reglab/housing_qa huggingface dataset:
IN Code § 30-4-3-1.3 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 4. Trust Code|Chapter 3. Rules Governing the Rights, Powers, Duties, Liabilities, and Remedies of the Parties to a Trust|30-4-3-1.3. Revocable Trusts; Powers of Settlor; Duties of Trustees

Sec. 1.3. (a) While a trust is revocable and the settlor has the capacity to revoke the trust:(1) the rights of the beneficiaries are subject to the control of; and(2) the duties of the trustee are owed exclusively to;the settlor.(b) A settlor is presumed to have capacity for the purposes of subsection (a) until the trustee receives from at least one (1) licensed physician written certification that the settlor lacks the capacity to revoke the trust.(c) If a revocable trust has more than one (1) settlor, the duties of the trustee are owed to all of the settlors having capacity to revoke the trust.(d) During the period the power may be exercised, the holder of a power of withdrawal has the rights of a settlor of a revocable trust under this section to the extent of the property subject to the power.(e) If a trustee reasonably believes that a settlor of a revocable trust lacks capacity to revoke the trust, the trustee is authorized to provide information to the settlor's designated agent (even if the designated agent is one (1) of two (2) or more trustees) or to any beneficiary who, if the settlor were deceased, would be entitled to distributions from the trust.(f) A person who becomes a successor trustee of a revocable trust upon the death, resignation, or incapacity of a trustee who was also a settlor is not liable for any act or failure to act by the settlor while the settlor was trustee.(g) A successor trustee of a revocable trust who succeeds a trustee who was also a settlor of the trust does not have a duty to:(1) investigate any act or failure to act by the predecessor trustee;(2) review any accounting of the predecessor trustee; or(3) take action on account of any breach of trust by the predecessor trustee.As added by P.L.99-2013, SEC.9.
IN Code § 30-4-3-1.5 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 4. Trust Code|Chapter 3. Rules Governing the Rights, Powers, Duties, Liabilities, and Remedies of the Parties to a Trust|30-4-3-1.5. Revocation or Amendment of Trust by Settlor

Sec. 1.5. (a) This subsection applies to a trust created under an instrument executed after June 30, 2005. Unless the terms of a trust expressly provide that the trust is irrevocable, the settlor may revoke or amend the trust.(b) This subsection applies to a revocable trust created or funded by at least two (2) settlors. Unless the terms of the trust provide otherwise:(1) to the extent the trust consists of community property, the trust may be:(A) revoked by either spouse acting alone; and(B) amended only by the joint action of both spouses; and(2) to the extent the trust consists of property other than community property, each settlor may revoke or amend the trust with regard to the part of the trust property attributable to that settlor's contribution.(c) The settlor may revoke or amend a revocable trust as follows:(1) The settlor may comply with a method provided in the terms of the trust.(2) If the terms of the trust do not provide a method or the terms of the trust provide a method that is not expressly made the exclusive method to revoke or amend the trust, the settlor may revoke or amend the trust by:(A) executing 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; or(B) any other method that:(i) is in writing; and(ii) manifests clear and convincing evidence of the settlor's intent.(d) If a revocable trust is revoked, the trustee shall deliver the trust property as the settlor directs.(e) A settlor's powers with respect to revocation, amendment, and distribution of trust property may be exercised by an agent under a power of attorney only to the extent expressly authorized by the terms of the trust or the power of attorney.(f) A guardian of a settlor may exercise the settlor's powers with respect to revocation, amendment, or distribution of trust property only with the approval of the court supervising the guardianship.(g) A trustee who does not know that a trust has been revoked or amended is not liable to the settlor or settlor's successors in interest for distributions made and other actions taken on the assumption that the trust had not been revoked or amended.As added by P.L.238-2005, SEC.30.
IN Code § 30-4-3-2 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 4. Trust Code|Chapter 3. Rules Governing the Rights, Powers, Duties, Liabilities, and Remedies of the Parties to a Trust|30-4-3-2. Power to Restrain Transfer of a Beneficiary's Interest

