reglab/statecodes huggingface dataset:
2023 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 › 30-4-3-33. Trustee Vacancies; Priority for Filling Vacancy

Sec. 33. (a) In addition to the terms of a trust regarding the circumstances under which a trustee vacancy occurs, a trustee vacancy occurs if:
(1) a person designated as trustee does not accept being trustee;
(2) a person designated as trustee cannot be identified or does not exist;
(3) a trustee resigns;
(4) a trustee is disqualified or removed;
(5) a trustee dies; or
(6) the person designated as trustee lacks capacity.
(b) Except as provided in the terms of a trust, if a trust has at least two (2) cotrustees and at least one (1) cotrustee remains in office, a cotrustee vacancy is not required to be filled. A cotrustee vacancy must be filled if the trust has no remaining cotrustee.
(c) Except as provided in the terms of a trust, a trustee vacancy of a noncharitable trust that is required to be filled must be filled according to the following priority:
(1) A person designated in the terms of the trust to act as successor trustee.
(2) A person appointed by a majority of the qualified beneficiaries.
(3) A person appointed by the court.
(d) Except as provided in the terms of a trust, a trustee vacancy of a charitable trust that is required to be filled must be filled according to the following priority:
(1) A person designated in the terms of the trust to be successor trustee.
(2) A person:
(A) selected by the charitable organizations expressly designated to receive distributions under the terms of the trust; and
(B) whose selection is approved by the attorney general.
(3) A person appointed by the court.
(e) Regardless of whether a trustee vacancy exists or is required to be filled, the court may appoint an additional trustee or a special fiduciary if the court considers the appointment necessary for the administration of the trust.
As added by P.L.238-2005, SEC.39.
2023 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 › 30-4-3-34. Petition to Determine Heirs and Interests in Trust Estate

Sec. 34. (a) At any time during the administration of a trust, a trustee or any interested person may petition the court to determine the:
(1) heirs of:
(A) the settlor; or
(B) any person named in the trust; and
(2) respective interests of the persons described in subdivision (1) in the trust estate or any part of the trust estate.
(b) If a petition is filed under this section, the court shall fix the time for a hearing on the petition. Notice of the hearing shall be given in the following manner:
(1) Personally or by mail to persons who are named in the trust and:
(A) are known to claim;
(B) are believed to claim; or
(C) have;
an interest in the trust estate or any part of the trust estate as heir or through an heir of the settlor.
(2) By publication to any unknown heirs.
(c) When a hearing is held on the petition, the issues set forth in the petition under subsection (a) may be determined by:
(1) competent evidence; or
(2) affidavit, if there are no objections.
A record shall be made of the oral evidence. The record and affidavits must be a part of the files in the trust proceeding.
(d) If there is satisfactory proof, the court shall make a decree that determines the issues set forth in the petition under subsection (a). The court's decree is conclusive of the facts determined by the court with regard to any interested person who has been notified personally or by mail in accordance with subsection (b)(1), subject to the interested person's right of appeal.
(e) An act of the trustee is valid with regard to the rights and liabilities of a purchaser, a lessee, or other person who deals with the trustee for value and in good faith, if the trustee acts in:
(1) accordance with the facts as determined by the court's decree under subsection (d);
(2) accordance with the law; and
(3) good faith.
As added by P.L.238-2005, SEC.40.
2023 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 › 30-4-3-36. Repealed

As added by P.L.6-2010, SEC.19. Amended by P.L.51-2014, SEC.22. Repealed by P.L.161-2022, SEC.2.
2023 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 › 30-4-3-37. Unclaimed Trust Shares; Disposition Procedures

Sec. 37. (a) If a beneficiary of a trust cannot be found after a reasonable search, the trustee may file a petition setting out the facts of the unsuccessful search. The court may order the trustee to sell the shares of the trust to which the beneficiary is entitled and to pay the proceeds to the clerk of the court. The clerk shall hold the proceeds for the use and benefit of the person or persons thereafter determined by law to be entitled to the proceeds.
(b) If a trustee pays any money to the clerk of the court under this section, the trustee shall file a receipt with the court. Filing the receipt is sufficient to discharge the trustee in the same manner and to the same extent as though the trustee had paid or distributed the appropriate share of the trust to the unlocated beneficiary.
(c) This section does not apply to stocks, dividends, capital credits, patronage, refunds, utility deposits, membership fees, account balances, or book equities for which the owner cannot be found that are the result of distributable savings of a rural electric membership corporation formed under IC 8-1-13, a rural communications cooperative corporation formed under IC 8-1-17, or an agricultural cooperative association formed under IC 15-12-1.
As added by P.L.6-2010, SEC.20. Amended by P.L.81-2020, SEC.17.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 4. Trust Code › Chapter 3.5. Indiana Uniform Prudent Investor Act › 30-4-3.5-1. Compliance With Prudent Investor Rule

