reglab/housing_qa huggingface dataset:
IN Code § 30-2-15-16 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 2. General Provisions|Chapter 15. Total Return Unitrusts|30-2-15-16. Unitrust Amount; Initial Two Years of Trust

Sec. 16. For the first two (2) years of the trust or the first two (2) years after the conversion to a total return unitrust under this chapter, the unitrust amount for a current valuation year of the trust must be the product of the unitrust rate multiplied by the net fair market values of the assets held in the trust on the first business day of the current valuation year.As added by P.L.3-2003, SEC.2.
IN Code § 30-2-15-17 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 2. General Provisions|Chapter 15. Total Return Unitrusts|30-2-15-17. Unitrust Amount; Successive Years

Sec. 17. Beginning with the third year of the trust, and each year after that year, the unitrust amount for a current valuation year of the trust is the product of the unitrust rate multiplied by the average of the net fair market values of the assets held in the trust on the first business day of:(1) the current valuation year; and(2) each of the two (2) years of the trust immediately preceding the current valuation year.As added by P.L.3-2003, SEC.2.
IN Code § 30-2-15-18 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 2. General Provisions|Chapter 15. Total Return Unitrusts|30-2-15-18. Net Fair Market Value of Unitrust Assets

Sec. 18. In determining the net fair market value of each asset held in the trust under sections 16 and 17 of this chapter, the value of the following may not be included:(1) Any residential property or tangible personal property that, as of the first business day of the current valuation year, at least one (1) income beneficiary of the trust has or had the right to:(A) occupy; or(B) possess or control;other than in a capacity as trustee. However, the right of occupancy or the right to possession or control shall be considered to be the unitrust amount with respect to the residential property or the tangible personal property.(2) Any asset specifically given to a beneficiary under the terms of the trust and the return on that investment. The return on the investment shall be distributable to the beneficiary.(3) Any assets that are held in a testator's estate.As added by P.L.3-2003, SEC.2.
IN Code § 30-2-15-19 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 2. General Provisions|Chapter 15. Total Return Unitrusts|30-2-15-19. Trustee Powers

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.
IN Code § 30-2-15-20 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 2. General Provisions|Chapter 15. Total Return Unitrusts|30-2-15-20. Prohibited Reduction in Unitrust Amount

Sec. 20. The unitrust amount may not be reduced for expenses that would be deducted from income if the trust were not a total return unitrust.As added by P.L.3-2003, SEC.2.
IN Code § 30-2-15-21 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 2. General Provisions|Chapter 15. Total Return Unitrusts|30-2-15-21. Adjusting Net Fair Market Values of Assets

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.
IN Code § 30-2-15-22 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 2. General Provisions|Chapter 15. Total Return Unitrusts|30-2-15-22. Prorating Unitrust Amount in Short Year

Sec. 22. (a) As used in this section, "short year" refers to a part of a calendar year that:(1) begins when the interest of the current beneficiary or class of current beneficiaries begins; or(2) ends when the interest of the current beneficiary or class of beneficiaries ends.(b) The trustee shall prorate the unitrust amount on a daily basis in a short year.As added by P.L.3-2003, SEC.2.
IN Code § 30-2-15-23 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 2. General Provisions|Chapter 15. Total Return Unitrusts|30-2-15-23. Unitrust Amount's Satisfying Tax Law Requirement of Preserving Tax Benefit

Sec. 23. (a) This section applies to the following trusts:(1) A trust for which a marital deduction has been taken for federal tax purposes during the lifetime of the spouse for whom the trust was created under Section 2056 or 2523 of the Internal Revenue Code.(2) A trust to which the generation-skipping transfer tax due under Section 2601 of the Internal Revenue Code does not apply by reason of any effective date or transition rule.(b) To the extent necessary to satisfy a tax law requirement or to preserve a tax benefit, the unitrust amount may not be less than the net income of the trust. Net income of the trust shall be determined as if the trust were not a unitrust.As added by P.L.3-2003, SEC.2.
IN Code § 30-2-15-24 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 2. General Provisions|Chapter 15. Total Return Unitrusts|30-2-15-24. Construing the Governing Instrument

