reglab/housing_qa huggingface dataset:
IN Code § 28-14-3-22 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 14. Corporate Fiduciaries|Chapter 3. Powers and Duties|28-14-3-22. Nonresident Fiduciaries; Establishment of Indiana Office; Rights, Privileges, and Restrictions

Sec. 22. (a) Subject to IC 28-1-22, a corporate fiduciary, trust company, or bank that is organized and doing business under the laws of any state, territory, or district other than Indiana, including a national bank or national trust company that is primarily domiciled in any other state, may establish an office to conduct business as a fiduciary in Indiana if the law of the state, territory, or district in which the corporate fiduciary, trust company, or bank is primarily domiciled would allow an Indiana bank, an Indiana corporate fiduciary, or an Indiana trust company to establish a place of business or an agency in that state, territory, or district for the conduct of business as a fiduciary.(b) A corporate fiduciary, trust company, or bank that is organized and doing business under the laws of any state, territory, or district other than Indiana, including a national bank or national trust company that is primarily domiciled in any other state, has the same rights, privileges, and restrictions, including capital requirements, as an Indiana bank, an Indiana corporate fiduciary, or an Indiana trust company of like character or charter, and to the same extent as if the corporate fiduciary, trust company, or bank organized and doing business under the laws of any state, territory, or district other than Indiana had been organized under this article, to transact the business for which a certificate of admission is issued.As added by P.L.262-1995, SEC.90. Amended by P.L.192-1997, SEC.29; P.L.27-2012, SEC.109.
IN Code § 28-14-3-23 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 14. Corporate Fiduciaries|Chapter 3. Powers and Duties|28-14-3-23. Service as Successor Trustee

Sec. 23. For the purposes of IC 30-4-3-29, a corporate fiduciary may serve as a successor trustee in the same capacity as if the corporate fiduciary were a bank (as defined in IC 28-1-1-3).As added by P.L.262-1995, SEC.90.
IN Code § 28-14-3-24 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 14. Corporate Fiduciaries|Chapter 3. Powers and Duties|28-14-3-24. Credit Union Service Organizations

Sec. 24. Notwithstanding any other law, a credit union or a group of credit unions may establish a credit union service organization that is a corporate fiduciary.As added by P.L.262-1995, SEC.90.
IN Code § 28-14-3-25 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 14. Corporate Fiduciaries|Chapter 3. Powers and Duties|28-14-3-25. Powers Relating to Common Trust Funds

Sec. 25. For the purposes of IC 30-1-8, a corporate fiduciary has the same powers and authority as a bank.As added by P.L.262-1995, SEC.90.
IN Code § 28-14-4-1 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 14. Corporate Fiduciaries|Chapter 4. Real Estate Powers of Corporate Fiduciaries|28-14-4-1. Power to Purchase or Convey Real Estate Necessary for Convenient Transaction of Business

Sec. 1. (a) A corporate fiduciary has the power to purchase, hold, and convey real estate as necessary for the convenient transaction of its business.(b) Real property that may be purchased or held for the convenient transaction of the business of a corporate fiduciary includes the following:(1) Real property on which the principal office or a trust office of the corporate fiduciary is located.(2) Real property that is the location of facilities supporting the operations of the corporate fiduciary.(3) Real property that the board of directors expects, in good faith, to use as an office or a facility in the future.As added by P.L.262-1995, SEC.90.
IN Code § 28-14-4-2 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 14. Corporate Fiduciaries|Chapter 4. Real Estate Powers of Corporate Fiduciaries|28-14-4-2. Real Property Held Without Use for One Year

Sec. 2. (a) If real property referred to in section 1(b)(3) of this chapter is held for one (1) year without being used by the corporate fiduciary as an office or a facility, the board of directors of the corporate fiduciary shall state by resolution definite plans for the use of the real property.(b) A resolution adopted under this section shall be made available for inspection by the department.As added by P.L.262-1995, SEC.90.
IN Code § 28-14-4-3 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 14. Corporate Fiduciaries|Chapter 4. Real Estate Powers of Corporate Fiduciaries|28-14-4-3. Real Property Held Without Use for More Than Three Years