Sec. 1. (a) Except as otherwise provided in subsection (b), a trustee who invests and manages trust assets owes a duty to the beneficiaries of the trust to comply with the prudent investor rule set forth in this chapter.
(b) The prudent investor rule, a default rule, may be expanded, restricted, eliminated, or otherwise altered by the provisions of a trust. A trustee is not liable to a beneficiary to the extent that the trustee acted in reasonable reliance on the provision of the trust.
(c) This chapter applies to a trustee or escrow agent, acting as fiduciary, of:
(1) a perpetual care fund established under IC 23-14-48-2;
(2) a prepaid funeral plan or funeral trust established under IC 30-2-9;
(3) a funeral trust established under IC 30-2-10; or
(4) a trust or escrow account created from payments of funeral, burial services, or merchandise in advance of need, as described in IC 30-2-13.
As added by P.L.137-1999, SEC.3. Amended by P.L.61-2008, SEC.14; P.L.33-2019, SEC.14.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 4. Trust Code › Chapter 3.5. Indiana Uniform Prudent Investor Act › 30-4-3.5-2. Prudent Investor Rule

Sec. 2. (a) A trustee shall invest and manage trust assets as a prudent investor would, by considering the purposes, terms of the trust, distribution requirements, and other circumstances of the trust. In satisfying this standard, the trustee shall exercise reasonable care, skill, and caution.
(b) A trustee's investment and management decisions respecting individual assets must be evaluated not in isolation but in the context of the trust portfolio as a whole and as a part of an overall investment strategy having risk and return objectives reasonably suited to the trust.
(c) Among circumstances that a trustee shall consider in investing and managing trust assets are those of the following that are relevant to the trust or its beneficiaries:
(1) General economic conditions.
(2) The possible effect of inflation or deflation.
(3) The expected tax consequences of investment decisions or strategies.
(4) The role that each investment or course of action plays within the overall trust portfolio, which may include financial assets, interests in closely held enterprises, tangible and intangible personal property, and real property.
(5) The expected total return from income and the appreciation of capital.
(6) Other resources of the beneficiaries.
(7) Needs for liquidity, regularity of income, and preservation or appreciation of capital.
(8) An asset's special relationship or special value, if any, to the purposes of the trust or to one (1) or more of the beneficiaries.
(d) A trustee shall make a reasonable effort to verify facts relevant to the investment and management of trust assets.
(e) A trustee may invest in any kind of property or type of investment consistent with the standards of this chapter.
(f) A trustee who has special skills or expertise, or is named trustee in reliance upon the trustee's representation that the trustee has special skills or expertise, has a duty to use the special skills or expertise.
As added by P.L.137-1999, SEC.3. Amended by P.L.51-2014, SEC.23.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 4. Trust Code › Chapter 3.5. Indiana Uniform Prudent Investor Act › 30-4-3.5-3. Diversification of Investments

Sec. 3. A trustee shall diversify the investments of the trust unless the trustee reasonably determines that, because of special circumstances, the purposes of the trust are better served without diversifying.
As added by P.L.137-1999, SEC.3.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 4. Trust Code › Chapter 3.5. Indiana Uniform Prudent Investor Act › 30-4-3.5-4. Review of Trust Assets

Sec. 4. Within a reasonable time after accepting a trusteeship or receiving trust assets, a trustee shall review the trust assets and make and implement decisions concerning the retention and disposition of assets in order to bring the trust portfolio into compliance with the purposes, terms of the trust, distribution requirements, and other circumstances of the trust, and with the requirements of this chapter.
As added by P.L.137-1999, SEC.3. Amended by P.L.51-2014, SEC.24.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 4. Trust Code › Chapter 3.5. Indiana Uniform Prudent Investor Act › 30-4-3.5-5. Trust Managed in Interest of Beneficiaries

