reglab/statecodes huggingface dataset:
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 5. Uniform Act for the Simplification of Fiduciary Security Transfers › 30-2-5-1. Definitions

Sec. 1. In this chapter and IC 30-2-6, unless the context otherwise requires:
(1) "Assignment" includes any written stock power, bond power, bill of sale, deed, declaration of trust, or other instrument of transfer.
(2) "Claim of beneficial interest" includes a claim of any interest by a decedent's legatee, distributee, heir, or creditor, a beneficiary under a trust, a protected person, a beneficial owner of a security registered in the name of a nominee, or an owner under eighteen (18) years of age, of a security registered in the name of a custodian, or a claim of any similar interest, whether the claim is asserted by the claimant or by a fiduciary or by any other authorized person on the claimant's behalf, and includes a claim that the transfer would be in breach of fiduciary duties.
(3) "Corporation" means a private or public corporation, association, or trust issuing a security.
(4) "Fiduciary" means an executor, administrator, trustee, guardian, committee, conservator, curator, tutor, custodian, or nominee.
(5) "Person" includes an individual, a corporation, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, two (2) or more persons having a joint or common interest, or any other legal or commercial entity.
(6) "Security" includes any share of stock, bond, debenture, note, or other security issued by a corporation which is registered as to ownership on the books of the corporation.
(7) "Transfer" means a change on the books of a corporation in the registered ownership of a security.
(8) "Transfer agent" means a person employed or authorized by a corporation to transfer securities issued by the corporation.
Formerly: Acts 1961, c.124, s.1; Acts 1973, P.L.293, SEC.1. As amended by P.L.33-1989, SEC.91.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 5. Uniform Act for the Simplification of Fiduciary Security Transfers › 30-2-5-2. Registration in Name of Fiduciary

Sec. 2. A corporation or transfer agent registering a security in the name of a person who is a fiduciary or who is described as fiduciary is not bound to inquire into the existence, extent, or correct description of the fiduciary relationship; and thereafter the corporation and its transfer agent may assume without inquiry that the newly registered owner continues to be the fiduciary until the corporation or transfer agent receives written notice that the fiduciary is no longer acting as such with respect to the particular security.
Formerly: Acts 1961, c.124, s.2.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 5. Uniform Act for the Simplification of Fiduciary Security Transfers › 30-2-5-3. Assignment by Fiduciary

Sec. 3. Except as otherwise provided in this chapter, a corporation or transfer agent making a transfer of a security pursuant to an assignment by a fiduciary:
(a) may assume without inquiry that the assignment, even though to the fiduciary himself or to his nominee, is within his authority and capacity and is not in breach of his fiduciary duties;
(b) may assume without inquiry that the fiduciary has complied with any controlling instrument and with the law of the jurisdiction governing the fiduciary relationship, including any law requiring the fiduciary to obtain court approval of the transfer; and
(c) is not charged with notice of and is not bound to obtain or examine any court record or any recorded or unrecorded document relating to the fiduciary relationship or the assignment, even though the record or document is in its possession.
Formerly: Acts 1961, c.124, s.3. As amended by Acts 1982, P.L.171, SEC.97.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 5. Uniform Act for the Simplification of Fiduciary Security Transfers › 30-2-5-4. Evidence of Appointment or Incumbency

Sec. 4. A corporation or transfer agent making a transfer pursuant to an assignment by a fiduciary who is not the registered owner shall obtain the following evidence of appointment or incumbency:
(a) In the case of a fiduciary appointed or qualified by a court, a certificate issued by or under the direction or supervision of that court or an officer thereof and dated within sixty (60) days before the transfer; or
(b) In any other case, a copy of a document showing the appointment or a certificate issued by or on behalf of a person reasonably believed by the corporation or transfer agent to be responsible or, in the absence of such a document or certificate, other evidence reasonably deemed by the corporation or transfer agent to be appropriate. Corporations and transfer agents may adopt standards with respect to evidence of appointment or incumbency under this subsection (b) provided such standards are not manifestly unreasonable. Neither the corporation nor transfer agent is charged with notice of the contents of any document obtained pursuant to this subsection (b) except to the extent that the contents relate directly to the appointment or incumbency.
Formerly: Acts 1961, c.124, s.4.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 5. Uniform Act for the Simplification of Fiduciary Security Transfers › 30-2-5-5. Adverse Claims

