reglab/housing_qa huggingface dataset:
IN Code § 30-4-6-9 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 4. Trust Code|Chapter 6. Procedure|30-4-6-9. Suit on Bond

Sec. 9. (Suit on Bond)(a) The court may, on breach of the obligation of the bond of the trustee, after notice to the obligors on the bond and to such other persons as the court directs, determine the damages, and by appropriate proceeding enforce the collection thereof from those liable on the bond. Such determination and enforcement may be made by the court upon its own motion or upon application of a successor trustee, or of any other interested person. Damages may be assessed on behalf of all interested persons and may be paid over to the successor or other non-defaulting trustee or any other person the court may direct.(b) The bond of the trustee shall not be void upon the first recovery, but may be proceeded upon from time to time until the whole penalty is exhausted.(c) If the court has already determined the liability of the trustee, the sureties shall not be permitted thereafter to deny such liability in any action or hearing to determine their liability; but the surety may intervene in any hearing to determine the liability of the trustee.Formerly: Acts 1971, P.L.416, SEC.7.
IN Code § 30-4-6-10 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 4. Trust Code|Chapter 6. Procedure|30-4-6-10. Representation by Class or Similar Interest

Sec. 10. (Representation by Class or Similar Interest)Any adjudication involving the interests of persons represented by a personal representative shall be lawful and binding upon all interested persons, whether born or unborn, whether notified or not notified, and whether represented or not, provided, those interested persons are of the same class or have interests similar to the predominant interests of any person so notified or represented.Formerly: Acts 1971, P.L.416, SEC.7.
IN Code § 30-4-6-10.5 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 4. Trust Code|Chapter 6. Procedure|30-4-6-10.5. Persons Who Represent Interests of and Bind Other Persons

Sec. 10.5. (a) Except as provided in the terms of a trust, and to the extent there is not a conflict of interest between the representative and the person represented or among those being represented:(1) a guardian may represent and bind the protected person who is subject to the guardianship;(2) an attorney in fact who has authority to act with respect to the particular question or dispute may represent and bind the principal;(3) a trustee may represent and bind the beneficiaries of the trust;(4) a personal representative of a decedent's estate may represent and bind persons interested in the estate;(5) a designated representative appointed for a beneficiary under a provision in a trust instrument may represent and bind the beneficiary of the trust; and(6) a parent may represent and bind the parent's minor, unborn, or not yet adopted child if a guardian for the child has not been appointed;with regard to a particular question or dispute.(b) The holder of a general power of appointment, including a general testamentary power of appointment, may represent and bind persons whose interests are subject to the power of appointment, including:(1) permissible appointees; and(2) takers in default.(c) Unless otherwise represented:(1) a minor;(2) an incapacitated person;(3) an unborn or a not yet adopted child; or(4) a person whose identity or location is unknown and not reasonably ascertainable;may be represented by and bound by another person who has a substantially identical interest with respect to the particular question or dispute but only to the extent there is not a conflict of interest between the representative and the person represented.(d) If the court determines that an interest is not represented under this section or that the otherwise available representation might be inadequate, the court may appoint a guardian ad litem to receive notice, give consent, and otherwise represent, bind, and act on behalf of:(1) a minor;(2) an incapacitated person;(3) an unborn child; or(4) a person whose identity or location is unknown.If not precluded by conflict of interest, a guardian ad litem may be appointed to represent several persons or interests. A guardian ad litem may act on behalf of the person represented with respect to any matter arising under this title, regardless of whether a judicial proceeding concerning the trust is pending. In making decisions, a guardian ad litem may consider general benefits accruing to the living members of the family of the persons represented.(e) Notice to a person who may represent and bind another person under this section has the same effect as if notice were given directly to the other person.(f) The consent of a person who may represent and bind another person under this section is binding on the person represented unless the person represented objects to the representation before the consent would have become effective.As added by P.L.238-2005, SEC.45. Amended by P.L.221-2019, SEC.8.
IN Code § 30-4-6-11 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 4. Trust Code|Chapter 6. Procedure|30-4-6-11. Appeals