Sec. 5. A trustee shall invest and manage the trust assets solely in the interest of the beneficiaries.
As added by P.L.137-1999, SEC.3.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 4. Trust Code › Chapter 3.5. Indiana Uniform Prudent Investor Act › 30-4-3.5-6. Impartial Management

Sec. 6. If a trust has at least two (2) beneficiaries, the trustee shall act impartially in investing and managing the trust assets, taking into account any differing interests of the beneficiaries.
As added by P.L.137-1999, SEC.3.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 4. Trust Code › Chapter 3.5. Indiana Uniform Prudent Investor Act › 30-4-3.5-7. Costs

Sec. 7. In investing and managing trust assets, a trustee may only incur costs that are appropriate and reasonable in relation to the assets, the purposes of the trust, and the skills of the trustee.
As added by P.L.137-1999, SEC.3.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 4. Trust Code › Chapter 3.5. Indiana Uniform Prudent Investor Act › 30-4-3.5-8. Determination of Compliance With Prudent Investor Rule

Sec. 8. Compliance with the prudent investor rule is determined in light of the facts and circumstances existing at the time of a trustee's decision or action and not by hindsight.
As added by P.L.137-1999, SEC.3.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 4. Trust Code › Chapter 3.5. Indiana Uniform Prudent Investor Act › 30-4-3.5-9. Delegation of Functions by Trustee

Sec. 9. (a) A trustee may delegate investment and management functions that a prudent trustee of comparable skills could properly delegate under the circumstances. The trustee shall exercise reasonable care, skill, and caution in:
(1) selecting an agent;
(2) establishing the scope and terms of the delegation, consistent with the purposes and terms of the trust; and
(3) reviewing the agent's actions periodically in order to monitor the agent's performance and compliance with the terms of the delegation.
(b) In performing a delegated function, an agent owes a duty to the trust to exercise reasonable care.
(c) By accepting the delegation of a trust function from the trustee of a trust that is subject to the law of Indiana, an agent submits to the jurisdiction of the courts of Indiana.
As added by P.L.137-1999, SEC.3.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 4. Trust Code › Chapter 3.5. Indiana Uniform Prudent Investor Act › 30-4-3.5-10. Authorization of Investments or Strategies

Sec. 10. The following terms or comparable language in the provisions of a trust, unless otherwise limited or modified, authorizes any investment or strategy permitted under this chapter:
(1) "Investments permissible by law for investment of trust funds".
(2) "Legal investments".
(3) "Authorized investments".
(4) "Using the judgment and care under the circumstances then prevailing that persons of prudence, discretion, and intelligence exercise in the management of their own affairs, not in regard to speculation but in regard to the permanent disposition of their funds, considering the probable income as well as the probable safety of their capital".
(5) "Prudent man rule".
(6) "Prudent trustee rule".
(7) "Prudent person rule".
(8) "Prudent investor rule".
As added by P.L.137-1999, SEC.3.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 4. Trust Code › Chapter 3.5. Indiana Uniform Prudent Investor Act › 30-4-3.5-11. Applicability of Chapter

Sec. 11. This chapter applies to trusts existing on and created after June 30, 1999. As applied to trusts existing on June 30, 1999, this chapter governs only decisions or actions occurring after June 30, 1999.
As added by P.L.137-1999, SEC.3.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 4. Trust Code › Chapter 3.5. Indiana Uniform Prudent Investor Act › 30-4-3.5-12. Purpose of Chapter

Sec. 12. This chapter shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this chapter among the states enacting it.
As added by P.L.137-1999, SEC.3.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 4. Trust Code › Chapter 4. Rules Governing the Rights of Third Parties › 30-4-4-1. Presumption of Trustee's Authority

Sec. 1. (Presumption of Trustee's Authority)
(a) Except as provided in subsection (b) of this section, any third person dealing with the trustee or assisting him in conducting a transaction:
(1) may assume without inquiry that the trustee has the powers he purports to exercise and has exercised them properly; and
(2) shall not be responsible for the application of money or property paid or delivered to the trustee.
(b) If the third person has actual knowledge that the trustee is exceeding his powers or is improperly exercising them, that person will not be protected under subsection (a) of this section.
(c) If a trust which includes real estate is a public record in the county in which the real estate is situated, a third person dealing with the trustee with respect to that real estate shall be deemed to have actual notice of the terms of the trust.
Formerly: Acts 1971, P.L.416, SEC.5.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 4. Trust Code › Chapter 4. Rules Governing the Rights of Third Parties › 30-4-4-2. Transfers by the Trustee to Third Persons