Sec. 5. (a) A person asserting a claim of beneficial interest adverse to the transfer of a security pursuant to an assignment by a fiduciary may give the corporation or transfer agent written notice of the claim. The corporation or transfer agent is not put on notice unless the written notice identifies the claimant, the registered owner, and the issue of which the security is a part, provides an address for communications directed to the claimant and is received before the transfer. Nothing in this chapter relieves the corporation or transfer agent of any liability for making or refusing to make the transfer after it is so put on notice, unless it proceeds in the manner authorized in subsection (b).
(b) As soon as practicable after the presentation of a security for transfer pursuant to an assignment by a fiduciary, a corporation or transfer agent which has received notice of a claim of beneficial interest adverse to the transfer may send notice of the presentation by registered or certified mail to the claimant at the address given by him. If the corporation or transfer agent so mails such a notice it shall withhold the transfer for thirty (30) days after the mailing and shall then make the transfer unless restrained by a court order.
Formerly: Acts 1961, c.124, s.5. As amended by Acts 1982, P.L.171, SEC.98.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 5. Uniform Act for the Simplification of Fiduciary Security Transfers › 30-2-5-6. Nonliability of Corporation or Transfer Agent

Sec. 6. A corporation or transfer agent incurs no liability to any person by making a transfer or otherwise acting in a manner authorized by this chapter.
Formerly: Acts 1961, c.124, s.6. As amended by Acts 1982, P.L.171, SEC.99.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 5. Uniform Act for the Simplification of Fiduciary Security Transfers › 30-2-5-7. Nonliability of Third Persons

Sec. 7. (a) No person who participates in the acquisition, disposition, assignment or transfer of a security by or to a fiduciary, including a person who guarantees the signature of the fiduciary, is liable for participation in any breach of fiduciary duty by reason of failure to inquire whether the transaction involves such a breach unless it is shown that he acted with actual knowledge that the proceeds of the transaction were being or were to be used wrongfully for the individual benefit of the fiduciary or that the transaction was otherwise in breach of duty.
(b) If a corporation or transfer agent makes a transfer pursuant to an assignment by a fiduciary, a person who guaranteed the signature of the fiduciary is not liable on the guarantee to any person to whom the corporation or transfer agent by reason of this chapter incurs no liability.
(c) This section does not impose any liability upon the corporation or its transfer agent.
Formerly: Acts 1961, c.124, s.7. As amended by Acts 1982, P.L.171, SEC.100.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 5. Uniform Act for the Simplification of Fiduciary Security Transfers › 30-2-5-8. Territorial Application

Sec. 8. (a) The rights and duties of a corporation and its transfer agents in registering a security in the name of a fiduciary or in making a transfer of a security pursuant to an assignment by a fiduciary are governed by the law of the jurisdiction under whose laws the corporation is organized.
(b) This chapter applies to the rights and duties of a person other than the corporation and its transfer agents with regard to acts and omissions in this state in connection with the acquisition, disposition, assignment, or transfer of a security by or to a fiduciary and of a person who guarantees in this state the signature of a fiduciary in connection with such a transaction.
Formerly: Acts 1961, c.124, s.8. As amended by Acts 1982, P.L.171, SEC.101.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 5. Uniform Act for the Simplification of Fiduciary Security Transfers › 30-2-5-9. Tax Obligations

Sec. 9. This chapter does not affect any obligation of a corporation or transfer agent with respect to estate, inheritance, succession, or other taxes imposed by the laws of this state.
Formerly: Acts 1961, c.124, s.9. As amended by Acts 1982, P.L.171, SEC.102.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 5. Uniform Act for the Simplification of Fiduciary Security Transfers › 30-2-5-10. Uniformity of Interpretation

Sec. 10. This chapter shall be so construed as to effectuate its general purpose to make uniform the law of those states which enact it.
Formerly: Acts 1961, c.124, s.10. As amended by Acts 1982, P.L.171, SEC.103.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 5. Uniform Act for the Simplification of Fiduciary Security Transfers › 30-2-5-11. Short Title

Sec. 11. This chapter may be cited as the Uniform Act for the Simplification of Fiduciary Security Transfers.
Formerly: Acts 1961, c.124, s.11. As amended by Acts 1982, P.L.171, SEC.104.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 6. Exemption of Employee Benefit Trusts From Rule Against Perpetuities › 30-2-6-1. Contributions; Self-Employment Retirement Fund

Sec. 1. Either:
(1) a trust created by an employer as part of a stock bonus, pension, disability, death benefit, or profit-sharing plan for the benefit of some or all of his employees, to which contributions are made by the employer or employees, or both, for the purpose of distributing to the employees the earnings or principal, or both earnings and principal, of the fund held in trust; or
(2) a retirement fund or trust which at any time is tax exempt under the provisions of the Internal Revenue Code and to which contributions are made by self-employed persons or qualified individuals for the purpose of providing pension or other benefits for themselves or their beneficiaries;
may continue in perpetuity or for such time as may be necessary to accomplish the purpose for which such trust is created and shall not be invalid as violating any law against perpetuities or suspension of the power of alienation of the title to property.
Formerly: Acts 1949, c.184, s.1; Acts 1953, c.253, s.1. As amended by P.L.2-1987, SEC.45.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 6. Exemption of Employee Benefit Trusts From Rule Against Perpetuities › 30-2-6-2. Income; Accumulation