Sec. 11. (Appeals)(a) Any person considering himself aggrieved by any decision of a court having jurisdiction in proceedings under this article may prosecute an appeal to the court having jurisdiction of such an appeal. That appeal shall be taken as appeals are taken in civil causes.(b) In an appeal, the trustee will be entitled to a stay of proceedings without bond.Formerly: Acts 1971, P.L.416, SEC.7.
IN Code § 30-4-6-12 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 4. Trust Code|Chapter 6. Procedure|30-4-6-12. Statute of Limitations

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.
IN Code § 30-4-6-13 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 4. Trust Code|Chapter 6. Procedure|30-4-6-13. Application of Rules of Procedure

Sec. 13. (Application of Rules of Procedure)Except as otherwise provided in this article, the Indiana Rules of Procedure shall apply with respect to procedure in any matter arising under this article.Formerly: Acts 1971, P.L.416, SEC.7.
IN Code § 30-4-6-14 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 4. Trust Code|Chapter 6. Procedure|30-4-6-14. Contesting Validity of Revocable Trust; Time Limits; Notice Requirements

Sec. 14. (a) A person must commence a judicial proceeding to contest the validity of a trust that was revocable at the settlor's death within the earlier of the following:(1) Ninety (90) days after the person receives from the trustee a copy of a trust certification required by IC 30-4-4-5 and a notice that:(A) informs the person of the trust's existence;(B) states the trustee's name and address;(C) states:(i) the person's interest in the trust, as described in the trust document; or(ii) that the person has no interest in the trust; and(D) states the time allowed for commencing the proceeding.(2) Three (3) years after the settlor's death.(b) More than one hundred twenty (120) days after the death of the settlor of a trust that was revocable at the settlor's death, the trustee may distribute the trust property in accordance with the terms of the trust. The trustee is not subject to liability for the distribution unless:(1) the trustee knows of a pending judicial proceeding contesting the validity of the trust; or(2) a potential contestant notifies the trustee of a possible judicial proceeding to contest the trust and a judicial proceeding is commenced not later than sixty (60) days after the contestant sends the trustee the notification.(c) A beneficiary of a trust that is determined to be invalid shall return any distribution received.As added by P.L.238-2005, SEC.46. Amended by P.L.51-2014, SEC.26.
IN Code § 30-4-7-1 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 4. Trust Code|Chapter 7. Adjudicated Compromise of Controversies|30-4-7-1. Application of Chapter

Sec. 1. This chapter applies to the compromise of a contest or controversy with respect to the following:(1) The construction, validity, or effect of a trust instrument.(2) The identity, rights, or interests of a beneficiary of a trust.(3) The administration of a trust.As added by P.L.200-1991, SEC.6.
IN Code § 30-4-7-2 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 4. Trust Code|Chapter 7. Adjudicated Compromise of Controversies|30-4-7-2. Binding Effect of Compromise

Sec. 2. A compromise executed under this chapter is binding on all parties to the compromise, including a party represented by a guardian or guardian ad litem.As added by P.L.200-1991, SEC.6.
IN Code § 30-4-7-3 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 4. Trust Code|Chapter 7. Adjudicated Compromise of Controversies|30-4-7-3. Rights of Creditors or Taxing Authorities

Sec. 3. A compromise executed under this chapter does not impair the rights of creditors or taxing authorities that are not parties to the compromise.As added by P.L.200-1991, SEC.6.
IN Code § 30-4-7-4 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 4. Trust Code|Chapter 7. Adjudicated Compromise of Controversies|30-4-7-4. Appointment of Guardian or Guardian Ad Litem

Sec. 4. The court may appoint a guardian or a guardian ad litem to represent the following persons or interests in a compromise executed under this chapter if the persons or interests do not have a guardian or guardian ad litem:(1) A minor.(2) A person who is without legal capacity to personally act.(3) A person whose present existence or whereabouts cannot be ascertained.(4) A person who is not yet born or adopted.(5) An inalienable estate.(6) A future contingent interest.As added by P.L.200-1991, SEC.6.
IN Code § 30-4-7-5 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 4. Trust Code|Chapter 7. Adjudicated Compromise of Controversies|30-4-7-5. Law Governing Appointment of Guardian or Guardian Ad Litem

