from the person's father is established under IC 29-1-2-7, the person shall also be considered a child of the person's father.

As added by P.L.252-2001, SEC.34.
Ind. Code § 30-2-15-19 — Indiana Code / Title 30 / Article 2 / Chapter 15 / Section 30-2-15-19
Trustee powers
Status: in_force

Sec. 19. (a) The trustee may exclude any assets for which the fair market value is not readily determinable from the determination of net fair market value of trust assets. However, the terms of the trust continue to apply to these assets.

(b) The trustee may determine any other matter necessary for the proper functioning of the total return unitrust.

As added by P.L.3-2003, SEC.2.
Ind. Code § 30-2-8.6-10 — Indiana Code / Title 30 / Article 2 / Chapter 8.6 / Section 30-2-8.6-10
"Incapacitated"
Status: in_force

Sec. 10. As used in this chapter, "incapacitated" has the meaning set forth in IC 29-3-1-7.5.

As added by P.L.3-2003, SEC.1.
Ind. Code § 30-2-14-40 — Indiana Code / Title 30 / Article 2 / Chapter 14 / Section 30-2-14-40
Principal asset subject to depreciation
Status: in_force

Sec. 40. (a) As used in this section, "depreciation" means a reduction in value due to wear, tear, decay, corrosion, or gradual obsolescence of a fixed asset having a useful life of more than one (1) year.

(b) A trustee may transfer to principal a reasonable amount of the net cash receipts from a principal asset that is subject to depreciation, but may not transfer any amount for depreciation:

(1) of that portion of real property used or available for use by a beneficiary as a residence or of tangible personal property held or made available for the personal use or enjoyment of a beneficiary;

(2) during the administration of a decedent's estate; or

(3) under this section if the trustee is accounting under section 25 of this chapter for the business or activity in which the asset is used.

(c) An amount transferred to principal need not be held as a separate fund.

As added by P.L.84-2002, SEC.2.
Ind. Code § 30-4-3-4 — Indiana Code / Title 30 / Article 4 / Chapter 3 / Section 30-4-3-4
Exercise of powers by multiple, successor, or surviving trustees
Status: in_force

Sec. 4. (Exercise of Powers by Multiple, Successor, or Surviving Trustees)

Unless the terms of the trust provide otherwise:

(a) Any power vested in two (2) trustees must be exercised by them jointly; any power vested in three (3) or more trustees must be exercised by a majority.

(b) If there are two (2) or more trustees and they are unable to exercise a power under subsection (a) of this section:

(1) If there is an immediate risk of irreparable damage to the trust property or the interest of any beneficiary before court approval could be obtained, any trustee may exercise the power and petition the court for approval after the power has been exercised; but

(2) if there is no immediate risk of irreparable damage to the trust property or the interest of any beneficiary, any trustee may petition the court for permission to exercise the power, but none may exercise the power prior to obtaining permission from the court.

(c) A co-trustee is excused from liability incurred because of the exercise by a majority of a power vested in three (3) or more trustees if he:

(1) refuses to join in the exercise of the power and mails a written dissent to any of the co-trustees; or

(2) if the power was exercised without his knowledge, mails a written dissent to any co-trustee within a reasonable time after being informed that it has been exercised.

(d) A successor trustee, additional trustee or surviving or remaining co-trustee may exercise all powers previously vested in the predecessor trustee or co-trustee.

Formerly: Acts 1971, P.L.416, SEC.4.
Ind. Code § 30-2-14-25 — Indiana Code / Title 30 / Article 2 / Chapter 14 / Section 30-2-14-25
Separate accounting records for business or activity
Status: in_force

Sec. 25. (a) If a trustee who conducts a business or other activity determines that it is in the best interest of all the beneficiaries to account separately for the business or activity instead of accounting for it as part of the trust's general accounting records, the trustee may maintain separate accounting records for its transactions, whether or not its assets are segregated from other trust assets.

(b) A trustee who accounts separately for a business or other activity may determine the extent to which:

(1) its net cash receipts must be retained for:

(A) working capital;

(B) the acquisition or replacement of fixed assets; and

(C) other reasonably foreseeable needs of the business or activity; and

(2) the remaining net cash receipts are accounted for as principal or income in the trust's general accounting records.

If a trustee sells assets of the business or other activity, other than in the ordinary course of the business or activity, the trustee shall account for the net amount received as principal in the trust's general accounting records to the extent the trustee determines that the amount received is no longer required in the conduct of the business.

(c) Activities for which a trustee may maintain separate accounting records include:

(1) retail, manufacturing, service, and other traditional business activities;

(2) farming;

(3) raising and selling livestock and other animals;

(4) management of rental properties;

(5) extraction of minerals and other natural resources;

(6) timber operations; and

(7) activities to which section 36 of this chapter applies.

As added by P.L.84-2002, SEC.2.
Ind. Code § 30-5-5-7.5 — Indiana Code / Title 30 / Article 5 / Chapter 5 / Section 30-5-5-7.5
Transfer on death transfers
Status: in_force

Sec. 7.5. (a) Language conferring general authority with respect to transfer on death or payable on death transfers means the principal authorizes the attorney in fact to do the following:

(1) Establish one (1) or more transfer on death transfers or payable on death transfers.

(2) Designate, amend, remove, modify, or change any designation of beneficiary in a transfer on death transfer or payable on death transfer, including those created by the principal before or after the execution of the power of attorney.

(3) Terminate any transfer on death transfer or payable on death transfer.

(4) Add to or withdraw from any transfer on death transfer or payable on death transfer.

(5) Exercise any right or authority that the principal may have in a transfer on death transfer or payable on death transfer during the principal's lifetime.

(b) The powers described in this section are equally exercisable with respect to transfer on death transfers and payable on death transfers that are established or operated in Indiana or another jurisdiction.

(c) A power of attorney that is executed before July 1, 2009, and that confers general authority with respect to all other matters under section 19 of this chapter also confers general authority with respect to transfer on death transfers and payable on death transfers as described in this section.