Sec. 2. The income arising from any trust within the classification mentioned in the preceding section may be permitted to accumulate in accordance with the terms of such trust for as long a time as may be necessary to accomplish the purposes for which the same was created, notwithstanding any existing law or laws limiting the period during which trust income may be accumulated.
Formerly: Acts 1949, c.184, s.2.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 6. Exemption of Employee Benefit Trusts From Rule Against Perpetuities › 30-2-6-3. Termination of Trust; Limitation of Actions

Sec. 3. No rule of law against perpetuities or suspension of the power of alienation of the title to property, or the accumulation of income, shall operate to invalidate any trust created or attempted to be created before September 10, 1949, by an employer as part of a stock bonus, pension, disability, death benefit, or profit-sharing plan for the benefit of some or all of his employees, to which contributions are made by the employer or employees or both for the earnings and principal of the fund held in trust, unless the trust is terminated by a court of competent jurisdiction in a suit instituted before September 11, 1950.
Formerly: Acts 1949, c.184, s.3. As amended by Acts 1982, P.L.171, SEC.105.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 7. Uniform Act Governing Secured Creditors' Dividends in Liquidation Proceedings › 30-2-7-1. Definitions

Sec. 1. As used in this chapter, unless the context or subject-matter requires otherwise:
(a) "Liquidation proceeding" includes all assignments for the benefit of creditors, whether voluntary or by operation of law; administration of insolvent decedents' estates; liquidations of insolvent banks; equity receiverships where the subject under receivership is insolvent; and any other proceedings for distribution of assets of any insolvent debtor, whether a person, decedent's estate, partnership, limited liability company, corporation, or business association.
(b) "Liquidator" means any person administering assets in any liquidation proceeding as defined in this chapter.
(c) "Insolvent debtor" means any insolvent person, decedent's estate, partnership, limited liability company, corporation, or business association involved in a liquidation proceeding as defined in this chapter.
(d) "Secured creditor" means a creditor who has either legal or equitable security for his debt upon any property of the insolvent debtor of a nature to be liquidated and distributed in a liquidation proceeding, or a creditor to whom is owed a debt for which such security is possessed by some indorser, surety, or other person secondarily liable.
(e) "Creditor's sale" includes any sale effected by the secured creditor by judicial process or otherwise under the terms of his contract or the applicable law for the purpose of realizing upon his security.
Formerly: Acts 1941, c.50, s.1. As amended by Acts 1982, P.L.171, SEC.106; P.L.8-1993, SEC.464.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 7. Uniform Act Governing Secured Creditors' Dividends in Liquidation Proceedings › 30-2-7-2. Secured Creditors' Claim Must Disclose Security

Sec. 2. In a liquidation proceeding every secured creditor's claim against the general assets shall disclose the nature of the security. When a decedent's estate already in the course of administration is judicially declared insolvent or when in an equity receivership it is determined that the subject under receivership is insolvent, secured creditors having claims on file which do not comply with this section shall make disclosure within a time to be fixed by the court.
Formerly: Acts 1941, c.50, s.2.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 7. Uniform Act Governing Secured Creditors' Dividends in Liquidation Proceedings › 30-2-7-3. Effect of Concealment

Sec. 3. Any secured creditor who with intent to evade the provisions of this chapter fails to disclose the existence of the security shall not be entitled to receive or retain dividends out of the general assets, unless he thereafter releases or surrenders to the liquidator the security which he has failed to disclose, or unless he procures such release or surrender if the security is in the possession of an indorser, surety, or other person secondarily liable for the insolvent debtor.
Formerly: Acts 1941, c.50, s.3. As amended by Acts 1982, P.L.171, SEC.107.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 7. Uniform Act Governing Secured Creditors' Dividends in Liquidation Proceedings › 30-2-7-4. Value of Security Credited Upon Claims

Sec. 4. Dividends paid to secured creditors shall be computed only upon the balance due after the value of all security not exempt from the claims of unsecured creditors and not released or surrendered to the liquidator, is determined and credited upon the claim secured by it.
Formerly: Acts 1941, c.50, s.4.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 7. Uniform Act Governing Secured Creditors' Dividends in Liquidation Proceedings › 30-2-7-5. Determination of Value by Secured Creditor

Sec. 5. (1) By collection. When the asset constituting the security is an obligation for the payment of money, the secured creditor may determine its value by collection or by exhausting his remedies thereon and then surrendering the obligation to the liquidator.
(2) By creditor's sale. When the asset constituting the security is something other than an obligation for the payment of money, the secured creditor may determine its value by creditor's sale.
Formerly: Acts 1941, c.50, s.5.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 7. Uniform Act Governing Secured Creditors' Dividends in Liquidation Proceedings › 30-2-7-6. Alternative Determination of Value