Sec. 2. (a) The settlor may provide in the terms of the trust that the interest of a beneficiary may not be either voluntarily or involuntarily transferred before payment or delivery of the interest to the beneficiary by the trustee.(b) Except as otherwise provided in subsection (c), if the settlor is also a beneficiary of the trust, a provision restraining the voluntary or involuntary transfer of the settlor's beneficial interest will not prevent the settlor's creditors from satisfying claims from the settlor's interest in the trust estate.(c) A protective provision similar to that authorized by subsection (a) prevents a creditor of the settlor from satisfying a claim from the settlor's interest in the trust estate when the settlor is also a beneficiary of the trust if the trust is one (1) of the following:(1) A trust that meets both of the following requirements:(A) The trust is a qualified trust under 26 U.S.C. 401(a).(B) The limitations on each beneficiary's control over the beneficiary's interest in the trust complies with 29 U.S.C. 1056(d).(2) A legacy trust established under IC 30-4-8.(d) A trust containing terms authorized under subsection (a) may be referred to wherever appropriate as a trust with protective provisions.Formerly: Acts 1971, P.L.416, SEC.4. As amended by P.L.287-1987, SEC.2; P.L.221-2019, SEC.2.
IN Code § 30-4-3-3.2 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 4. Trust Code|Chapter 3. Rules Governing the Rights, Powers, Duties, Liabilities, and Remedies of the Parties to a Trust|30-4-3-3.2. Perpetual Care Fund Trusts; Trustee Withdrawals

Sec. 3.2. The trustee of a trust established as the perpetual care fund of a cemetery under IC 23-14-48-2 may, under IC 23-14-48-2.2, without court authorization, withdraw from the trust the amounts allowed by IC 23-14-48-2 to pay the cost of perpetual care of the cemetery, notwithstanding any provision in the terms of the trust that would restrict withdrawals from the trust to less than the withdrawals allowed by IC 23-14-48-2.As added by P.L.163-2016, SEC.2.
IN Code § 30-4-3-4 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 4. Trust Code|Chapter 3. Rules Governing the Rights, Powers, Duties, Liabilities, and Remedies of the Parties to a Trust|30-4-3-4. Exercise of Powers by Multiple, Successor, or Surviving Trustees

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.
IN Code § 30-4-3-5 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 4. Trust Code|Chapter 3. Rules Governing the Rights, Powers, Duties, Liabilities, and Remedies of the Parties to a Trust|30-4-3-5. Conflict of Interest in Exercise of Powers

Sec. 5. (a) If the duty of the trustee in the exercise of any power conflicts with the trustee's individual interest or the trustee's interest as trustee of another trust, the power may be exercised only under one (1) of the following circumstances:(1) The trustee receives court authorization to exercise the power with notice to interested persons as the court may direct.(2) The trustee gives notice of the proposed action in accordance with IC 30-2-14-16 and:(A) the trustee receives the written authorization of all interested persons to the proposed action within the period specified in the notice of the proposed action; or(B) a beneficiary objects to the proposed action within the period specified in the notice of the proposed action, but the trustee receives court authorization to exercise the power.(3) The exercise of the power is specifically authorized by the terms of the trust.(b) For purposes of this section, the interest of an affiliate of the trustee will be deemed to be the interest of the trustee.Formerly: Acts 1971, P.L.416, SEC.4. As amended by P.L.61-2006, SEC.7.
IN Code § 30-4-3-6.5 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 4. Trust Code|Chapter 3. Rules Governing the Rights, Powers, Duties, Liabilities, and Remedies of the Parties to a Trust|30-4-3-6.5. Liability of Trustee for Lack of Knowledge of Event Affecting Administration or Distribution of Trust

Sec. 6.5. If the happening of an event, including:(1) marriage;(2) divorce;(3) performance of educational requirements; or(4) death;affects the administration or distribution of a trust, a trustee who has exercised reasonable care to ascertain the happening of the event is not liable for a loss resulting from the trustee's lack of knowledge.As added by P.L.238-2005, SEC.33.
IN Code § 30-4-3-7 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 4. Trust Code|Chapter 3. Rules Governing the Rights, Powers, Duties, Liabilities, and Remedies of the Parties to a Trust|30-4-3-7. Self-Dealing; Transactions Between Trusts