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.
IN Code § 30-2-15-25 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 2. General Provisions|Chapter 15. Total Return Unitrusts|30-2-15-25. Paying the Unitrust Amount

Sec. 25. (a) Except as provided in subsection (b), and unless otherwise provided by the governing instrument, the unitrust amount shall be considered to have been paid from net income. The net income of the trust shall be determined as if the trust were not a unitrust.(b) To the extent that:(1) net income is insufficient to pay the unitrust amount, the unitrust amount shall be considered to have been paid from net realized short term capital gains;(2) net income and net realized short term capital gains are insufficient to pay the unitrust amount, the unitrust amount shall be considered to have been paid from net realized long term capital gains; and(3) net income and net realized short term and net long term capital gains are insufficient to pay the unitrust amount, the unitrust amount shall be considered to have been paid from the principal of the trust.As added by P.L.3-2003, SEC.2.
IN Code § 30-2-15-26 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 2. General Provisions|Chapter 15. Total Return Unitrusts|30-2-15-26. Immunity of Trustee

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.
IN Code § 30-2-16-1 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 2. General Provisions|Chapter 16. Payroll Savings Plan Administration|30-2-16-1. "Participant"

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.
IN Code § 30-2-16-2 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 2. General Provisions|Chapter 16. Payroll Savings Plan Administration|30-2-16-2. "Payroll Savings Plan"

Sec. 2. As used in this chapter, "payroll savings plan" means a method provided by an employer to the employer's employees for the voluntary purchase of United States savings bonds on a regular schedule through the designation of an amount to be deducted each pay period until a sufficient amount accumulates to pay the purchase price of at least one (1) United States savings bond.As added by P.L.141-2005, SEC.27.
IN Code § 30-2-16-3 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 2. General Provisions|Chapter 16. Payroll Savings Plan Administration|30-2-16-3. "Payroll Savings Plan Administrator"

Sec. 3. As used in this chapter, "payroll savings plan administrator" means an organization that:(1) has been qualified by the Federal Reserve Bank or the Bureau of the Public Debt under 31 CFR Part 317 to sell United States savings bonds; and(2) operates payroll savings plans on behalf of employers for the purchase of United States savings bonds.As added by P.L.141-2005, SEC.27.
IN Code § 30-2-16-4 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 2. General Provisions|Chapter 16. Payroll Savings Plan Administration|30-2-16-4. "Static Balance"

Sec. 4. As used in this chapter, "static balance" means an amount held by a payroll savings plan administrator for a participant who:(1) is not making allotments of payroll deductions to the payroll savings plan administrator; but(2) has not terminated the individual's directions to the participant's employer or the employer's payroll savings plan administrator to purchase United States savings bonds for the individual when a sufficient balance accumulates to pay the purchase price.As added by P.L.141-2005, SEC.27.
IN Code § 30-2-16-5 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 2. General Provisions|Chapter 16. Payroll Savings Plan Administration|30-2-16-5. Static Balance Administration Services; Reimbursement of Administrator

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.
IN Code § 30-2-16-6 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 2. General Provisions|Chapter 16. Payroll Savings Plan Administration|30-2-16-6. Applicability of Reimbursement Provision

Sec. 6. Section 5 of this chapter applies only to an account in which the static balance does not exceed fifty dollars ($50).As added by P.L.141-2005, SEC.27.
IN Code § 30-2-16-7 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 2. General Provisions|Chapter 16. Payroll Savings Plan Administration|30-2-16-7. Static Balance Accounts Reportable as Unclaimed Property; Inapplicability of Reimbursement Provisions

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.
IN Code § 30-2-16-8 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 2. General Provisions|Chapter 16. Payroll Savings Plan Administration|30-2-16-8. Static Balance Account; Maximum Monthly Charge