Sec. 6. Where valuation under the provisions of section 5 of this chapter is impracticable or would cause undue delay, the court, upon petition by either the secured creditor or the liquidator, may order the value of the security determined by any of the following methods:
(1) By compromise, if the secured creditor and the liquidator agree upon a value. The liquidator may redeem such assets by payment of the agreed value, if authorized by the court.
(2) By litigation, through proceedings in the liquidation proceedings. The liquidator may redeem such assets by paying the value so determined, if authorized by the court.
(3) By liquidator's sale of the assets which, when completed and approved by the court, shall pass to the purchaser good title, free and clear of all liens of the secured creditor, such liens to be transferred to the proceeds of the sale. The order of sale may be either:
(a) conditional, requiring the sale to be made by the liquidator only if the secured creditor does not complete a determination by collection or creditor's sale as set forth in section 5 of this chapter within a time fixed by the court; or
(b) absolute, requiring the sale to be made by the liquidator within a time fixed by the court.
Provided, that subdivision (3) shall not apply to security upon real estate or insolvent decedents' estates administered by the court.
Formerly: Acts 1941, c.50, s.6. As amended by Acts 1982, P.L.171, SEC.108.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 7. Uniform Act Governing Secured Creditors' Dividends in Liquidation Proceedings › 30-2-7-7. Exempt Security Not Credited

Sec. 7. When any creditor has legal or equitable security upon assets which are exempt from process for the satisfaction of unsecured debts and are duly claimed as exempt by the insolvent debtor, the value of such security shall not be credited upon the claim. Amounts realized by the creditor from such security after liquidation proceedings are begun shall be disregarded in computing dividends, unless the dividend so computed exceeds the sum actually owing upon the claim, in which event only the amount owing shall be paid.
Formerly: Acts 1941, c.50, s.7.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 7. Uniform Act Governing Secured Creditors' Dividends in Liquidation Proceedings › 30-2-7-8. Uniformity of Interpretation

Sec. 8. This chapter shall be so interpreted and construed as to effectuate its general purpose to make uniform the law of those states which enact it.
Formerly: Acts 1941, c.50, s.9. As amended by Acts 1982, P.L.171, SEC.109.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 7. Uniform Act Governing Secured Creditors' Dividends in Liquidation Proceedings › 30-2-7-9. Short Title

Sec. 9. This chapter may be cited as Uniform Act Governing Secured Creditors' Dividends in Liquidation Proceedings.
Formerly: Acts 1941, c.50, s.10. As amended by Acts 1982, P.L.171, SEC.110.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 8.5. Indiana Uniform Transfers to Minors Act › 30-2-8.5-1. "Adult" Defined

Sec. 1. As used in this chapter, "adult" means an individual who is at least twenty-one (21) years of age.
As added by P.L.267-1989, SEC.2.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 8.5. Indiana Uniform Transfers to Minors Act › 30-2-8.5-2. "Benefit Plan" Defined

Sec. 2. As used in this chapter, "benefit plan" means an employer's plan for the benefit of an employee or partner.
As added by P.L.267-1989, SEC.2.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 8.5. Indiana Uniform Transfers to Minors Act › 30-2-8.5-3. "Broker" Defined

Sec. 3. As used in this chapter, "broker" means a person lawfully engaged in the business of effecting transactions in securities or commodities, or both, for the person's own account or for the account of others, or both.
As added by P.L.267-1989, SEC.2.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 8.5. Indiana Uniform Transfers to Minors Act › 30-2-8.5-4. "Custodial Property" Defined

Sec. 4. As used in this chapter, "custodial property" means:
(1) an interest in property transferred to a custodian under this chapter; and
(2) the income from and proceeds of that interest in property.
As added by P.L.267-1989, SEC.2.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 8.5. Indiana Uniform Transfers to Minors Act › 30-2-8.5-5. "Custodian" Defined

Sec. 5. As used in this chapter, "custodian" means a person designated as a custodian under section 24 of this chapter or a successor or substitute custodian designated under section 33 of this chapter.
As added by P.L.267-1989, SEC.2.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 8.5. Indiana Uniform Transfers to Minors Act › 30-2-8.5-6. "Financial Institution" Defined

Sec. 6. As used in this chapter, "financial institution" means a bank, trust company, savings institution, or credit union chartered and supervised under state or federal law.
As added by P.L.267-1989, SEC.2.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 8.5. Indiana Uniform Transfers to Minors Act › 30-2-8.5-7. "Guardian" Defined

Sec. 7. As used in this chapter, "guardian" has the meaning set forth in IC 29-3-1-6.
As added by P.L.267-1989, SEC.2.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 8.5. Indiana Uniform Transfers to Minors Act › 30-2-8.5-8. "Legal Representative" Defined