Sec. 3. Real property referred to in section 1(b)(3) of this chapter may not be held for more than three (3) years without being used as a corporate fiduciary office or a facility, unless:(1) the board of directors by resolution:(A) reaffirms annually that the corporate fiduciary expects to use the real property as a corporate fiduciary office or a facility in the future; and(B) explains the reason why the real property has not yet been used as an office or a facility; and(2) the director determines that:(A) the continued holding of the real property does not endanger the safety and soundness of the corporate fiduciary; and(B) the corporate fiduciary is holding the real property to use in the future for one (1) of the purposes set forth in section 1(b)(1) and 1(b)(2) of this chapter.As added by P.L.262-1995, SEC.90.
IN Code § 28-14-4-4 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 14. Corporate Fiduciaries|Chapter 4. Real Estate Powers of Corporate Fiduciaries|28-14-4-4. Real Property Held Without Use for More Than Ten Years

Sec. 4. Real property referred to in section 1(b)(3) of this chapter may not be held for more than ten (10) years without being used as a corporate fiduciary office or facility unless the director consents in writing to the continued holding of the real estate by the corporate fiduciary.As added by P.L.262-1995, SEC.90.
IN Code § 28-14-4-5 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 14. Corporate Fiduciaries|Chapter 4. Real Estate Powers of Corporate Fiduciaries|28-14-4-5. Maximum Limit of Investment in Real Estate and Buildings Necessary for Convenient Transaction of Business

Sec. 5. The sum that a corporate fiduciary invests in real estate and buildings used for the convenient transaction of its business shall not exceed fifty percent (50%) of the capital and surplus of the corporate fiduciary, exclusive of undivided profits of the corporate fiduciary, unless the director gives approval in writing to investments exceeding the limit set forth in this subsection.As added by P.L.262-1995, SEC.90.
IN Code § 28-14-4-6 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 14. Corporate Fiduciaries|Chapter 4. Real Estate Powers of Corporate Fiduciaries|28-14-4-6. Investment in Stock of Corporation Holding Real Estate and Buildings Used by Corporate Fiduciary

Sec. 6. Investments by a corporate fiduciary under this chapter may be made in the stock of a corporation that is organized to own and hold the real property and building occupied and used wholly or in part by the corporate fiduciary.As added by P.L.262-1995, SEC.90.
IN Code § 28-14-5-1 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 14. Corporate Fiduciaries|Chapter 5. Investments of Corporate Fiduciaries|28-14-5-1. "Total Equity Capital"

Sec. 1. As used in this chapter, "total equity capital" means unimpaired capital stock, unimpaired surplus, unimpaired undivided profits, and subordinated debt.As added by P.L.262-1995, SEC.90.
IN Code § 28-14-5-2 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 14. Corporate Fiduciaries|Chapter 5. Investments of Corporate Fiduciaries|28-14-5-2. Limitations on Dealing in Investment Securities

Sec. 2. Except as otherwise provided in this article, the business of dealing in investment securities by a corporate fiduciary is limited to purchasing and selling securities without recourse, solely upon the order and for the account of customers and not for its own account.As added by P.L.262-1995, SEC.90.
IN Code § 28-14-5-3 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 14. Corporate Fiduciaries|Chapter 5. Investments of Corporate Fiduciaries|28-14-5-3. Underwriting or Guarantee of Issue of Securities

Sec. 3. A corporate fiduciary may not underwrite or guarantee all or any part of an issue of securities other than obligations issued or guaranteed by or on behalf of:(1) the state;(2) a political subdivision of the state; or(3) an agency or instrumentality of the state.As added by P.L.262-1995, SEC.90.
IN Code § 28-14-5-4 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 14. Corporate Fiduciaries|Chapter 5. Investments of Corporate Fiduciaries|28-14-5-4. Purchase for Own Account and Sale of Investment Securities