Sec. 7. (a) Unless the terms of the trust provide otherwise or the transaction is authorized under section 7.5 of this chapter, IC 28-1-12-8, or IC 28-6.1-6-26, the trustee has a duty:(1) not to loan funds to the trustee or an affiliate;(2) not to purchase or participate in the purchase of trust property from the trust for the trustee's own or an affiliate's account;(3) not to sell or participate in the sale of the trustee's own or an affiliate's property to the trust; or(4) if a corporate trustee, not to purchase for or retain in the trust its own or a parent or subsidiary corporation's stock, bonds, or other capital securities. However, the trustee may retain such securities already held in trusts created prior to September 2, 1971.(b) Unless the terms of the trust provide otherwise, a corporate trustee may invest in, purchase for, or retain in the trust its own or an affiliate's obligations, including savings accounts and certificates of deposit, without the investment, purchase, or retention constituting a conflict of interest under section 5 of this chapter.(c) Unless the terms of the trust provide otherwise, a corporate trustee does not violate subsection (a) by investing in, purchasing for, or retaining in the trust its own or an affiliate's obligations, including savings accounts and certificates of deposit, if the payment of each obligation is fully insured by the Federal Deposit Insurance Corporation, the National Credit Union Share Insurance Fund, or any insurer approved by the department of financial institutions under IC 28-7-1-31.5.(d) If the terms of the trust permit the trustee to deal with a beneficiary for the trustee's own account, the trustee has a duty to deal fairly with and to disclose to the beneficiary all material facts related to the transaction which the trustee knows or should know.(e) Unless the terms of the trust provide otherwise, the trustee may sell, exchange, or participate in the sale or exchange of trust property from one (1) trust to the trustee as trustee of another trust, provided the sale or exchange is fair and reasonable with respect to the beneficiaries of both trusts and the trustee discloses to the beneficiaries of both trusts all material facts related to the sale or exchange which the trustee knows or should know.(f) This section does not prohibit a trustee from enforcing or fulfilling any enforceable contract or agreement:(1) executed during the settlor's lifetime; and(2) between the settlor and the trustee in the trustee's individual capacity.Formerly: Acts 1971, P.L.416, SEC.4. As amended by Acts 1982, P.L.171, SEC.118; P.L.174-1986, SEC.1; P.L.8-1991, SEC.34; P.L.176-1996, SEC.34; P.L.238-2005, SEC.34; P.L.202-2007, SEC.3; P.L.226-2007, SEC.22; P.L.89-2011, SEC.75; P.L.194-2017, SEC.9.
IN Code § 30-4-3-7.5 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 4. Trust Code|Chapter 3. Rules Governing the Rights, Powers, Duties, Liabilities, and Remedies of the Parties to a Trust|30-4-3-7.5. Transactions Authorized

Sec. 7.5. A transaction otherwise prohibited by section 7 of this chapter is authorized if:(1) the proposed prohibited transaction is authorized by the written consent of all qualified beneficiaries; or(2) the proposed prohibited transaction is approved by an order of the court issued after:(A) notice to all qualified beneficiaries; and(B) a hearing to ensure that adequate consideration is received by or delivered from the trust for the interest transferred.As added by P.L.194-2017, SEC.10.
IN Code § 30-4-3-8 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 4. Trust Code|Chapter 3. Rules Governing the Rights, Powers, Duties, Liabilities, and Remedies of the Parties to a Trust|30-4-3-8. Duties of Co-Trustees

Sec. 8. (Duties of Co-Trustee)Unless the terms of the trust provide otherwise, if there are two (2) or more trustees, each has a duty to:(a) participate in the administration of the trust;(b) take whatever action is reasonable to prevent a co-trustee from committing a breach of trust; and(c) take whatever action is reasonable to compel a co-trustee to redress a breach of trust.Formerly: Acts 1971, P.L.416, SEC.4.
IN Code § 30-4-3-9 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 4. Trust Code|Chapter 3. Rules Governing the Rights, Powers, Duties, Liabilities, and Remedies of the Parties to a Trust|30-4-3-9. Duty of Trustee Under Control of Third Persons

Sec. 9. (Duty of Trustee under Control of Third Person)(a) This section applies to directions given to a trustee before July 1, 2019, by a person who has power under the terms of the trust to direct the trustee.(b) If the terms of the trust give a person a power to direct the trustee in the administration of the trust and those terms expressly direct the trustee to rely, or relieve the trustee from liability if he does rely, on that person's directions, the trustee may do so and will incur no liability for any loss to the trust estate.(c) If the terms of the trust give a person a power to direct the trustee in the administration of the trust, except as provided in subsection (b):(1) if the person holds the power as a fiduciary, the trustee has a duty to refuse to comply with any direction which he knows or should know would constitute a breach of a duty owed by that person as a fiduciary; and(2) if the person holds the power solely for his own benefit, the trustee may refuse to comply only if the attempted exercise of the power violates the terms of the trust with respect to that power.Formerly: Acts 1971, P.L.416, SEC.4. As amended by P.L.221-2019, SEC.4; P.L.231-2019, SEC.25.
IN Code § 30-4-3-10 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 4. Trust Code|Chapter 3. Rules Governing the Rights, Powers, Duties, Liabilities, and Remedies of the Parties to a Trust|30-4-3-10. Liability to Third Persons