Sec. 8. As used in this chapter, "legal representative" means an individual's personal representative or guardian.
As added by P.L.267-1989, SEC.2.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 8.5. Indiana Uniform Transfers to Minors Act › 30-2-8.5-9. "Members of the Minor's Family" Defined

Sec. 9. As used in this chapter, "member of the minor's family" means the minor's parent, stepparent, spouse, grandparent, brother, sister, uncle, or aunt, whether of the whole or half blood or by adoption.
As added by P.L.267-1989, SEC.2.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 8.5. Indiana Uniform Transfers to Minors Act › 30-2-8.5-10. "Minor" Defined

Sec. 10. As used in this chapter, "minor" means an individual who is less than twenty-one (21) years of age.
As added by P.L.267-1989, SEC.2.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 8.5. Indiana Uniform Transfers to Minors Act › 30-2-8.5-11. "Person" Defined

Sec. 11. As used in this chapter, "person" means an individual, corporation, organization, or other legal entity.
As added by P.L.267-1989, SEC.2.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 8.5. Indiana Uniform Transfers to Minors Act › 30-2-8.5-12. "Personal Representative" Defined

Sec. 12. As used in this chapter, "personal representative" means an executor, administrator, successor personal representative, or special administrator of a decedent's estate or a person legally authorized to perform substantially the same functions.
As added by P.L.267-1989, SEC.2.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 8.5. Indiana Uniform Transfers to Minors Act › 30-2-8.5-13. "State" Defined

Sec. 13. As used in this chapter, "state" includes a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, and a territory or possession subject to the legislative authority of the United States.
As added by P.L.267-1989, SEC.2.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 8.5. Indiana Uniform Transfers to Minors Act › 30-2-8.5-14. "Transfer" Defined

Sec. 14. As used in this chapter, "transfer" means a transaction that creates custodial property under section 24 of this chapter.
As added by P.L.267-1989, SEC.2.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 8.5. Indiana Uniform Transfers to Minors Act › 30-2-8.5-15. "Transferor" Defined

Sec. 15. As used in this chapter, "transferor" means a person who makes a transfer under this chapter.
As added by P.L.267-1989, SEC.2.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 8.5. Indiana Uniform Transfers to Minors Act › 30-2-8.5-16. "Trust Company" Defined

Sec. 16. As used in this chapter, "trust company" means a financial institution, corporation, or other legal entity authorized to exercise general trust powers.
As added by P.L.267-1989, SEC.2.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 8.5. Indiana Uniform Transfers to Minors Act › 30-2-8.5-17. Scope and Jurisdiction

Sec. 17. (a) This chapter applies to a transfer that refers to this chapter in the designation under section 24(a) of this chapter by which the transfer is made if, at the time of the transfer, the transferor, the minor, or the custodian is a resident of Indiana or the custodial property is located in Indiana. The custodianship created under this section remains subject to this chapter despite:
(1) a change in residence of:
(A) a transferor;
(B) the minor; or
(C) the custodian; or
(2) the removal of custodial property from Indiana.
(b) A person designated as custodian under this chapter is subject to personal jurisdiction in Indiana with respect to a matter relating to the custodianship.
(c) A transfer that purports to be made and that is valid under the uniform transfers to minors act, the uniform gifts to minors act or a substantially similar act of another state is governed by the law of the designated state and may be executed and is enforceable in Indiana if at the time of the transfer the transferor, the minor, or the custodian is a resident of the designated state or the custodial property is located in the designated state.
As added by P.L.267-1989, SEC.2.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 8.5. Indiana Uniform Transfers to Minors Act › 30-2-8.5-18. Nomination of Custodian

Sec. 18. (a) A person having the right to designate the recipient of property transferable upon the occurrence of a future event may revocably nominate a custodian to receive the property for a minor beneficiary upon the occurrence of the event by naming the custodian, followed by the words: "as custodian for ________________________ (name of minor) under the Indiana uniform transfers to minors act". The nomination may name one (1) or more persons as substitute custodians to whom the property shall be transferred, in the order named, if the first nominated custodian dies before the transfer or is unable, declines, or is ineligible to serve. The nomination may be made in a will, a trust, a deed, an instrument exercising a power of appointment, or in a writing designating a beneficiary of contractual rights that is registered with or delivered to the payor, issuer, or other obligor of the contractual rights.
(b) A custodian nominated under this section must be a person to whom a transfer of property of that kind may be made under section 24(a) of this chapter.
(c) The nomination of a custodian under this section does not create custodial property until the nominating instrument becomes irrevocable or a transfer to the nominated custodian is completed under section 24 of this chapter. Unless the nomination of a custodian has been revoked, upon the occurrence of the future event the custodianship becomes effective and the custodian shall enforce a transfer of the custodial property under section 24 of this chapter.
As added by P.L.267-1989, SEC.2.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 8.5. Indiana Uniform Transfers to Minors Act › 30-2-8.5-19. Transfer by Gift or Exercise of Power of Appointment