Sec. 2. (Transfers by the Trustee to Third Persons)
(a) If, in transferring an interest in trust property to a third party, the trustee is not committing a breach of trust, the transferee holds the interest free of the trust and incures no liability to the beneficiary.
(b) A third person, to whom an interest in trust property is transferred by the trustee in breach of trust, takes his interest free of the trust if he:
(1) takes for value and without notice of the breach of trust; and
(2) is not taking part in what he knows to be an illegal transaction.
Formerly: Acts 1971, P.L.416, SEC.5.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 4. Trust Code › Chapter 4. Rules Governing the Rights of Third Parties › 30-4-4-3. Judgment Lien Against the Trustee or Beneficiary

Sec. 3. (Judgment Lien against the Trustee or Beneficiary)
(a) A judgment against a person individually who may also be a trustee shall not be a lien against the trust estate.
(b) When trust property is properly sold or disposed of by the trustee to a third person, the liens against a beneficiary's interest in the trust estate, if any, will be divested from that property and will attach to the interest of that beneficiary in the proceeds from its sale or other disposition.
Formerly: Acts 1971, P.L.416, SEC.5.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 4. Trust Code › Chapter 4. Rules Governing the Rights of Third Parties › 30-4-4-4. Disclosure of Information Concerning Beneficiaries

Sec. 4. (Disclosure of Information Concerning Beneficiaries)
(a) Any person may petition the court for disclosure of information concerning beneficiaries or the trust estate. The court may order the disclosure of all or any part of the information requested in the petition only after the petitioner has shown both a reasonable need for it and that the trustee has either refused or neglected to provide the information on written request delivered to the trustee.
(b) The court shall, upon petition, order the disclosure of the identity of the beneficiaries or their agents, if any, and any other information concerning the trust, in any case in which:
(1) in a trust of real estate, there is a violation of a state law or an ordinance or resolution of a political subdivision relating to the structure or condition of buildings, or the health and safety of occupants of or visitors to buildings; or
(2) there has been or may be a deed, sale, lease, purchase, mortgage, assignment or similar transfer of any interest in trust property to or from any unit of state or local government or agency or official thereof;
and the trustee has refused to disclose the identities of the beneficiaries within a reasonable time after written demand.
Formerly: Acts 1971, P.L.416, SEC.5.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 4. Trust Code › Chapter 4. Rules Governing the Rights of Third Parties › 30-4-4-5. Certification of Trust; Contents; Liability of Person Relying on Certification of Trust

Sec. 5. (a) A trustee may furnish to a person other than a beneficiary a certification of trust instead of a copy of the trust instrument. The certification of trust must contain the following information:
(1) That the trust exists and the date the trust instrument was executed.
(2) The identity of the settlor.
(3) The identity and address of the currently acting trustee.
(4) The powers of the trustee.
(5) The revocability or irrevocability of the trust and the identity of any person holding a power to revoke the trust.
(6) The authority of cotrustees to sign or otherwise authenticate and whether all or less than all the cotrustees are required in order to exercise the powers of the trustee.
(7) The manner of taking title to trust property.
(b) A certification of trust may be signed or authenticated by any trustee.
(c) A certification of trust must state that the trust has not been revoked, modified, or amended in any manner that would cause the representations contained in the certification of trust to be incorrect.
(d) A certification of trust may contain the dispositive terms of a trust.
(e) A recipient of a certification of trust may require the trustee to furnish copies of excerpts from the original trust instrument and later amendments that:
(1) designate the trustee; and
(2) confer on the trustee the power to act in a pending transaction in which the recipient has an interest.
(f) A person who acts in reliance on a certification of trust without knowledge that the representations contained in the certification of trust are incorrect:
(1) is not liable to any person for acting in reliance on the certification of trust; and
(2) may assume without inquiry the existence of the facts contained in the certification of trust.
Knowledge of the terms of the trust may not be inferred solely from the fact that a copy of all or part of the trust instrument is held by the person relying on the certification.
(g) A person who in good faith enters into a transaction in reliance on a certification of trust may enforce the transaction against the trust property as if the representations contained in the certification were correct.
(h) A person making a demand for the trust instrument in addition to a certification of trust or excerpts from the original trust instrument is liable for damages if the court determines that a person did not act in good faith in demanding the trust instrument.
(i) This section does not limit the right of a person to obtain a copy of the trust instrument in a judicial proceeding concerning the trust.
As added by P.L.238-2005, SEC.41. Amended by P.L.95-2007, SEC.18; P.L.202-2007, SEC.5.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 4. Trust Code › Chapter 5. Rules Governing the Administration of a Trust › 30-4-5-0.5. Application of Uniform Principal and Income Act