As added by P.L.143-2009, SEC.29.
Ind. Code § 30-4-3-38 — Indiana Code / Title 30 / Article 4 / Chapter 3 / Section 30-4-3-38
Grantor trust; reimbursement to deemed owner
Status: in_force

Sec. 38. (a) This section does not apply to a trust if the application of this section disqualifies the trust for, or reduces the amount of, a marital or charitable deduction available to any person for state or federal:

(1) income;

(2) gift; or

(3) estate;

tax purposes.

(b) As used in this section, "deemed owner" means the settlor or another person who is treated as the owner of the trust for federal income tax purposes under 26 U.S.C. 671 through 26 U.S.C. 679.

(c) As used in this section, "grantor trust" means a trust in which part or all of its income is treated as taxable to a deemed owner for federal tax purposes under 26 U.S.C. 671.

(d) As used in this section, "related or subordinate party" means a nonadverse party who is:

(1) the deemed owner's spouse, if living with the deemed owner; or

(2) any of the following:

(A) The deemed owner's:

(i) father;

(ii) mother;

(iii) issue; or

(iv) brother or sister.

(B) A corporation or an employee of a corporation in which the deemed owner's and the trust's stockholdings are significant from the viewpoint of voting control.

(C) A subordinate employee of a corporation in which the deemed owner is the executive.

(e) This subsection applies only to the part of a trust that is taxable to the deemed owner if only part of the trust is a grantor trust. Unless the terms of the trust expressly provide otherwise:

(1) the trustee of a grantor trust who is not the deemed owner and who is not a related or subordinate party; or

(2) any other trustee of a grantor trust acting at the direction of or with the written consent of a trust director who is not the deemed owner and not a related or subordinate party with respect to the trust's deemed owner;

may reimburse the deemed owner for any amount of the deemed owner's personal federal, state, county, city, local, foreign, or other income tax liability that is attributable to the inclusion of the trust's income, capital gains, deductions, and credits in the calculation of the deemed owner's taxable income.

(f) The trustee may pay the amount under subsection (e) to the deemed owner directly or to an appropriate taxing authority on behalf of the deemed owner.

(g) A person who is authorized to reimburse a trust's deemed owner for income taxes under subsection (e) may not use:

(1) an insurance policy;

(2) the cash value of an insurance policy; or

(3) the proceeds of a loan secured by an interest in an insurance policy;

that the trust holds on the deemed owner's life to reimburse the deemed owner or to pay an appropriate taxing authority on behalf of the deemed owner.

(h) The deemed owner may not be treated as a beneficiary of the trust for purposes of section 2(b) of this chapter or any other Indiana law:

(1) because of the trustee's power to make payments to, or on behalf of, the deemed owner; or

(2) because the trustee decides to exercise power in favor of the deemed owner.

(i) If a person is the deemed owner of only part of a trust for income tax purposes, the reimbursement or payment of income taxes under this section may be made from that part of the trust.

As added by P.L.38-2023, SEC.17.
Ind. Code § 30-5-4-1.3 — Indiana Code / Title 30 / Article 5 / Chapter 4 / Section 30-5-4-1.3
Attesting and subscribing witnesses; validity
Status: in_force

Sec. 1.3. (a) This section applies to a power of attorney executed in the presence of witnesses under section 1 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 a power of attorney. A subsequent incapacity of an attesting witness does not impair the effectiveness of a previously executed power of attorney.

(c) A power of attorney executed under section 1(a)(4)(B) of this chapter is void if:

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

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

(d) A person serving as a subscribing witness to the execution of a power of attorney has an interest in the 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 an 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 subdivision (1) or (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.19.
Ind. Code § 30-5-4-1.5 — Indiana Code / Title 30 / Article 5 / Chapter 4 / Section 30-5-4-1.5
Witnesses; counterparts; supervision of the execution
Status: in_force

Sec. 1.5. (a) This section applies to a power of attorney executed in the presence of witnesses under section 1 of this chapter on or after March 31, 2020.

(b) A power of attorney executed in the presence of witnesses under section 1(a)(4)(B) of this chapter must be executed by the signatures of the principal and at least two (2) witnesses on:

(1) a power of attorney under subsection (c);

(2) a self-proving clause under section 1.7(c) of this chapter; or

(3) a self-proving clause under section 1.7(d) of this chapter.

(c) A power of attorney may be attested as follows:

(1) By having the principal, in the presence of two (2) or more attesting witnesses, signify to the witnesses that the instrument is the principal's power of attorney and:

(A) sign the power of attorney;

(B) acknowledge the principal's signature already made; or

(C) at the principal's direction and in the principal's presence, have someone else sign the principal's name.

(2) By having the attesting witnesses sign, in the presence of the principal and each other, the power of attorney.

An attestation or self-proving clause is not required under this subsection in order to execute a valid power of attorney.

(d) Only if the execution and completion of the power of attorney is supervised by an attorney or directed paralegal, a principal and at least two (2) attesting witnesses may execute and complete a power of attorney in two (2) or more original counterparts that exist in a tangible and readable paper form with:

(1) the principal's signature placed on one (1) original counterpart in the presence of attesting witnesses; and

(2) the signatures of the remaining witnesses placed on one (1) or more different counterparts affiliated with the same power of attorney;

in a tangible and readable paper form. If a power of attorney is signed and witnessed in counterparts under this subsection, the principal or an individual acting at the principal's specific direction must physically assemble all of the separately signed paper counterparts of the power of attorney and the signatures of the principal and all attesting witnesses not later than five (5) business days after all the paper counterparts have been signed by the principal and witnesses. If the principal directs another individual to assemble the separate, signed paper counterparts of the will into a single composite paper document, the five (5) business day period does not commence until the compiling individual receives all of the separately signed paper counterparts. Any scanned copy or photocopy of the composite document containing all signatures shall be treated as validly signed under this section.

(e) An attorney or directed paralegal must supervise the execution of a power of attorney in counterparts as described in subsection (d). An attorney or directed paralegal may supervise the execution of a power of attorney in counterparts even if the supervising attorney or directed paralegal is one (1) of the power of attorney's attesting witnesses.