Sec. 8. The maximum charge that may be imposed on an account with a static balance is one dollar ($1) per month.As added by P.L.141-2005, SEC.27.
IN Code § 30-3-3-1 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 3. Miscellaneous Provisions|Chapter 3. Bond of Fiduciary in Judicial Sale|30-3-3-1. Order of Court; Time

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.
IN Code § 30-3-4-1 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 3. Miscellaneous Provisions|Chapter 4. Relinquishment of Certain Charitable Trusts|30-3-4-1. Application of Chapter; Home for Indigent Women, Worthy Poor, or Orphaned Children

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.
IN Code § 30-3-4-2 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 3. Miscellaneous Provisions|Chapter 4. Relinquishment of Certain Charitable Trusts|30-3-4-2. Determination by Board of Commissioners to Relinquish Trust

Sec. 2. If the board of commissioners determines:(1) that the amount of money or property given, devised, or bequeathed is or will be inadequate to carry out the trust without an additional appropriation from the county; and(2) that the county will not be substantially benefited by the administration of the trust;then the board shall relinquish the trust. The title to any money and property so given, devised, or bequeathed then vests in the legal heirs of the donor or testator according to the provisions of IC 29 concerning intestate succession.[Pre-Local Government Recodification Citation: 17-2-19-1 part.]As added by Acts 1980, P.L.8, SEC.143.
IN Code § 30-3-4-3 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 3. Miscellaneous Provisions|Chapter 4. Relinquishment of Certain Charitable Trusts|30-3-4-3. Certifying Transcript of Finding; Recording

Sec. 3. The auditor of a county in which the board of commissioners makes a finding under this chapter affecting the title to real estate shall immediately certify a transcript of the finding to the county recorder of the county in which the real estate so affected is located. The county recorder shall then have the transcript recorded in the deed record of the county.[Pre-Local Government Recodification Citation: 17-2-19-2.]As added by Acts 1980, P.L.8, SEC.143.
IN Code § 30-4-1-1 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 4. Trust Code|Chapter 1. General Provisions|30-4-1-1. Definition of "Trust"; Relationships Excluded From This Article; Transferability of Employee Benefit Trust

Sec. 1. (a) A trust is a fiduciary relationship between a person who, as trustee, holds title to property and another person for whom, as beneficiary, the title is held.(b) Subject to IC 30-4-2-8, the same person may be both the trustee and a beneficiary.(c) The rules of law contained in this article do not apply to:(1) trusts created by operation of law;(2) business trusts (as defined in IC 23-5-1);(3) security instruments and creditor arrangements;(4) voting trusts;(5) religious, educational, and cultural institutions, created in other than trust form, except with respect to the application of IC 30-4-5-18 through IC 30-4-5-23 as those sections relate to the maintenance of federal income tax exemption privileges to which an institution is entitled;(6) corporations and other entities governed by IC 23-17, except with respect to IC 30-4-5-18 through IC 30-4-5-23 as those sections relate to the maintenance of federal income tax exemption privileges to which a corporation or other entity is entitled;(7) except as provided in this article for trusts for a benevolent public purpose and as provided in the Indiana uniform prudent investor act (IC 30-4-3.5):(A) prepaid funeral plans;(B) trusts for the care and upkeep of cemeteries; and(C) agreements to furnish funeral services; and(8) trusts created or authorized by statute other than this article.(d) IC 30-4-3-2(a) applies to an employee benefit trust that meets the requirements set forth in IC 30-4-3-2(c). However, no other provision of this article applies to an employee benefit trust.Formerly: Acts 1971, P.L.416, SEC.2; Acts 1972, P.L.11, SEC.12. As amended by P.L.287-1987, SEC.1; P.L.41-2000, SEC.1; P.L.61-2008, SEC.12.
IN Code § 30-4-1-1.5 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 4. Trust Code|Chapter 1. General Provisions|30-4-1-1.5. Ic 30-2-4 and Ic 30-2-5 Not 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.
IN Code § 30-4-1-3 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 4. Trust Code|Chapter 1. General Provisions|30-4-1-3. Application and Interpretation of Rules of Law and Terms of Trust