Sec. 0.5. The Uniform Principal and Income Act (IC 30-2-14) applies to the administration of a trust under this article.
As added by P.L.84-2002, SEC.4.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 4. Trust Code › Chapter 5. Rules Governing the Administration of a Trust › 30-4-5-2. Repealed

Formerly: Acts 1971, P.L.416, SEC.6. As amended by Acts 1977, P.L.2, SEC.81; P.L.132-1992, SEC.2; P.L.138-1994, SEC.2. Repealed by P.L.84-2002, SEC.11.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 4. Trust Code › Chapter 5. Rules Governing the Administration of a Trust › 30-4-5-4. Repealed

Formerly: Acts 1971, P.L.416, SEC.6. As amended by Acts 1982, P.L.171, SEC.119. Repealed by P.L.84-2002, SEC.11.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 4. Trust Code › Chapter 5. Rules Governing the Administration of a Trust › 30-4-5-5. Repealed

Formerly: Acts 1971, P.L.416, SEC.6. As amended by P.L.138-1994, SEC.3; P.L.198-1996, SEC.2. Repealed by P.L.84-2002, SEC.11.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 4. Trust Code › Chapter 5. Rules Governing the Administration of a Trust › 30-4-5-8. Repealed

Formerly: Acts 1971, P.L.416, SEC.6. As amended by Acts 1982, P.L.171, SEC.120. Repealed by P.L.84-2002, SEC.11.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 4. Trust Code › Chapter 5. Rules Governing the Administration of a Trust › 30-4-5-11. Repealed

Formerly: Acts 1971, P.L.416, SEC.6. As amended by Acts 1982, P.L.171, SEC.121; P.L.138-1994, SEC.4. Repealed by P.L.84-2002, SEC.11.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 4. Trust Code › Chapter 5. Rules Governing the Administration of a Trust › 30-4-5-13. Content of Written Statements of Account Filed With the Court

Sec. 13. (a) A verified written statement of accounts filed with the court under 30-4-5-12 or by the trustee under 30-4-3-18(b) shall show:
(1) the period covered by the account;
(2) the total principal with which the trustee is chargeable according to the last preceding written statement of accounts or the original inventory if there is no preceding statement;
(3) an itemized schedule of all principal cash and property received and disbursed, distributed, or otherwise disposed of during the period;
(4) an itemized schedule of income received and disbursed, distributed, or otherwise disposed of during the period;
(5) the balance of principal and income remaining at the close of the period, how invested, and both the inventory and current market values of all investments;
(6) a statement that the trust has been administered according to the terms of the trust;
(7) the names and addresses of all living beneficiaries and a statement identifying any beneficiary known to be under a legal disability;
(8) a description of any possible unborn or unascertained beneficiary and the possible beneficiary's interest in the trust estate; and
(9) the business addresses, if any, or the residence addresses of all the trustees.
(b) The court may, either on petition or on its own motion, require the trustee to submit such proof as it deems necessary to support the trustee's verified written statement of accounts. The court may accept the unqualified certificate of a certified public accountant in lieu of other proof.
Formerly: Acts 1971, P.L.416, SEC.6. As amended by P.L.51-2014, SEC.25.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 4. Trust Code › Chapter 5. Rules Governing the Administration of a Trust › 30-4-5-14. Settlements; Objections; Hearing; Surcharge

Sec. 14. (Settlements; Objections; Hearing; Surcharge)
(a) With respect to the annual written statement required by 30-4-5-12(a), a beneficiary or his personal representative will be deemed to have discharged the trustee from liability as to that beneficiary for all matters disclosed in the statement if he approves in writing the trustee's statement.
(b) In a proceeding in which the court has been requested by petition to approve a verified written statement of accounts, any person authorized by 30-4-5-12(c) to petition for an accounting may file an appropriate responsive pleading, and if he does so, he must file it within the period of time after notice that a responsive pleading is required to be filed after service of a prior pleading under the Indiana Rules of Procedure.
(c) When a responsive pleading filed under subsection (b) of this section includes objections to any matter contained in the trustee's statement, those objections must be specific unless the court orders otherwise.
(d) Upon request for approval of a verified written statement of accounts and the filing of objections, if any, the court shall determine the correctness of the statement and the validity and propriety of all actions of the trustee described in the statement and may take any additional action that it deems necessary.
Formerly: Acts 1971, P.L.416, SEC.6.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 4. Trust Code › Chapter 5. Rules Governing the Administration of a Trust › 30-4-5-15. Judgment; Fees