(f) Within a reasonable time after an attorney or a directed paralegal supervises the execution of a power of attorney in counterparts as described in subsection (d), the attorney or directed paralegal must sign an affidavit of compliance. An affidavit of compliance under this subsection must be sworn to or affirmed by the signing attorney or directed paralegal under the penalties of perjury and must contain:

(1) The name and residential address of the principal.

(2) The name and:

(A) residential address; or

(B) business address;

for each witness who signs the power of attorney.

(3) The address, city, and state in which the principal was physically located at the time the principal signed an original counterpart of the power of attorney.

(4) The city and state in which each attesting witness was physically located when the witness signed an original counterpart of the power of attorney as a witness.

(5) A description of the method and form of identification used to confirm the identity of the principal to the witnesses and to the supervising attorney or paralegal, as applicable.

(6) A description of the audiovisual technology or other method used by the supervising attorney or paralegal, as applicable, the principal, and the witnesses for the purpose of interacting with each other in real time during the signing process.

(7) A description of the method used by the principal and the witnesses to identify the location of each page break within the text of the principal and to confirm that the separate paper counterparts of the power of attorney were identical in content.

(8) A general description of how and when the attorney or paralegal, as applicable, physically combined the separate, signed paper counterparts of the power of attorney into a single composite paper document containing the power of attorney, the signature of the principal, and the signatures of all attesting witnesses.

(9) The name, business or residential address, and telephone number of the attorney or directed paralegal who supervised the execution and witnessing of the power of attorney in counterparts.

(10) Any other information that the supervising attorney or paralegal, as applicable, considers to be material with respect to:

(A) the principal's capacity to sign a valid power of attorney; and

(B) the principal's and witnesses' compliance with subsection (c).

After the attorney or directed paralegal signs an affidavit of compliance under this subsection, the attorney or directed paralegal must preserve an accurate copy of the signed affidavit with a scanned copy or photocopy of the completely signed power of attorney. An affidavit of compliance signed under this subsection is admissible as prima facie evidence that the principal and witnesses executed the power of attorney in counterparts that comply with the requirements of subsection (c).

(g) A power of attorney that substantially complies with subsections (c) and (d) may not be rendered invalid by the existence of:

(1) an attestation or self-proving clause;

(2) additional signatures; or

(3) other additional language;

not required by subsection (c).

(h) A power of attorney executed in accordance with subsections (c) and (d) is self-proved if the witness signatures follow an attestation or self-proving clause or other declaration indicating, in substance, the facts set forth in section 1.7(d) or 1.7(e) of this chapter.

(i) This section shall be construed to favor the effectuating of the principal's intent to make a valid power of attorney.

As added by P.L.185-2021, SEC.20.
Ind. Code § 30-4-3.5-8 — Indiana Code / Title 30 / Article 4 / Chapter 3.5 / Section 30-4-3.5-8
Determination of compliance with prudent investor rule
Status: in_force

Sec. 8. Compliance with the prudent investor rule is determined in light of the facts and circumstances existing at the time of a trustee's decision or action and not by hindsight.

As added by P.L.137-1999, SEC.3.
Ind. Code § 30-5-9-9 — Indiana Code / Title 30 / Article 5 / Chapter 9 / Section 30-5-9-9
Persons refusing to accept authority of attorney in fact
Status: in_force

Sec. 9. (a) Except as provided in subsection (b), a person who, not more than three (3) business days after receiving a power of attorney, refuses to accept the authority of an attorney in fact to exercise a power granted under a power of attorney is liable to the principal and to the principal's heirs, assigns, and the personal representative of the estate of the principal in the same manner as the person would be liable had the person refused to accept the authority of the principal to act on the principal's own behalf. In any action brought in court to either force the acceptance of the authority of the attorney in fact or pursue damages as a result of the person's refusal to accept the authority of an attorney in fact, the person found liable for refusing to accept the authority of an attorney in fact shall pay the following:

(1) Three (3) times the amount of the actual damages.

(2) The attorney's fees of the person bringing the action to court.

(3) Prejudgment interest on the actual damages from the date the person refused to accept the authority of the attorney in fact.

(b) A person refusing to accept the authority of an attorney in fact to exercise a power granted under a power of attorney is not liable under subsection (a) if:

(1) the person has actual notice of the revocation of the power of attorney before the exercise of the power;

(2) the duration of the power of attorney specified in the power of attorney has expired;

(3) the person has actual knowledge of the death of the principal;

(4) the person reasonably believes that the power of attorney is not valid under Indiana law and provides the attorney in fact with a written statement not more than ten (10) business days after the refusal, describing the reason that the power of attorney is not valid under Indiana law; or

(5) the person reasonably believes that the power of attorney does not grant the attorney in fact with authority to perform the transaction requested and provides the attorney in fact with a written statement not more than ten (10) business days after the refusal, describing the reason the person believes the power of attorney is deficient under Indiana law.

(c) This section does not negate the liability a person would have to the principal or the attorney in fact under another form of power of attorney, under the common law, or otherwise.

As added by P.L.149-1991, SEC.2. Amended by P.L.252-2001, SEC.36; P.L.165-2002, SEC.10.
Ind. Code § 30-4-8-7 — Indiana Code / Title 30 / Article 4 / Chapter 8 / Section 30-4-8-7
Prohibited causes of action; effect of spendthrift provision
Status: in_force

Sec. 7. (a) Except as provided in section 8 of this chapter, no cause of action of any kind, including a cause of action to enforce a judgment, may be brought for:

(1) an attachment or other provisional remedy against property that is the subject of a qualified disposition to a legacy trust; or

(2) the avoidance of a qualified disposition to a legacy trust.

The protections provided to a qualified disposition by this subsection apply notwithstanding any law to the contrary set forth outside this chapter.