Sec. 19. A person may make:
(1) a transfer by irrevocable gift to; or
(2) an irrevocable exercise of a power of appointment in favor of;
a custodian for the benefit of a minor under section 24 of this chapter.
As added by P.L.267-1989, SEC.2.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 8.5. Indiana Uniform Transfers to Minors Act › 30-2-8.5-20. Transfer Authorized by Will or Trust; Designation of Custodian

Sec. 20. (a) A personal representative or trustee may make an irrevocable transfer under section 24 of this chapter to a custodian for the benefit of a minor as authorized in the governing will or trust.
(b) If the testator or settlor has nominated a custodian under section 18 of this chapter to receive the custodial property, the transfer shall be made to that person.
(c) If the testator or settlor has not nominated a custodian under section 18 of this chapter, or a person nominated as custodian dies before the transfer or is unable, declines, or is ineligible to serve, the personal representative or the trustee shall designate the custodian from among those eligible to serve as custodian for property of that kind under section 24(a) of this chapter. The personal representative or trustee may be designated as custodian under this subsection if the personal representative or trustee is eligible to serve as custodian for property of that kind under section 24(a) of this chapter.
As added by P.L.267-1989, SEC.2. Amended by P.L.95-2007, SEC.15.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 8.5. Indiana Uniform Transfers to Minors Act › 30-2-8.5-21. Other Transfers by Fiduciary; Guardian as Custodian

Sec. 21. (a) A personal representative or trustee may make an irrevocable transfer to another adult or trust company as custodian for the benefit of a minor under section 24 of this chapter in the absence of a will or under a will or trust that does not contain an authorization to do so. The personal representative or trustee may also serve as the custodian of the transferred property if the personal representative or trustee is qualified under section 24 of this chapter.
(b) A guardian may make an irrevocable transfer to another adult or trust company as custodian for the benefit of the minor under section 24 of this chapter. The guardian may also serve as the custodian of the transferred property if the guardian is qualified under section 24 of this chapter.
(c) A transfer under subsection (a) or (b) may be made only if:
(1) the personal representative, trustee, or guardian considers the transfer to be in the best interest of the minor;
(2) the transfer is not prohibited by or inconsistent with provisions of the applicable will, trust agreement, or other governing instrument; and
(3) the transfer is authorized by the court if the property transferred exceeds ten thousand dollars ($10,000) in value.
As added by P.L.267-1989, SEC.2. Amended by P.L.95-2007, SEC.16.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 8.5. Indiana Uniform Transfers to Minors Act › 30-2-8.5-22. Transfer by Obligor

Sec. 22. (a) A person not subject to section 20 or 21 of this chapter that holds property of or owes a liquidated debt to a minor not having a guardian may make an irrevocable transfer to a custodian for the benefit of the minor under section 24 of this chapter.
(b) If a person having the right to nominate a custodian under section 18 of this chapter has nominated a custodian under that section to receive the custodial property, the transfer shall be made to the custodian.
As added by P.L.267-1989, SEC.2.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 8.5. Indiana Uniform Transfers to Minors Act › 30-2-8.5-23. Receipt for Custodial Property

Sec. 23. A written acknowledgement of delivery by a custodian constitutes a sufficient receipt and discharge for custodial property transferred to the custodian under this chapter.
As added by P.L.267-1989, SEC.2.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 8.5. Indiana Uniform Transfers to Minors Act › 30-2-8.5-25. Single Custodianship

Sec. 25. A transfer may be made only for one (1) minor, and only one (1) person may be the custodian. All custodial property held under this chapter by the same custodian for the benefit of the same minor constitutes a single custodianship.
As added by P.L.267-1989, SEC.2.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 8.5. Indiana Uniform Transfers to Minors Act › 30-2-8.5-26. Validity and Effect of Transfer

Sec. 26. (a) The validity of a transfer made in a manner prescribed in this chapter is not affected by:
(1) the failure of the transferor to comply with section 24(c) of this chapter concerning possession and control;
(2) the designation of an ineligible custodian, except designation of the transferor in the case of property for which the transferor is ineligible to serve as custodian under section 24(a) of this chapter; or
(3) the death or incapacity of a person nominated under section 18 of this chapter or designated under section 24 of this chapter as custodian or the disclaimer of the office by that person.
(b) A transfer made under section 24 of this chapter is irrevocable, and the custodial property is indefeasibly vested in the minor, but the custodian has all the rights, powers, duties, and authority provided in this chapter and neither the minor nor the minor's legal representative has a right, power, duty, or authority with respect to the custodial property except as provided in this chapter.
(c) By making a transfer, the transferor incorporates in the disposition all the provisions of this chapter, and grants to the custodian, and to a third person dealing with a person designated as custodian, the respective powers, rights, and immunities provided in this chapter.
As added by P.L.267-1989, SEC.2.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 8.5. Indiana Uniform Transfers to Minors Act › 30-2-8.5-27. Care of Custodial Property