Sec. 4. (a) A corporate fiduciary may purchase for its own account and sell investment securities under the limitations and restrictions the department prescribes by rule or policy. However, the total amount of the investment securities of any one (1) obligor or maker purchased or held by a corporate fiduciary for its own account shall not at any time exceed ten percent (10%) of the amount of the total equity capital of the corporate fiduciary.(b) The limitations imposed by subsection (a) do not apply to:(1) the direct or indirect obligations of the United States; or(2) the direct obligations of:(A) a United States territory or insular possession;(B) the state of Indiana; or(C) any municipal corporation or taxing district in Indiana.As added by P.L.262-1995, SEC.90.
IN Code § 28-14-5-5 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 14. Corporate Fiduciaries|Chapter 5. Investments of Corporate Fiduciaries|28-14-5-5. Purchase for Own Account and Sale of Shares of Investment Companies and Mortgage Backed Securities

Sec. 5. A corporate fiduciary may purchase for its own account and sell:(1) shares of investment companies, the portfolios of which consist solely of securities that are eligible for purchase and sale by national banking associations; and(2) mortgage backed securities that are eligible for purchase and sale by national banking associations, only to the extent that a national banking association can purchase and sell mortgage backed securities.As added by P.L.262-1995, SEC.90.
IN Code § 28-14-5-6 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 14. Corporate Fiduciaries|Chapter 5. Investments of Corporate Fiduciaries|28-14-5-6. Deposit of Funds by Corporate Fiduciaries

Sec. 6. A corporate fiduciary may deposit funds into accounts, and in amounts, that are federally insured. A credit union service organization established as a corporate fiduciary under IC 28-14-3-24 may deposit its funds in the credit union or credit unions that control the credit union service organization.As added by P.L.262-1995, SEC.90. Amended by P.L.35-2010, SEC.205.
IN Code § 28-14-5-6.5 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 14. Corporate Fiduciaries|Chapter 5. Investments of Corporate Fiduciaries|28-14-5-6.5. Purchase of Speculative Securities or Securities Not Rated by a Generally Recognized Security Rating Service

Sec. 6.5. (a) A corporate fiduciary may not purchase for its own account any bond, note, or other evidence of indebtedness that is commonly designated as a security that is speculative in character or that has speculative characteristics. For the purposes of this subsection, a security is speculative or has speculative characteristics if at the time of purchase the security:(1) is rated below the first four (4) rating classes by a generally recognized security rating service;(2) is in default; or(3) is otherwise considered speculative by the director.(b) A corporate fiduciary may purchase for its own account a security that is not rated by a generally recognized security rating service if:(1) the corporate fiduciary at the time of purchase obtains financial information that is adequate to document the investment quality of the security; and(2) the security is not otherwise considered speculative by the director.As added by P.L.176-1996, SEC.32. Amended by P.L.89-2011, SEC.72.
IN Code § 28-14-5-7 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 14. Corporate Fiduciaries|Chapter 5. Investments of Corporate Fiduciaries|28-14-5-7. Prohibition on Purchases of Stock of Nonsubsidiaries

Sec. 7. Except as otherwise authorized by this title, a corporate fiduciary may not purchase any share of stock of a corporation that is not a subsidiary of the corporate fiduciary.As added by P.L.262-1995, SEC.90.
IN Code § 28-14-5-8 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 14. Corporate Fiduciaries|Chapter 5. Investments of Corporate Fiduciaries|28-14-5-8. Investment in Casualty Insurance Company

Sec. 8. (a) Notwithstanding any other provision of this article, a corporate fiduciary may invest in a casualty insurance company organized solely for the purpose of insuring:(1) banks;(2) corporate fiduciaries;(3) trust companies; and(4) bank holding companies and their officers and directors;from and against liabilities, including those covered by bankers' blanket bonds and director and officer liability insurance and other public liability insurance.(b) Investments made under subsection (a) must take the form of:(1) the purchase for the corporate fiduciary's own account of:(A) shares of stock of the casualty insurance company; or(B) shares of stock of an association of banks organized for the purpose of funding the casualty insurance company; or(2) loans to an association of banks referred to in subdivision (1)(B).(c) The total investment of a corporate fiduciary under subsection (a) may not exceed five percent (5%) of the capital and surplus of the corporate fiduciary.As added by P.L.262-1995, SEC.90.
IN Code § 28-14-5-9 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 14. Corporate Fiduciaries|Chapter 5. Investments of Corporate Fiduciaries|28-14-5-9. "Investment Security"