(b) If a court declines to apply Indiana law in determining the effect of a spendthrift provision in a legacy trust in an action brought against a legacy trust, the trustee of the legacy trust shall immediately resign and, without further order of any court, cease to be the trustee of the legacy trust. When a trustee resigns under this section, the trustee has the power only to convey the trust property to a successor trustee appointed under this section. A successor trustee shall succeed the resigning trustee in accordance with the terms of the legacy trust. If the trust does not provide for a successor trustee and the trust would otherwise be without a trustee, any beneficiary of the trust may petition an Indiana court to appoint a successor trustee. The Indiana court receiving the petition shall appoint a successor trustee to serve in accordance with the terms and conditions that the court determines are consistent with the purposes of the trust and this chapter.

(c) A legacy trust and its property are protected under this section regardless of whether or not the transferor:

(1) serves as an investment adviser under section 12 of this chapter; or

(2) retains a power described in section 13 of this chapter.

(d) To the maximum extent permitted by the United States Constitution and the Indiana Constitution, a court of this state shall exercise jurisdiction over a legacy trust or a qualified disposition and shall adjudicate a case or controversy brought before the court regarding, arising out of, or related to a legacy trust or a qualified disposition if that case or controversy is otherwise within the subject matter jurisdiction of the court. Subject to the United States Constitution and the Indiana Constitution, a court of this state shall not dismiss or otherwise decline to adjudicate a case or controversy described in this subsection on the grounds that a court of another jurisdiction has acquired or may acquire proper jurisdiction over, or may provide proper venue for, the case or controversy or the parties to the case or controversy. Nothing in this subsection shall be construed to do either of the following:

(1) Prohibit a transfer or other reassignment of a case or controversy from one court of this state to another court of this state.

(2) Expand or limit the subject matter jurisdiction of a court of this state.

As added by P.L.221-2019, SEC.9. Amended by P.L.231-2019, SEC.29.
Ind. Code § 30-2-8.6-1 — Indiana Code / Title 30 / Article 2 / Chapter 8.6 / Section 30-2-8.6-1
Applicability
Status: in_force

Sec. 1. (a) This chapter applies to a transfer or declaration creating a custodial trust that refers to this chapter if, at the time of the transfer or declaration:

(1) the transferor, beneficiary, or custodial trustee:

(A) is a resident of; or

(B) has its principal place of business in Indiana; or

(2) custodial trust property is located in Indiana.

(b) The custodial trust remains subject to this chapter even if the transferor, beneficiary, or custodial trustee:

(1) changes its residence or principal place of business; or

(2) removes custodial trust property;

to a location outside Indiana.

As added by P.L.3-2003, SEC.1.
Ind. Code § 30-4-5-4 — Indiana Code / Title 30 / Article 4 / Chapter 5 / Section 30-4-5-4
Repealed
Status: repealed

Formerly: Acts 1971, P.L.416, SEC.6. As amended by Acts 1982, P.L.171, SEC.119. Repealed by P.L.84-2002, SEC.11.
Ind. Code § 30-2-12-0.4 — Indiana Code / Title 30 / Article 2 / Chapter 12 / Section 30-2-12-0.4
Short title
Status: in_force

Sec. 0.4. This chapter may be cited as the Uniform Prudent Management of Institutional Funds Act.

As added by P.L.85-2016, SEC.1.
Ind. Code § 30-4-1-1.5 — Indiana Code / Title 30 / Article 4 / Chapter 1 / Section 30-4-1-1.5
IC 30-2-4 and IC 30-2-5 not repealed
Status: repealed

Sec. 1.5. This article does not repeal:

(1) IC 30-2-4 (the Uniform Fiduciaries Act); or

(2) IC 30-2-5 (the Uniform Act for the Simplification of Fiduciary Security Transfers).

As added by P.L.1-1989, SEC.60.
Ind. Code § 30-3-3-1 — Indiana Code / Title 30 / Article 3 / Chapter 3 / Section 30-3-3-1
Order of court; time
Status: in_force

Sec. 1. In any case where real estate is to be sold under the orders of any court of competent jurisdiction, and where the law requires that a bond be given for the faithful accounting of all money which may come into the custody and possession of the guardian, trustee, receiver, commissioner or other person appointed by the court to make such sale, it shall not be necessary for such guardian, trustee, receiver, commissioner or other person to execute such bond until a sale of such real estate has been ordered by the court having jurisdiction, or until such time as the court, in its discretion, may order and approve for the safeguarding of such assets.

Formerly: Acts 1937, c.178, s.1.
Ind. Code § 30-5-8-5 — Indiana Code / Title 30 / Article 5 / Chapter 8 / Section 30-5-8-5
Copy of power of attorney; certification
Status: in_force

Sec. 5. A copy of the power of attorney has the same force and effect as the original power of attorney if the attorney in fact or the person granting the power of attorney certifies that the copy is a true and correct copy.

As added by P.L.149-1991, SEC.2. Amended by P.L.42-2012, SEC.2.
Ind. Code § 30-2-14-18 — Indiana Code / Title 30 / Article 2 / Chapter 14 / Section 30-2-14-18
Distributions to beneficiaries; payment of fees and costs
Status: in_force

Sec. 18. (a) After an income interest in a trust ends, the following rules apply:

(1) A fiduciary of a terminating income interest shall determine the amount of net income and net principal receipts received from property specifically given to a beneficiary under the rules in sections 20 through 43 of this chapter that apply to trustees and the rules in subdivision (5). The fiduciary shall distribute the net income and net principal receipts to the beneficiary who is to receive the specific property.

(2) A fiduciary shall determine the remaining net income of a terminating income interest under the rules in sections 20 through 43 of this chapter that apply to trustees and by:

(A) including in net income all income from property used to discharge liabilities;

(B) paying from income or principal, in the fiduciary's discretion:

(i) fees of attorneys, accountants, and fiduciaries;

(ii) court costs and other expenses of administration; and

(iii) interest on death taxes;

but the fiduciary may pay those expenses from income of property passing to a trust for which the fiduciary claims an estate tax marital or charitable deduction only to the extent that the payment of those expenses from income will not cause the reduction or loss of the deduction; and

(C) paying from principal all other disbursements made or incurred in connection with the winding up of a terminating income interest, including debts; funeral expenses; disposition of remains; family allowances; and death taxes and related penalties that are apportioned to the terminating income interest by the terms of the trust or applicable law.