Sec. 27. (a) A custodian shall:
(1) take control of custodial property;
(2) register or record title to custodial property if appropriate; and
(3) collect, hold, manage, invest, and reinvest custodial property.
(b) In dealing with custodial property, a custodian shall observe the standard of care that would be observed by a prudent person dealing with property of another and is not limited by any other statute restricting investments by fiduciaries. If a custodian has a special skill or expertise or is named custodian on the basis of representations of a special skill or expertise, the custodian shall use that skill or expertise. However, a custodian in the custodian's discretion and without liability to the minor or the minor's estate, may retain custodial property received from a transferor.
(c) A custodian may invest in or pay premiums on life insurance or endowment policies on:
(1) the life of the minor only if the minor or the minor's estate is the sole beneficiary; or
(2) the life of another person in whom the minor has an insurable interest only to the extent that the minor, the minor's estate, or the custodian in the capacity of custodian is the irrevocable beneficiary.
(d) A custodian at all times shall keep custodial property separate and distinct from all other property in a manner sufficient to identify the property clearly as custodial property of the minor. Custodial property consisting of an undivided interest is identified if the minor's interest is held as a tenant in common and is fixed. Custodial property subject to recordation is identified if the property is recorded, and custodial property subject to registration is identified if the property is either registered or held in an account designated in the name of the custodian, followed by the words: "as a custodian for _______________ (name of minor) under the Indiana uniform transfers to minors act".
(e) A custodian shall keep records of all transactions with respect to custodial property, including information necessary for the preparation of the minor's tax returns, and shall make them available for inspection at reasonable intervals by a parent or legal representative of the minor or by the minor if the minor is at least fourteen (14) years of age.
As added by P.L.267-1989, SEC.2.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 8.5. Indiana Uniform Transfers to Minors Act › 30-2-8.5-28. Powers of Custodian

Sec. 28. (a) A custodian acting in a custodial capacity has all the rights, powers, and authority over custodial property that an unmarried adult owner has over the adult owner's own property, but a custodian may exercise those rights, powers, and authority in a custodial capacity only.
(b) This section does not relieve a custodian from liability for breach of the requirements of section 27 of this chapter.
As added by P.L.267-1989, SEC.2.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 8.5. Indiana Uniform Transfers to Minors Act › 30-2-8.5-29. Use of Custodial Property; Transfer of Property to Trust

Sec. 29. (a) A custodian may deliver or pay to the minor or expend for the minor's benefit so much of the custodial property as the custodian considers advisable for the use and benefit of the minor, without court order and without regard to:
(1) the duty or ability of the custodian personally or of any other person to support the minor; or
(2) any other income or property of the minor that may be applicable or available for the support of the minor.
(b) At any time and without a court order, a custodian may transfer part or all of the custodial property to a trust, including a trust created by the custodian, in which:
(1) the minor is the sole beneficiary of the trust; and
(2) the terms of the trust satisfy the requirements of Section 2503(c) of the Internal Revenue Code and the regulations under that section.
The transfer terminates the custodianship of the property to the extent of the transfer.
(c) On petition of an interested person or the minor if the minor is at least fourteen (14) years of age, the court may order the custodian to deliver or pay to the minor or expend for the minor's benefit as much of the custodial property as the court considers advisable for the use and benefit of the minor.
(d) A delivery, payment, or expenditure under this section is in addition to, not in substitution for, and does not affect an obligation of a person to support the minor.
As added by P.L.267-1989, SEC.2. Amended by P.L.238-2005, SEC.17; P.L.95-2007, SEC.17.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 8.5. Indiana Uniform Transfers to Minors Act › 30-2-8.5-30. Custodian's Expenses, Compensation, and Bond

Sec. 30. (a) A custodian is entitled to reimbursement from custodial property for reasonable expenses incurred in the performance of the custodian's duties.
(b) Except for a person who is a transferor under section 19 of this chapter, a custodian has an election during each calendar year to charge reasonable compensation for services performed during that year.
(c) A custodian's election to charge reasonable compensation for a calendar year must be exercised during the calendar year.
(d) Except as provided in section 33(f) of this chapter, a custodian is not required to give a bond.
As added by P.L.267-1989, SEC.2.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 8.5. Indiana Uniform Transfers to Minors Act › 30-2-8.5-31. Exemption of Third Person From Liability