Sec. 5. IC 29-1-1-20 applies to the appointment of a guardian or guardian ad litem under section 4 of this chapter.As added by P.L.200-1991, SEC.6.
IN Code § 30-4-7-6 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 4. Trust Code|Chapter 7. Adjudicated Compromise of Controversies|30-4-7-6. Agreement of Compromise

Sec. 6. The terms of a compromise executed under this chapter must be set forth in an agreement that is:(1) in writing; and(2) executed by all persons or the guardians or guardians ad litem appointed under section 4 of this chapter of all persons who:(A) have an interest in the trust; or(B) have a claim against the trust.As added by P.L.200-1991, SEC.6.
IN Code § 30-4-7-7 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 4. Trust Code|Chapter 7. Adjudicated Compromise of Controversies|30-4-7-7. Docket of Documents

Sec. 7. After a compromise is executed, an interested person may docket the trust and 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.(3) Any other relevant documents.As added by P.L.200-1991, SEC.6.
IN Code § 30-4-7-8 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 4. Trust Code|Chapter 7. Adjudicated Compromise of Controversies|30-4-7-8. Notice and Hearing on Agreement

Sec. 8. After notice has been given in the manner directed by the court to:(1) all interested persons;(2) the guardians or guardians ad litem of interested persons;(3) the personal representative of an estate affected by the agreement; and(4) the trustee of a trust affected by the agreement;the court shall hold a hearing on the agreement.As added by P.L.200-1991, SEC.6.
IN Code § 30-4-7-9 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 4. Trust Code|Chapter 7. Adjudicated Compromise of Controversies|30-4-7-9. Court Order

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.
IN Code § 30-4-7-10 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 4. Trust Code|Chapter 7. Adjudicated Compromise of Controversies|30-4-7-10. Effect of Entry of Order

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.
IN Code § 30-4-8-1 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 4. Trust Code|Chapter 8. Legacy Trusts|30-4-8-1. Application

Sec. 1. (a) Subject to the limitations set forth in subsection (b), this chapter applies to:(1) qualified dispositions to legacy trusts; and(2) dispositions by transferors who are trustees;that are made after June 30, 2019.(b) This chapter does not apply to:(1) any assets that are listed on an application or financial statement completed by the transferor and which is submitted to a lender in connection with a request to obtain or maintain credit from the lender; or(2) any assets of a legacy trust that are listed on an application or financial statement completed on behalf of the legacy trust and which is submitted to a lender in connection with a request to obtain or maintain credit from the lender on behalf of the legacy trust.In the event that assets described in subsection (b)(1) are later transferred to a legacy trust and a default occurs under the loan or extension of credit, either before or after the transfer or disposition under the legacy trust, the lender shall be entitled to proceed against any assets listed on the applications or financial statements which were submitted in connection with the loan, or any modifications, amendments, or renewals of the loan. Nothing in this chapter shall prohibit such action. A change in the character, form, or ownership of the assets described in subsection (b)(1) shall in no way make subsection (b)(1) inapplicable. This subsection shall apply only to the lender that extended credit based on the application or financial statement submitted to the lender and the indebtedness or any portion of the indebtedness owed to the lender remains unpaid.As added by P.L.221-2019, SEC.9. Amended by P.L.56-2020, SEC.12.
IN Code § 30-4-8-2 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 4. Trust Code|Chapter 8. Legacy Trusts|30-4-8-2. Definitions