(3) If a beneficiary is to receive a pecuniary amount outright from a trust after an income interest ends and no interest or other amount is provided for by the terms of the trust or applicable law, the fiduciary shall distribute the interest or other amount to which the beneficiary would be entitled under applicable law if the pecuniary amount were required to be paid under a will.

(4) A fiduciary shall distribute the net income remaining after distributions required by subdivision (3) in the manner described in section 19 of this chapter to all residuary beneficiaries, even if the beneficiary holds an unqualified power to withdraw assets from the trust or other presently exercisable general power of appointment over the trust.

(5) A fiduciary may not reduce principal or income receipts from property described in subdivision (1) because of a payment described in section 38 or 39 of this chapter to the extent that the terms of the trust or applicable law requires the fiduciary to make the payment from assets other than the property or to the extent that the fiduciary recovers or expects to recover the payment from a third party. The net income and principal receipts from the property are determined by:

(A) including all of the amounts the fiduciary receives or pays with respect to the property, whether those amounts accrued or became due before, on, or after the date of an income interest's terminating event; and

(B) making a reasonable provision for amounts that the fiduciary believes the terminating income interest may become obligated to pay after the property is distributed.

(b) For purposes of this section, the interest of a settlor in a revocable living trust ends and becomes a terminating income interest when the settlor dies. Property that:

(1) becomes part of the trust by reason of the settlor's death; or

(2) is distributed to the trust from the settlor's estate;

becomes part of the terminating income interest when the property is received by the trust.

(c) For purposes of this section, a decedent's estate is not a terminating income interest.

As added by P.L.84-2002, SEC.2. Amended by P.L.61-2006, SEC.6; P.L.51-2014, SEC.13.
Ind. Code § 30-5-2-6 — Indiana Code / Title 30 / Article 5 / Chapter 2 / Section 30-5-2-6
"Person"
Status: in_force

Sec. 6. "Person" means:

(1) an individual at least eighteen (18) years of age;

(2) a corporation;

(3) a trust;

(4) a limited liability company;

(5) a partnership;

(6) a business trust;

(7) an estate;

(8) an association;

(9) a joint venture;

(10) a government or political subdivision;

(11) an agency;

(12) an instrumentality; or

(13) any other legal or commercial entity.

As added by P.L.149-1991, SEC.2. Amended by P.L.8-1993, SEC.469; P.L.143-2009, SEC.22.
Ind. Code § 30-4-1.5-6 — Indiana Code / Title 30 / Article 4 / Chapter 1.5 / Section 30-4-1.5-6
Creation of revocable electronic trust; amendment of revocable electronic trust; electronic signature
Status: in_force

Sec. 6. (a) If the settlor created or last amended a revocable trust by electronically signing an electronic trust instrument, the settlor may amend or revoke the trust in the following ways:

(1) By complying with a method provided in the terms of the trust and making either an electronic signature or an ordinary signature on paper to confirm the amendment or the revocation.

(2) If the terms of the trust do not specify any method or do not specify an exclusive method for amending or revoking the trust, the settlor may do the following:

(A) Execute a later will or codicil that:

(i) expressly refers to the trust; or

(ii) specifically devises property that would otherwise have passed according to the terms of the trust.

(B) Sign the settlor's electronic signature on an electronic record that:

(i) manifests the clear and convincing intent of the settlor to amend or revoke the trust; and

(ii) specifies the specific amendments or revocation that the settlor wishes to make.

(C) Sign the settlor's ordinary signature on a paper record that:

(i) manifests the clear and convincing intent of the settlor to amend or revoke the trust; and

(ii) specifies the specific amendments or revocation that the settlor wishes to make.

(D) Permanently delete or render unreadable and nonretrievable each copy of the electronic record for the electronic trust instrument that is in the settlor's possession or control if the settlor is not making use of a custodian to store the electronic record for the electronic trust instrument.

(E) Transmit or provide to the custodian of the electronic record for an electronic trust instrument a written or electronic record of the amendment or revocation that:

(i) is signed by the settlor; and

(ii) directs the custodian to permanently delete or make unreadable and nonretrievable the electronic record for the electronic trust instrument.

If the settlor knows that the electronic record for the electronic trust instrument or a complete converted copy of the electronic trust instrument is in the possession of a custodian, the settlor has a duty to use reasonable efforts to provide the custodian with written or electronic evidence of the amendment or revocation of the electronic trust instrument.

(b) If the settlor has possession of the electronic record for an electronic trust instrument that the settlor intends to amend or revoke, the settlor shall save a complete converted copy of the original electronic trust instrument before making any amendment or executing any revocation.

(c) If a custodian has possession of the electronic record for an electronic trust instrument that the settlor intends to amend or revoke, the custodian shall save a complete converted copy of the original electronic trust instrument before carrying out the settlor's direction to amend the electronic record or to render the electronic record unreadable and nonretrievable.

(d) A complete converted copy of an electronic trust instrument that is preserved in the manner described in subsection (b) or (c) may be used as evidence in the event that the validity of the settlor's amendment or revocation is later challenged.

As added by P.L.40-2018, SEC.3.
Ind. Code § 30-2-4-7 — Indiana Code / Title 30 / Article 2 / Chapter 4 / Section 30-2-4-7
Deposit in name of fiduciary
Status: in_force

Sec. 7. If a deposit is made in a bank to the credit of a fiduciary as such, the bank is authorized to pay the amount of the deposit or any part thereof upon the check of the fiduciary, signed with the name in which such deposit is entered, without being liable to the principal, unless the bank pays the check with the actual knowledge that the fiduciary is committing a breach of his obligation as fiduciary in drawing the check or with knowledge of such facts that its action in paying the check amounts to bad faith. If, however, such a check is payable to the drawee bank and is delivered to it in payment of or as security for a personal debt of the fiduciary to it, the bank is liable to the principal if the fiduciary in fact commits a breach of his obligation as fiduciary in drawing or delivering the check.