Sec. 9. The rules or policies adopted by the department under IC 28-14-8 may define the term "investment security" for the purposes of this chapter.As added by P.L.262-1995, SEC.90.
IN Code § 28-14-5-10 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 14. Corporate Fiduciaries|Chapter 5. Investments of Corporate Fiduciaries|28-14-5-10. Purchase Records

Sec. 10. A corporate fiduciary that purchases a security for its own account shall maintain sufficient records of the security to allow the security to be properly identified by the department for examination purposes.As added by P.L.176-1996, SEC.33.
IN Code § 28-14-6-1 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 14. Corporate Fiduciaries|Chapter 6. Books and Records of Corporate Fiduciaries|28-14-6-1. Access and Examination by Department

Sec. 1. (a) Books and records of the corporate fiduciary must be reasonably accessible to the department.(b) If the records of a corporate fiduciary are located outside Indiana:(1) the records shall be made available to the department at a convenient location within Indiana; or(2) the corporate fiduciary shall pay the reasonable and necessary expenses for the department or its representative to examine the records where they are maintained.As added by P.L.262-1995, SEC.90.
IN Code § 28-14-6-2 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 14. Corporate Fiduciaries|Chapter 6. Books and Records of Corporate Fiduciaries|28-14-6-2. Separate Bookkeeping for Fiduciary Accounts; Segregation of Securities and Property Held for Fiduciary Accounts

Sec. 2. A corporate fiduciary exercising trust powers or any powers as a fiduciary shall:(1) keep, separate and apart from its other business, separate books and accounts for its fiduciary accounts; and(2) keep all securities and property that is held for its fiduciary accounts (other than money) at all times segregated from and unmingled with its own securities and property.As added by P.L.262-1995, SEC.90.
IN Code § 28-14-6-3 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 14. Corporate Fiduciaries|Chapter 6. Books and Records of Corporate Fiduciaries|28-14-6-3. Fiduciary Account Information Required; Timely Posting of Activities

Sec. 3. (a) The records of a corporate fiduciary must contain full information relative to each fiduciary account, including accounting, correspondence, and legal documentation as needed for the successful administration of the account.(b) The records of a corporate fiduciary must meet the following requirements:(1) Documentation that accountings are made in accordance with general trust and probate statutes must be retained by the corporate fiduciary.(2) Records must account for cash funds of each account, and must be constructed in a manner consistent with identification of cash by its origin and ultimate distribution.(3) Records must provide information relative to each asset held for each account, and provide sufficient detail to clearly identify each asset.(4) Records must be posted in a manner as timely as activity levels dictate.As added by P.L.262-1995, SEC.90.
IN Code § 28-14-6-4 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 14. Corporate Fiduciaries|Chapter 6. Books and Records of Corporate Fiduciaries|28-14-6-4. Duty to Keep Books of Account and Minutes of Corporate Proceedings

Sec. 4. A corporate fiduciary shall keep correct and complete books of accounts and minutes of the proceedings of shareholders, directors, executives, and finance committees.As added by P.L.262-1995, SEC.90.
IN Code § 28-14-6-5 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 14. Corporate Fiduciaries|Chapter 6. Books and Records of Corporate Fiduciaries|28-14-6-5. Stock Transfer Book; Shareholders List

Sec. 5. A corporate fiduciary shall keep at its principal office:(1) an original or a duplicate stock transfer book; or(2) records setting forth:(A) the names and addresses of all shareholders; and(B) the number of shares held by each shareholder; or(3) the records described in subdivisions (1) and (2).As added by P.L.262-1995, SEC.90.
IN Code § 28-14-7-1 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 14. Corporate Fiduciaries|Chapter 7. Requirements and Prohibitions Applying to Corporate Fiduciaries|28-14-7-1. Prohibited Transactions; Investigatory and Enforcement Powers of Department

Sec. 1. (a) A corporate fiduciary is prohibited from entering into any transaction that would be prohibited for a bank under IC 28-1-18.2.(b) The department has the same:(1) powers of investigation; and(2) enforcement authority;concerning corporate fiduciaries and their affiliates as the department has with respect to banks and their affiliates under IC 28-1-18.2.As added by P.L.262-1995, SEC.90.
IN Code § 28-14-7-2 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 14. Corporate Fiduciaries|Chapter 7. Requirements and Prohibitions Applying to Corporate Fiduciaries|28-14-7-2. Statements of Condition