Sec. 2. Unless the context requires otherwise, the following definitions apply throughout this chapter:(1) "Claim" means a right to payment, regardless of whether the right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, immature, disputed, undisputed, legal, equitable, secured, or unsecured.(2) "Creditor" means a person who has a claim against the transferor.(3) "Debt" means liability on a claim.(4) "Disposition" means a transfer, conveyance, or assignment of property, including a change in the legal ownership of property that occurs when a trustee is substituted for another trustee or when at least one (1) trustee is added. The term also includes the exercise of a power that causes a transfer of property to a trustee. However, the term does not include the release or relinquishment of an interest in property that, until the release or relinquishment, was the subject of a qualified disposition.(5) "Investment decision" means the retention, purchase, sale, exchange, tender, or other transaction affecting the ownership of or rights in an investment.(6) "Legacy trust" means an irrevocable trust established under section 3 of this chapter.(7) "Lender" means a company or entity that extends credit, including but not limited to a financial institution (as defined by IC 28-1-1-3(1)), a company or entity that extends credit under IC 24-4.4 or IC 24-4.5, or the successors and assigns of the company or entity.(8) "Person" means an individual at least eighteen (18) years of age, a corporation, a trust, a limited liability company, a limited liability partnership, a partnership, a governmental entity, the state, or a political subdivision of the state.(9) "Property" means real property, personal property, or an interest in real or personal property.(10) "Qualified affidavit" means a sworn affidavit executed under section 5 of this chapter.(11) "Qualified disposition" means a disposition by a transferor to a legacy trust.(12) "Qualified trustee" means a person qualified to serve as the trustee of a legacy trust under section 6 of this chapter.(13) "Transferor" means a person who as:(A) an owner of property;(B) a holder of a power of appointment that authorizes the holder to appoint in favor of the holder, the holder's creditors, the holder's estate, or the creditors of the holder's estate; or(C) a trustee;directly or indirectly makes a disposition or causes a disposition to be made.(14) "Trust director" means a person given authority by the terms of a legacy trust to direct, consent to, or disapprove actual or proposed investment decisions, distribution decisions, or other decisions related to property in a legacy trust.As added by P.L.221-2019, SEC.9.
IN Code § 30-4-8-3 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 4. Trust Code|Chapter 8. Legacy Trusts|30-4-8-3. Establishment

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.
IN Code § 30-4-8-4 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 4. Trust Code|Chapter 8. Legacy Trusts|30-4-8-4. Requirements

Sec. 4. A legacy trust must do the following:(1) Provide for the appointment of at least one (1) qualified trustee for the property that is the subject of a qualified disposition.(2) Expressly incorporate Indiana law to govern the validity, construction, and administration of the trust.(3) Be irrevocable.(4) Provide that the interests of the transferor or beneficiary in the trust property or the income from the trust property may not voluntarily or involuntarily be transferred, assigned, pledged, or mortgaged before the qualified trustee actually distributes the property or income to the beneficiary.As added by P.L.221-2019, SEC.9.
IN Code § 30-4-8-5 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 4. Trust Code|Chapter 8. Legacy Trusts|30-4-8-5. Qualified Affidavits

Sec. 5. (a) A qualified affidavit must be signed under the penalties of perjury, and state the following:(1) That the transferor has full right, title, and authority to transfer the property to the legacy trust.(2) That the transfer of the property to the legacy trust will not render the transferor insolvent.(3) That the transferor does not intend to defraud a creditor by transferring the property to the legacy trust.(4) That there are no pending or threatened court actions against the transferor other than the court actions identified by the transferor and attached to the qualified affidavit.(5) That the transferor is not involved in any administrative proceedings other than the administrative proceedings identified by the transferor and attached to the qualified affidavit.(6) That the transferor does not contemplate filing for relief under the federal bankruptcy code.(7) That the property transferred to the legacy trust is not derived from unlawful activities.(b) Except as provided in subsection (c), a qualified affidavit must be signed by the transferor.(c) In the case of a disposition by a transferor who is a trustee, the qualified affidavit must be signed by the transferor who made the original disposition to the trustee. A qualified affidavit signed under this subsection must state the facts as of the time of the original disposition.(d) If a transferor is a married individual at the time a qualified affidavit is signed, the transferor shall provide a copy of the qualified affidavit to the transferor's spouse.As added by P.L.221-2019, SEC.9.
IN Code § 30-4-8-6 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 4. Trust Code|Chapter 8. Legacy Trusts|30-4-8-6. Qualified Trustees; Duties

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.