Formerly: Acts 1927, c.17, s.7.
Ind. Code § 30-4-10-23 — Indiana Code / Title 30 / Article 4 / Chapter 10 / Section 30-4-10-23
"Qualified beneficiary"
Status: in_force

Sec. 23. As used in this chapter, "qualified beneficiary" has the meaning set forth in IC 30-4-1-2(19).

As added by P.L.161-2022, SEC.3.
Ind. Code § 30-2-16-5 — Indiana Code / Title 30 / Article 2 / Chapter 16 / Section 30-2-16-5
Static balance administration services; reimbursement of administrator
Status: in_force

Sec. 5. Subject to this chapter, a payroll savings plan administrator is entitled to reimbursement from a static balance for reasonable expenses incurred in the performance of static balance administration services beginning with the year after the participant ceases to make allotments of payroll deductions to the payroll savings plan administrator.

As added by P.L.141-2005, SEC.27.
Ind. Code § 30-4-3-21 — Indiana Code / Title 30 / Article 4 / Chapter 3 / Section 30-4-3-21
Remedies of beneficiary against third persons
Status: in_force

Sec. 21. (Remedies of the Beneficiary against Third Persons)

If the trustee has a claim against a third person for which he may maintain a civil action under 30-4-3-15 but he is unable, unwilling or neglects to commence the action within a reasonable time not to exceed thirty (30) days after written demand, any beneficiary may commence the action in his own right for the benefit of all the beneficiaries.

Formerly: Acts 1971, P.L.416, SEC.4; Acts 1972, P.L.11, SEC.13.
Ind. Code § 30-1-9-4 — Indiana Code / Title 30 / Article 1 / Chapter 9 / Section 30-1-9-4
Repealed
Status: repealed

Formerly: Acts 1852, 1RS, c.113, s.4. Repealed by Acts 1971, P.L.416, SEC.8.
Ind. Code § 30-2-8.6-8 — Indiana Code / Title 30 / Article 2 / Chapter 8.6 / Section 30-2-8.6-8
"Custodial trustee"
Status: in_force

Sec. 8. As used in this chapter, "custodial trustee" means a person designated as:

(1) trustee; or

(2) substitute or successor to the person designated as trustee;

of a custodial trust under this chapter.

As added by P.L.3-2003, SEC.1.
Ind. Code § 30-4-10-43 — Indiana Code / Title 30 / Article 4 / Chapter 10 / Section 30-4-10-43
Beneficiary with a disability
Status: in_force

Sec. 43. (a) This section applies to any trust that has a beneficiary with a disability, without limitation, whenever a special-needs fiduciary for the trust determines that the beneficiary with a disability may qualify for governmental benefits based on a disability, whether the beneficiary currently receives those benefits or has been adjudicated to be an incapacitated person under IC 29-3.

(b) As used in this section, "governmental benefits" means financial aid or services from a state, federal, or other public agency.

(c) As used in this section, "special-needs fiduciary" means:

(1) a trustee or other fiduciary, other than a settlor, that has discretion to distribute part or all of the principal of a first trust to one or more current beneficiaries;

(2) if no trustee or fiduciary has discretion under subdivision (1), a trustee or other fiduciary, other than a settlor, that has discretion to distribute part or all of the income of the first trust to one (1) or more current beneficiaries; or

(3) if no trustee or fiduciary has discretion under subdivisions (1) and (2), a trustee or other fiduciary, other than a settlor, that is required to distribute part or all of the income or principal of the first trust to one (1) or more current beneficiaries;

with respect to a trust that has a beneficiary with a disability.

(d) As used in this section, "special-needs trust" means a trust that the trustee reasonably believes would not be considered a resource for purposes of determining whether a beneficiary with a disability is eligible for governmental benefits.

(e) A special-needs fiduciary may exercise the decanting power under section 41 of this chapter over the principal of a first trust as if the fiduciary had authority to distribute principal to a beneficiary with a disability subject to expanded distributive discretion if:

(1) a second trust is a special-needs trust or other trust that benefits the beneficiary with a disability; and

(2) the special-needs fiduciary determines that an exercise of the decanting power will further the purposes of the first trust.

(f) In an exercise of the decanting power under this section, the following rules apply:

(1) Except as provided in section 41(f)(2) of this chapter, the interest in the second trust of a beneficiary with a disability may:

(A) be a pooled trust as defined by Medicaid law for the benefit of the beneficiary with a disability under 42 U.S.C. 1396p(d)(4)(C), as amended and in effect on July 1, 2022; or

(B) contain payback provisions complying with reimbursement requirements of Medicaid law under 42 U.S.C. 1396p(d)(4)(A), as amended and in effect on July 1, 2022.

(2) Section 41(f)(3) of this chapter does not apply to the interests of the beneficiary with a disability.

(3) Except as affected by a change to the interests of the beneficiary with a disability, the second trust, or if there are two (2) or more second trusts, the second trusts in the aggregate, must grant each other beneficiary of the first trust beneficial interests in the second trusts which are substantially similar to the beneficiary's beneficial interests in the first trust.

As added by P.L.161-2022, SEC.3.
Ind. Code § 30-4-1-3 — Indiana Code / Title 30 / Article 4 / Chapter 1 / Section 30-4-1-3
Application and interpretation of rules of law and terms of trust
Status: in_force

Sec. 3. (Application and Interpretation of the Rules of Law and the Terms of the Trust)

The rules of law contained in this article shall be interpreted and applied to the terms of the trust so as to implement the intent of the settlor and the purposes of the trust. If the rules of law and the terms of the trust conflict, the terms of the trust shall control unless the rules of law clearly prohibit or restrict the article which the terms of the trust purport to authorize.

Formerly: Acts 1971, P.L.416, SEC.2.
Ind. Code § 30-2-16-7 — Indiana Code / Title 30 / Article 2 / Chapter 16 / Section 30-2-16-7
Static balance accounts reportable as unclaimed property; inapplicability of reimbursement provisions
Status: in_force

Sec. 7. Section 5 of this chapter does not apply to accounts containing a static balance that would otherwise be reported to the state under IC 32-34-1.5-18 as Indiana property.