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.
IN Code § 30-4-1-4 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 4. Trust Code|Chapter 1. General Provisions|30-4-1-4. Application of Article to Preexisting Trusts; Application of Amendments to Preexisting Trusts

Sec. 4. (a) Except as provided elsewhere in this article, the rules of law contained in this article shall apply to all trusts created prior to September 2, 1971, unless to do so would:(1) adversely affect a right given to any beneficiary;(2) give a right to any beneficiary which the beneficiary was not intended to have when the trust was created;(3) impose a duty or liability on any person which was not intended to be imposed when the trust was created; or(4) relieve any person from any duty or liability imposed by the terms of the trust or under prior law.(b) Except as provided elsewhere in this article, an amendment to the rules of law contained in this article applies to all trusts created prior to the effective date of the applicable amendment unless to do so would:(1) adversely affect a right given to any beneficiary;(2) give a right to any beneficiary that the beneficiary was not intended to have when the trust was created;(3) impose a duty or liability on any person that was not intended to be imposed when the trust was created; or(4) relieve any person from any duty or liability imposed by the terms of the trust or under prior law.Formerly: Acts 1971, P.L.416, SEC.2. As amended by Acts 1982, P.L.171, SEC.117; P.L.149-2012, SEC.11.
IN Code § 30-4-1-5 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 4. Trust Code|Chapter 1. General Provisions|30-4-1-5. Construction of Pronouns

Sec. 5. (Construction of Pronouns)A pronoun used in this article may be construed, unless the context requires otherwise, without regard to gender or whether the person or thing to which it refers is animate or inanimate.Formerly: Acts 1971, P.L.416, SEC.2.
IN Code § 30-4-1-6 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 4. Trust Code|Chapter 1. General Provisions|30-4-1-6. Construction of Singular Number

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.
IN Code § 30-4-1-7 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 4. Trust Code|Chapter 1. General Provisions|30-4-1-7. Trust Code Study Commission Report

Sec. 7. The report of the Trust Code Study Commission made according to IC 2-5-11 (repealed) may be consulted by the courts to determine the reasons, purpose and policies of this article, and may be used as a guide to its construction and application.Formerly: Acts 1971, P.L.416, SEC.2. As amended by P.L.1-2009, SEC.153.
IN Code § 30-4-1-8 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 4. Trust Code|Chapter 1. General Provisions|30-4-1-8. Effect of Requirement of Exercising Power of Appointment by Reference

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.
IN Code § 30-4-1-9 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 4. Trust Code|Chapter 1. General Provisions|30-4-1-9. Specific Indication of Power of Appointment Required

Sec. 9. A trust shall not operate as to the exercise of a power of appointment, which the settlor may have with respect to any real or personal property, unless by its terms the trust specifically indicates that the settlor intended to exercise the power.As added by P.L.252-2001, SEC.31.
IN Code § 30-4-1-10 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 4. Trust Code|Chapter 1. General Provisions|30-4-1-10. Distribution Under Laws of Intestate Succession When Manner Not Specified

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.
IN Code § 30-4-1-11 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 4. Trust Code|Chapter 1. General Provisions|30-4-1-11. Choice of Law

Sec. 11. The meaning and legal effect of a distribution under a trust shall be determined by the law of the state selected by the settlor in the trust, unless the application of that law is contrary to the public policy of this state.As added by P.L.252-2001, SEC.33.
IN Code § 30-4-1-12 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 4. Trust Code|Chapter 1. General Provisions|30-4-1-12. Persons Born Out of Wedlock

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.
IN Code § 30-4-1-13 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 4. Trust Code|Chapter 1. General Provisions|30-4-1-13. Applicability of Constructive Trust Provisions

Sec. 13. IC 29-1-2-12.1 applies to a trust.As added by P.L.238-2005, SEC.20.