Sec. 2. (a) The department may in any year require a corporate fiduciary to prepare and submit as many statements of condition as the department considers necessary.(b) Statements of condition required by the department under this section must be:(1) verified; and(2) prepared and submitted:(A) on the forms; and(B) on the dates;designated in notices given by the director.(c) Statements of condition required by the department under this section must include a statement summarizing fiduciary activities engaged in by the corporate fiduciary.(d) The department is authorized to provide copies of a report submitted under this section upon request at a cost established by the department.As added by P.L.262-1995, SEC.90.
IN Code § 28-14-7-3 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 14. Corporate Fiduciaries|Chapter 7. Requirements and Prohibitions Applying to Corporate Fiduciaries|28-14-7-3. Violations; Penalties

Sec. 3. (a) A corporate fiduciary that:(1) fails to prepare and submit a statement of condition required by the department under section 2 of this chapter; or(2) violates any order of the department with respect to a statement of condition required by the department under section 2 of this chapter;is subject to a civil penalty of one hundred dollars ($100) for each day that elapses after the date fixed by the department for compliance with the notice concerning the statement of condition.(b) A penalty paid under subsection (a) must be deposited in the financial institutions fund established by IC 28-11-2-9.As added by P.L.262-1995, SEC.90.
IN Code § 28-14-7-4 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 14. Corporate Fiduciaries|Chapter 7. Requirements and Prohibitions Applying to Corporate Fiduciaries|28-14-7-4. Duty to Report Shortages and Irregularities

Sec. 4. A corporate fiduciary is subject to the reporting requirements concerning shortages and irregularities that are set forth in IC 28-13-10-10(e).As added by P.L.262-1995, SEC.90. Amended by P.L.63-2001, SEC.29 and P.L.134-2001, SEC.31.
IN Code § 28-14-7-5 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 14. Corporate Fiduciaries|Chapter 7. Requirements and Prohibitions Applying to Corporate Fiduciaries|28-14-7-5. Maintenance of Principal Office in County in Which Corporate Fiduciary Conducts Trust Business; Post Office Address of Principal Office

Sec. 5. (a) A corporate fiduciary that engages in the trust business in Indiana shall maintain an office or a place of business in Indiana. The office maintained under this subsection shall be known as the principal office, and must be located in a county in which the corporate fiduciary conducts business.(b) The post office address of the principal office shall be stated in the original articles of incorporation, at the time of the incorporation. Thereafter, the location of the principal office may be changed at any time or from time to time when authorized by the board of directors and approved by the department, by filing with the secretary of state, before the date on which the change is to take effect, a certificate that:(1) is signed by the president or a vice president and by the secretary or cashier of the corporate fiduciary;(2) is verified by one (1) of the officers signing the certificate; and(3) states that the change is to be made and that it is made under authorization by the board of directors.As added by P.L.262-1995, SEC.90.
IN Code § 28-14-7-6 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 14. Corporate Fiduciaries|Chapter 7. Requirements and Prohibitions Applying to Corporate Fiduciaries|28-14-7-6. Administration of Common Trust Funds

Sec. 6. A corporate fiduciary that administers common trust funds is subject to 12 CFR 9.18.As added by P.L.262-1995, SEC.90.
IN Code § 28-14-7.5-1 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 14. Corporate Fiduciaries|Chapter 7.5. Conservatorship of Corporate Fiduciaries|28-14-7.5-1. Application of Chapter

Sec. 1. This chapter applies to a corporate fiduciary (as defined in IC 28-1-1-3(19)).As added by P.L.10-2006, SEC.78 and P.L.57-2006, SEC.78.
IN Code § 28-14-7.5-2 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 14. Corporate Fiduciaries|Chapter 7.5. Conservatorship of Corporate Fiduciaries|28-14-7.5-2. Applications of Definitions

Sec. 2. Except as otherwise provided, the definitions in IC 28-14-1 apply throughout this chapter.As added by P.L.10-2006, SEC.78 and P.L.57-2006, SEC.78.