As added by P.L.141-2005, SEC.27. Amended by P.L.141-2021, SEC.17.
Ind. Code § 30-2-8.5-10 — Indiana Code / Title 30 / Article 2 / Chapter 8.5 / Section 30-2-8.5-10
"Minor" defined
Status: in_force

Sec. 10. As used in this chapter, "minor" means an individual who is less than twenty-one (21) years of age.

As added by P.L.267-1989, SEC.2.
Ind. Code § 30-2-14-16 — Indiana Code / Title 30 / Article 2 / Chapter 14 / Section 30-2-14-16
Notice of proposed action
Status: in_force

Sec. 16. (a) A trustee may give a notice of proposed action regarding a matter governed by this chapter as set forth in this section. For purposes of this section, a proposed action includes a course of action and a decision not to take action.

(b) The trustee shall mail notice of the proposed action to all living beneficiaries who:

(1) are receiving; or

(2) are entitled to receive:

(A) income under the trust; or

(B) a distribution of principal;

if the trust were terminated at the time the notice is given.

If a beneficiary described in this subsection is a minor, the trustee may comply with this subsection by mailing the notice to any court appointed or natural guardian of the minor.

(c) A trustee is not required to give notice of proposed action to any person who consents in writing to the proposed action. The consent may be executed at any time before or after the proposed action is taken.

(d) The notice of proposed action shall state that the notice is given as set forth in this section and shall state all of the following:

(1) The name and mailing address of the trustee.

(2) The name and telephone number of a person who may be contacted for additional information.

(3) A description of the action proposed to be taken and an explanation of the reasons for the action.

(4) The time within which objections to the proposed action may be made, which shall be at least thirty (30) days after the mailing of the notice of proposed action.

(5) The date on or after which the proposed action may be taken or is effective.

(6) A beneficiary may object to the proposed action by mailing a written objection to the trustee at the address stated in the notice of proposed action within the period specified in the notice of proposed action.

(e) A trustee is not liable to a beneficiary for an action regarding a matter governed by this chapter if:

(1) the trustee does not receive a written objection to the proposed action from the beneficiary within the applicable period; and

(2) the other requirements of this section are satisfied.

If a beneficiary not entitled to notice objects under this section, the trustee is not liable to any current or future beneficiary with respect to the proposed action.

(f) If the trustee receives a written objection within the applicable period, either the trustee or a beneficiary may petition the court to have the proposed action taken as proposed, taken with modifications, or denied. In the proceeding, a beneficiary objecting to the proposed action has the burden of proving that the trustee's proposed action should not be taken. A beneficiary who has not objected is not estopped from opposing the proposed action in the proceeding. If the trustee decides not to implement the proposed action, the trustee shall mail notice to the beneficiaries described in subsection (b) of the decision not to take the action. The trustee's decision not to implement the proposed action does not itself give rise to liability to any current or future beneficiary. Within thirty (30) days after the mailing of the notice not to implement the proposed action, a beneficiary may petition the court to have the action taken and has the burden of proving that it should be taken.

As added by P.L.84-2002, SEC.2.
Ind. Code § 30-2-12-18 — Indiana Code / Title 30 / Article 2 / Chapter 12 / Section 30-2-12-18
Consideration for uniformity of law
Status: in_force

Sec. 18. In applying and construing this chapter, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it.

As added by P.L.226-2007, SEC.21.
Ind. Code § 30-4-10-22 — Indiana Code / Title 30 / Article 4 / Chapter 10 / Section 30-4-10-22
"Presently exercisable power of appointment"
Status: in_force

Sec. 22. (a) As used in this chapter, "presently exercisable power of appointment" means a power of appointment exercisable by the powerholder at the relevant time.

(b) The term includes a power of appointment exercisable only after the occurrence of a specified event, the satisfaction of an ascertainable standard, or the passage of a specified time.

(c) The term does not include a power exercisable only at the powerholder's death.

As added by P.L.161-2022, SEC.3.
Ind. Code § 30-2-4-9 — Indiana Code / Title 30 / Article 2 / Chapter 4 / Section 30-2-4-9
Deposit in fiduciary's personal account
Status: in_force

Sec. 9. If a fiduciary makes a deposit in a bank to his personal credit of checks drawn by him upon an account in his own name as fiduciary, or of checks payable to him as fiduciary, or of checks drawn by him upon an account in the name of his principal if he is empowered to draw checks thereon, or of checks payable to his principal and indorsed by him, if he is empowered to indorse such checks, or if he otherwise makes a deposit of funds held by him as fiduciary, the bank receiving such deposit is not bound to inquire whether the fiduciary is committing thereby a breach of his obligation as fiduciary; and the bank is authorized to pay the amount of the deposit or any part thereof upon the personal check of the fiduciary without being liable to the principal, unless the bank receives the deposit or pays the check with actual knowledge that the fiduciary is committing a breach of his obligation as fiduciary in making such deposit or in drawing such check, or with knowledge of such facts that its action in receiving the deposit or paying the check amounts to bad faith.

Formerly: Acts 1927, c.17, s.9.
Ind. Code § 30-2-8.5-14 — Indiana Code / Title 30 / Article 2 / Chapter 8.5 / Section 30-2-8.5-14
"Transfer" defined
Status: in_force

Sec. 14. As used in this chapter, "transfer" means a transaction that creates custodial property under section 24 of this chapter.

As added by P.L.267-1989, SEC.2.
Ind. Code § 30-5-6-4.2 — Indiana Code / Title 30 / Article 5 / Chapter 6 / Section 30-5-6-4.2
Claim against an attorney in fact; right to recover
Status: in_force

Sec. 4.2. (a) This section applies to a claim against an attorney in fact by:

(1) the principal;

(2) the principal's guardian;

(3) the principal's personal representative; or

(4) any person claiming through the principal following death.

(b) Except as provided in subsection (c), any claim against an attorney in fact that has not previously been barred by adjudication under section 4.1 of this chapter, by consent or by limitation, is barred against any person described in subsection (a) who:

(1) receives an accounting of all transactions entered into by the attorney in fact:

(A) personally, if the person is an adult; or

(B) through receipt by a parent or guardian, if the person is a minor or person with a disability; and

(2) does not commence a proceeding under IC 30-5-9-11 not later than two (2) years after receiving the accounting;

as to the matters disclosed in the accounting.