Sec. 15. (Judgment; Fees)
(a) Subject to the right of appeal, a judgment rendered by the court under 30-4-5-14, either approving the statement or disapproving it and surcharging the trustee, is final, conclusive and binding upon all the parties to the action who are subject to the jurisdiction of the court.
(b) Entry of the judgment by the court finally disposes of the matter and the clerk may not tax or charge a service fee for any year beyond that in which the judgment is rendered.
Formerly: Acts 1971, P.L.416, SEC.6.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 4. Trust Code › Chapter 5. Rules Governing the Administration of a Trust › 30-4-5-16. Right to Compensation

Sec. 16. (a) Unless the terms of the trust provide otherwise, and except as provided in section 17 of this chapter, the trustee is entitled to reasonable compensation from the trust estate for acting as trustee.
(b) If the terms of the trust specify the trustee's compensation, the trustee is entitled to be compensated as specified, but the court may allow more or less compensation if:
(1) the duties of the trustee are substantially different from those contemplated when the trust was created; or
(2) the compensation specified in the terms of the trust would be unreasonably low or high.
(c) A trustee is entitled to be reimbursed out of the trust property, with interest as appropriate, for:
(1) expenses that were properly incurred in the administration of the trust; and
(2) expenses that were not properly incurred in the administration of the trust, to the extent necessary to prevent unjust enrichment of the trust.
An advance by the trustee of money for the protection of the trust gives rise to a lien against trust property to secure reimbursement with reasonable interest.
Formerly: Acts 1971, P.L.416, SEC.6. As amended by P.L.238-2005, SEC.42.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 4. Trust Code › Chapter 5. Rules Governing the Administration of a Trust › 30-4-5-17. Compensation if Trustee Breaches Trust

Sec. 17. (Compensation if Trustee Breaches Trust)
(a) In a proceeding in which the trustee is found to be in breach of trust, the court may in its discretion either deny him all compensation, allow him a reduced compensation, or allow him full compensation.
(b) In the exercise of its discretion under subsection (a) of this section, the court may consider, among others, the following facts:
(1) whether the breach of trust was intentional, negligent, or without fault;
(2) whether or not the trustee acted in good faith;
(3) whether or not the breach of trust resulted in a loss to the trust estate;
(4) if a loss results, whether the trustee has indemnified the trust estate; and
(5) whether the trustee's services were of value to the trust estate.
Formerly: Acts 1971, P.L.416, SEC.6.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 4. Trust Code › Chapter 5. Rules Governing the Administration of a Trust › 30-4-5-18. Private Foundations

Sec. 18. Subject to section 20 of this chapter, every corporation which is organized under the laws of this state and which is a private foundation as defined in Section 509(a) of the Internal Revenue Code shall, unless otherwise provided in the articles of incorporation of such corporation:
(a) distribute each taxable year amounts sufficient for such corporation to avoid liability for the tax imposed by Section 4942 of the Internal Revenue Code;
(b) not engage in any act of self-dealing (as defined in Section 4941(d) of the Internal Revenue Code) which would subject such corporation to liability for the taxes imposed by Section 4941 of the Internal Revenue Code;
(c) not retain any excess business holding (as defined in Section 4943(c) of the Internal Revenue Code) which would subject such corporation to liability for the taxes imposed by Section 4943 of the Internal Revenue Code;
(d) not make any investment which would jeopardize the carrying out of any of such corporation's exempt purposes (within the meaning of Section 4944 of the Internal Revenue Code) and which would subject such corporation to liability for the taxes imposed by Section 4944 of the Internal Revenue Code; and
(e) not make any taxable expenditure (as defined in Section 4945(d) of the Internal Revenue Code) which would subject such corporation to liability for the taxes imposed by Section 4945 of the Internal Revenue Code.
Formerly: Acts 1971, P.L.416, SEC.6. As amended by P.L.2-1987, SEC.47.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 4. Trust Code › Chapter 5. Rules Governing the Administration of a Trust › 30-4-5-19. Private Corporate Foundations Organized Before January 1, 1970; Application of Ic 30-4-5-18