Sec. 10. (Liability to Third Persons)(a) Unless the terms of the contract or other non-negotiable obligation expressly provide otherwise, the trustee is not personally liable on a contract or other non-negotiable obligation with a third person made by him in the administration of the trust.(b) When a third person is entitled to compensation for injury suffered in the course of the administration of the trust:(1) If the injury is the result of the trustee's personal act or omission as trustee, the trustee will be personally liable and the injured party will be entitled to satisfaction of his claim from the trustee's individual property first and then, to the extent the claim is yet unsatisfied, from the trust estate.(2) If the injury is the result of the act or omission of an agent of the trustee, and the agent was properly selected and supervised and there was no improper delegation of authority to the agent, the injured party will be entitled to satisfaction of his claim from the trust estate first and then, to the extent that the claim is yet unsatisfied, from the trustee's individual property.(3) If the injury is the result of the act or omission of the settlor or his agent, and not that of the trustee or his agent, the injured party will be entitled to satisfaction of his claim from the trust estate and not from the trustee's individual property.(4) The question of ultimate liability as between the trust estate and the trustee individually, if it is to be determined, shall be determined in a proceeding for accounting, surcharge or indemnification.Formerly: Acts 1971, P.L.416, SEC.4.
IN Code § 30-4-3-11 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 4. Trust Code|Chapter 3. Rules Governing the Rights, Powers, Duties, Liabilities, and Remedies of the Parties to a Trust|30-4-3-11. Potential Liability of Trustee to Beneficiary; Remedies; Removal of Trustee

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.
IN Code § 30-4-3-12 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 4. Trust Code|Chapter 3. Rules Governing the Rights, Powers, Duties, Liabilities, and Remedies of the Parties to a Trust|30-4-3-12. Liability for Breach of Trust by Co-Trustee

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.
IN Code § 30-4-3-13 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 4. Trust Code|Chapter 3. Rules Governing the Rights, Powers, Duties, Liabilities, and Remedies of the Parties to a Trust|30-4-3-13. Liability of a Successor Trustee

Sec. 13. (Liability of a Successor Trustee)A successor trustee becomes liable for a breach of trust of his predecessor if he:(a) fails to take whatever action is necessary to compel the predecessor trustee to deliver the trust property; or(b) fails to make a reasonable effort to compel a redress of a breach of trust committed by the predecessor trustee.Formerly: Acts 1971, P.L.416, SEC.4.
IN Code § 30-4-3-14 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 4. Trust Code|Chapter 3. Rules Governing the Rights, Powers, Duties, Liabilities, and Remedies of the Parties to a Trust|30-4-3-14. Contribution and Indemnity

Sec. 14. (Contribution and Indemnity)(a) Except as stated in subsection (b) of this section, if two (2) or more co-trustees are liable to the beneficiary, each co-trustee is entitled to contribution from the other, provided, however, that:(1) if one (1) co-trustee is substantially more at fault than another, the co-trustee who is most at fault is not entitled to contribution, and the other co-trustee is entitled to indemnity from him; or(2) if one (1) of the co-trustees receives a profit from the administration of the trust or a benefit from a breach of trust, the other co-trustee is entitled to indemnity from him to the extent of the profit or benefit received by that co-trustee.(b) If a trustee commits a breach of trust in bad faith, he is not entitled to either contribution or indemnity from his co-trustee.Formerly: Acts 1971, P.L.416, SEC.4.
IN Code § 30-4-3-15 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 4. Trust Code|Chapter 3. Rules Governing the Rights, Powers, Duties, Liabilities, and Remedies of the Parties to a Trust|30-4-3-15. Remedies of Trustee Against Third Persons

Sec. 15. (Remedies of the Trustee against Third Persons)The trustee may maintain in his representative capacity a civil action for any legal or equitable remedy against a third person that he could maintain in his own right if he were the owner.Formerly: Acts 1971, P.L.416, SEC.4.