(c) The rights to recover from an attorney in fact for fraud, misrepresentation, or inadequate disclosure related to a power of attorney accounting are not barred under this section.

As added by P.L.81-2015, SEC.22.
Ind. Code § 30-4-2-12 — Indiana Code / Title 30 / Article 4 / Chapter 2 / Section 30-4-2-12
Illegality
Status: in_force

Sec. 12. (Illegality)

(a) The terms of the trust may not require the trustee to commit a criminal or tortious act or an act which is contrary to public policy.

(b) A trust with terms which violate subsection (a) of this section is invalid unless the prohibited term is separable. If the prohibited term is separable, only it is invalid and the remainder of the trust is valid.

Formerly: Acts 1971, P.L.416, SEC.3.
Ind. Code § 30-4-5-8 — Indiana Code / Title 30 / Article 4 / Chapter 5 / Section 30-4-5-8
Repealed
Status: repealed

Formerly: Acts 1971, P.L.416, SEC.6. As amended by Acts 1982, P.L.171, SEC.120. Repealed by P.L.84-2002, SEC.11.
Ind. Code § 30-2-7-8 — Indiana Code / Title 30 / Article 2 / Chapter 7 / Section 30-2-7-8
Uniformity of interpretation
Status: in_force

Sec. 8. This chapter shall be so interpreted and construed as to effectuate its general purpose to make uniform the law of those states which enact it.

Formerly: Acts 1941, c.50, s.9. As amended by Acts 1982, P.L.171, SEC.109.
Ind. Code § 30-2-14-7 — Indiana Code / Title 30 / Article 2 / Chapter 14 / Section 30-2-14-7
"Mandatory income interest" defined
Status: in_force

Sec. 7. As used in this chapter, "mandatory income interest" means the right of an income beneficiary to receive net income that the terms of the trust require the fiduciary to distribute.

As added by P.L.84-2002, SEC.2.
Ind. Code § 30-4-8-13 — Indiana Code / Title 30 / Article 4 / Chapter 8 / Section 30-4-8-13
Revocability
Status: in_force

Sec. 13. (a) A legacy trust is not considered revocable because of the inclusion of one (1) or more of the following:

(1) A transferor's power to veto a distribution from the trust.

(2) A power of appointment (other than the power to appoint to the transferor, the transferor's creditors, the transferor's estate, or the creditors of the transferor's estate) that may be exercised by will or other written instrument of the transferor that is effective only upon the transferor's death.

(3) The transferor's potential or actual receipt of income or principal, including a right to income retained in the trust.

(4) The transferor's potential or actual receipt of income or principal from a charitable remainder unitrust or charitable remainder annuity trust (as those terms are defined in Section 664 of the Internal Revenue Code).

(5) The transferor's potential or actual receipt of income or principal from a grantor retained annuity trust or grantor retained unitrust that is allowed under Section 2702 of the Internal Revenue Code.

(6) The transferor's potential or actual receipt or use of principal when that potential or actual receipt or use results from a qualified trustee's acting:

(A) in the qualified trustee's discretion;

(B) under a standard that governs the distribution of principal and does not confer upon the transferor a power to consume, invade, or appropriate property for the benefit of the transferor unless the power of the transferor is limited by an ascertainable standard relating to health, education, support, or maintenance within the meaning of Section 2041(b)(1)(A) or 2514(c)(1) of the Internal Revenue Code; or

(C) at the direction of a trust director described in section 14 of this chapter who acts:

(i) in the trust director's discretion; or

(ii) under a standard that governs the distribution of principal and does not confer upon the transferor a power to consume, invade, or appropriate property for the benefit of the transferor unless the power of the transferor is limited by an ascertainable standard relating to health, education, support, or maintenance within the meaning of Section 2041(b)(1)(A) or 2514(c)(1) of the Internal Revenue Code.

(7) The transferor's right to remove a trustee or trust director and to appoint a new trustee or trust director as long as that right does not include the appointment of a person who is a related or subordinate party to the transferor within the meaning of Section 672(c) of the Internal Revenue Code.

(8) The transferor's potential or actual use of real property held under a qualified personal residence trust (as defined in Section 2702(c) of the Internal Revenue Code).

(b) For the purpose of subsection (a)(6)(A), a qualified trustee is presumed to have discretion with respect to the distribution of principal unless that discretion is denied to the qualified trustee by the terms of the legacy trust.

As added by P.L.221-2019, SEC.9.
Ind. Code § 30-2-13-9 — Indiana Code / Title 30 / Article 2 / Chapter 13 / Section 30-2-13-9
"Purchaser"
Status: in_force

Sec. 9. As used in this chapter, "purchaser" means a person or firm contracting with a seller for services or merchandise to be provided or delivered for a named individual.

As added by P.L.200-1991, SEC.1. Amended by P.L.207-1993, SEC.28; P.L.114-1999, SEC.4; P.L.143-2009, SEC.17; P.L.101-2010, SEC.5; P.L.34-2011, SEC.8.
Ind. Code § 30-5-2-3.8 — Indiana Code / Title 30 / Article 5 / Chapter 2 / Section 30-5-2-3.8
"Financial exploitation"
Status: in_force

Sec. 3.8. "Financial exploitation", for purposes of IC 30-5-5-6.5, has the meaning set forth in IC 30-5-5-6.5(a)(3).

As added by P.L.231-2019, SEC.35.
Ind. Code § 30-2-15-2 — Indiana Code / Title 30 / Article 2 / Chapter 15 / Section 30-2-15-2
"Income trust"
Status: in_force

Sec. 2. As used in this chapter, "income trust" means:

(1) a trust created by an inter vivos or a testamentary instrument that has terms that describe the amount that may or must be distributed to a beneficiary by referring to the trust's income; or

(2) a cemetery perpetual care fund established under IC 23-14-48-2.

As added by P.L.3-2003, SEC.2. Amended by P.L.33-2019, SEC.8.