Sec. 19. The provisions of 30-4-5-18 shall not apply to any such corporation organized before January 1, 1970, to the extent that a court of competent jurisdiction shall determine that application of such section to such corporation would be contrary to the terms of any instrument which may not be changed to conform to such section and by which such corporation is bound.
Formerly: Acts 1971, P.L.416, SEC.6.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 4. Trust Code › Chapter 5. Rules Governing the Administration of a Trust › 30-4-5-20. Private Corporate Foundations; Effective Dates of Ic 30-4-5-18

Sec. 20. The provisions of 30-4-5-18 shall be effective as to corporations to which such section applies in accordance with the following subsections (a) and (b):
(a) With respect to each such corporation organized on or after January 1, 1970, the provisions of 30-4-5-18 shall be effective from and after the date of such corporation's organization.
(b) With respect to each such corporation organized before January 1, 1970, the provisions of 30-4-5-18 shall be effective during taxable years commencing after December 31, 1971.
Formerly: Acts 1971, P.L.416, SEC.6.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 4. Trust Code › Chapter 5. Rules Governing the Administration of a Trust › 30-4-5-21. Trusts for Benevolent Public Purpose; General Rules

Sec. 21. Subject to the provisions of this section and of section 23 of this chapter, every trust for a benevolent public purpose that is subject to the provisions of Subchapter A of Chapter 42 of Subtitle D of the Internal Revenue Code shall:
(1) distribute each taxable year amounts sufficient for such trust to avoid liability for the tax imposed by Section 4942 of the Internal Revenue Code, except that this subdivision shall not apply to split-interest trusts;
(2) not engage in any act of self-dealing (as defined in Section 4941(d) of the Internal Revenue Code) which would subject such trust to liability for the taxes imposed by Section 4941 of the Internal Revenue Code;
(3) not retain any excess business holding (as defined in Section 4943(c) of the Internal Revenue Code) which would subject such trust to liability for the taxes imposed by Section 4943 of the Internal Revenue Code;
(4) not make any investment which would jeopardize the carrying out of any of such trust's exempt purposes (within the meaning of Section 4944 of the Internal Revenue Code) and which would subject such trust to liability for the taxes imposed by Section 4944 of the Internal Revenue Code; and
(5) not make any taxable expenditure (as defined in Section 4945(d) of the Internal Revenue Code) which would subject such trust to liability for the taxes imposed by Section 4945 of the Internal Revenue Code.
The provisions of this section shall not apply to split-interest trusts or amounts thereof to the extent that such split-interest trusts and amounts are not, under Section 4947 of the Internal Revenue Code, subject to the prohibitions applicable to private foundations.
Formerly: Acts 1971, P.L.416, SEC.6. As amended by P.L.2-1987, SEC.48; P.L.41-2000, SEC.6.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 4. Trust Code › Chapter 5. Rules Governing the Administration of a Trust › 30-4-5-22. Private and Charitable Trust Foundations; Split-Interest Trusts; Creation Before January 1, 1970; Application of Ic 30-4-5-21

Sec. 22. The provisions of 30-4-5-21 shall not apply to any such trust created before January 1, 1970, to the extent that a court of competent jurisdiction shall determine that application of such section to such trust would be contrary to the terms of any instrument which may not be changed to conform to such section and by which such trust is bound.
Formerly: Acts 1971, P.L.416, SEC.6.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 4. Trust Code › Chapter 5. Rules Governing the Administration of a Trust › 30-4-5-23. Private and Charitable Trust Foundations; Split-Interest Trusts; Effective Date of Ic 30-4-5-21

Sec. 23. The provisions of 30-4-5-21 shall be effective as to trusts to which such section applies in accordance with the following subsections (a) and (b):
(a) With respect to each such trust first existing on or after January 1, 1970, the provisions of 30-4-5-21 shall be effective from and after the date such trust comes into existence.
(b) With respect to each such trust existing before January 1, 1970, the provisions of 30-4-5-21 shall be effective during taxable years commencing after December 31, 1971.
Formerly: Acts 1971, P.L.416, SEC.6.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 4. Trust Code › Chapter 5. Rules Governing the Administration of a Trust › 30-4-5-25. "Interested Person"; Matters Resolved by Nonjudicial Settlement Agreement