Sec. 31. A person in good faith and without court order may act on the instructions of or otherwise deal with a person purporting to make a transfer or purporting to act in the capacity of a custodian and, in the absence of knowledge, is not responsible for determining:
(1) the validity of the purported custodian's designation;
(2) the propriety of, or the authority under this chapter for, an act of the purported custodian;
(3) the validity or propriety under this chapter of an instrument or instruction executed or given by the person purporting to make a transfer or by the purported custodian, or both; or
(4) the propriety of the application of property of the minor delivered to the purported custodian.
As added by P.L.267-1989, SEC.2.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 8.5. Indiana Uniform Transfers to Minors Act › 30-2-8.5-32. Liability to Third Person

Sec. 32. (a) A claim based on:
(1) a contract entered into by a custodian acting in a custodial capacity;
(2) an obligation arising from the ownership or control of custodial property, or both; or
(3) a tort committed during the custodianship;
may be asserted against the custodial property by proceeding against the custodian in the custodial capacity, whether or not the custodian or the minor is personally liable.
(b) A custodian is not personally liable:
(1) on a contract properly entered into in the custodial capacity unless the custodian fails to reveal that capacity and fails to identify the custodianship in the contract; or
(2) for an obligation arising from control of custodial property or for a tort committed during the custodianship unless the custodian is personally at fault.
(c) A minor is not personally liable for an obligation arising from ownership of custodial property or for a tort committed during the custodianship unless the minor is personally at fault.
As added by P.L.267-1989, SEC.2.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 8.5. Indiana Uniform Transfers to Minors Act › 30-2-8.5-34. Accounting by and Determination of Liability of Custodian

Sec. 34. (a) A minor who is at least fourteen (14) years of age, the minor's guardian or legal representative, an adult member of the minor's family, a transferor, or a transferor's legal representative may petition the court for:
(1) an accounting by the custodian or the custodian's legal representative; or
(2) a determination of responsibility between the custodial property and the custodian personally, for claims against the custodial property unless the responsibility has been adjudicated in an action under section 32 of this chapter to which the minor or the minor's legal representative was a party.
(b) A successor custodian may petition the court for an accounting by the predecessor custodian.
(c) The court, in a proceeding under this chapter or in any other proceeding, may require or permit the custodian or the custodian's legal representative to give an accounting.
(d) If a custodian is removed under section 33(f) of this chapter, the court shall require an accounting and order delivery of the custodial property and records to the successor custodian and the execution of all instruments required for transfer of the custodial property.
As added by P.L.267-1989, SEC.2.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 8.5. Indiana Uniform Transfers to Minors Act › 30-2-8.5-35. Termination of Custodianship

Sec. 35. The custodian shall transfer in an appropriate manner the custodial property to the minor or to the minor's estate upon the earlier of:
(1) the minor's attaining twenty-one (21) years of age; or
(2) the minor's death.
As added by P.L.267-1989, SEC.2.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 8.5. Indiana Uniform Transfers to Minors Act › 30-2-8.5-36. Applicability

Sec. 36. This chapter applies to a transfer within the scope of section 17 of this chapter made after this chapter's effective date:
(1) if:
(A) the transfer purports to have been made under the Indiana uniform gifts to minors act (IC 30-2-8); or
(B) the instrument by which the transfer purports to have been made uses in substance the designation "as custodian under the uniform gifts to minors act" or "as custodian under the uniform transfers to minors act" of any other state; and
(2) the application of this chapter is necessary to validate the transfer.
As added by P.L.267-1989, SEC.2.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 8.5. Indiana Uniform Transfers to Minors Act › 30-2-8.5-37. Effect on Existing Custodianships

Sec. 37. (a) A transfer of custodial property made before July 1, 1989, is validated even if there was no specific authority in the Indiana uniform gifts to minors act (IC 30-2-8) for the coverage of custodial property of that kind or for a transfer from that source at the time the transfer was made.
(b) This chapter applies to all transfers made before July 1, 1989, in a manner and form prescribed in the Indiana uniform gifts to minors act (IC 30-2-8) except to the extent:
(1) the application impairs constitutionally vested rights or extends the duration of custodianships in existence on July 1, 1989; or
(2) provided in subsection (c).
(c) The amendments to IC 30-2-8 made by Acts 1973, P.L.293; do not apply to a custodian account established in accordance with IC 30-2-8 before January 1, 1974.
As added by P.L.267-1989, SEC.2.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 8.5. Indiana Uniform Transfers to Minors Act › 30-2-8.5-38. Uniformity of Application and Construction

Sec. 38. This chapter shall be applied and construed to effectuate a general purpose to make uniform the law with respect to the subject of this chapter among states enacting this chapter.
As added by P.L.267-1989, SEC.2.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 2. General Provisions › Chapter 8.5. Indiana Uniform Transfers to Minors Act › 30-2-8.5-39. Severability

Sec. 39. The provisions of this chapter are severable in the manner provided by IC 1-1-1-8(b).
As added by P.L.267-1989, SEC.2.