Sec. 25. (a) As used in this section, "interested person" means a person whose consent would be required to achieve a binding settlement were the settlement to be approved by the court.
(b) Except as provided in subsection (c), an interested person may enter into a binding nonjudicial settlement agreement with respect to any matter involving a trust. This procedure is not intended to foreclose or limit any other procedure for settlement available under other applicable law.
(c) A nonjudicial settlement agreement is valid only to the extent it does not violate a material purpose of the trust and includes terms and conditions that could be properly approved by the court under this article or other applicable law. A nonjudicial settlement may not be used to produce a result not authorized by other provisions of this article, including but not limited to terminating or modifying a trust in an impermissible manner.
(d) Subject to subsection (c), matters that may be resolved by a nonjudicial settlement agreement include the following:
(1) The interpretation or construction of the terms of a trust.
(2) The approval of a trustee's report or accounting or waiver of the preparation of a trustee's report or accounting.
(3) Direction to a trustee to refrain from performing a particular act or the grant to a trustee of any necessary or desirable power.
(4) The resignation or appointment of a trustee and the determination of a trustee's compensation.
(5) Transfer of a trust's principal place of administration.
(6) Liability or release of a trustee for an action relating to a trust.
(7) The criteria for distribution to a beneficiary where a trustee is given discretion.
(8) The resolution of a dispute arising out of the administration or distribution of a trust.
(9) An investment action.
(10) The appointment of and powers granted to a trust director.
(11) Direction to a trust director to perform or refrain from performing a particular act or the grant of a power to a trust director.
(e) Before or after the parties enter into a nonjudicial settlement agreement, an interested person may request the court to approve a nonjudicial settlement agreement to determine whether the representation under IC 30-4-6-10.5 was adequate and to determine whether the agreement contains terms and conditions the court would approve.
As added by P.L.221-2019, SEC.7. Amended by P.L.231-2019, SEC.28.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 4. Trust Code › Chapter 5.5. Enforcement Powers of Attorney General › 30-4-5.5-1. Remedies by Attorney General Against Certain Trustees and Other Individuals

Sec. 1. (a) This section applies to the following:
(1) A trustee of a benevolent trust, including a perpetual care fund or endowment care fund established under IC 23-14-48 or a prepaid funeral trust or escrow account established under IC 30-2-9, IC 30-2-10, or IC 30-2-13.
(2) A cemetery owner.
(3) A funeral home.
(4) A beneficiary of a contract entered into under IC 30-2-9.
(5) A seller (as defined in IC 30-2-13-10) under IC 30-2-13.
(6) Any other person that holds a perpetual care fund, an endowment care fund, or a prepaid funeral trust fund.
(b) A person described in subsection (a) may not do any of the following:
(1) Commit a breach of trust.
(2) Violate the mandate of a charitable trust.
(3) Violate a duty listed in this article.
(4) Fail to comply with a requirement or prohibition set forth in any of the following:
(A) IC 23-14-48.
(B) IC 23-14-48.5.
(C) IC 23-14-49.
(D) IC 23-14-51.
(E) IC 30-2-9.
(F) IC 30-2-10.
(G) IC 30-2-13.
(H) IC 30-4.
(c) The attorney general may petition a court to issue one (1) or more of the following remedies for a breach, violation, or failure enumerated in subsection (b):
(1) Injunctive relief.
(2) Appointment of temporary or permanent receivers.
(3) Permanent removal of trustees.
(4) Appointment of permanent replacement trustees subject to court approval.
A remedy under this subsection is in addition to any other remedy.
(d) The attorney general may seek a remedy listed in subsection (c) against a trustee, a trust, or any other person described in subsection (a) for a breach, violation, or failure enumerated in subsection (b).
(e) A court in which an action is brought under this section may do the following:
(1) Issue a temporary restraining order, preliminary injunction, or permanent injunction.
(2) Order a trustee, an escrow agent, a seller (as defined in IC 30-2-13-10), a cemetery owner, or a funeral home to pay restitution or money unlawfully received or retained from purchasers and deposit the restitution or money into an escrow account for distribution to aggrieved purchasers.
(3) Order a trustee, an escrow agent, a seller (as defined in IC 30-2-13-10), a cemetery owner, or a funeral home to reimburse the state for reasonable costs incurred by the attorney general in investigating and prosecuting a violation of this section.
(4) Impose civil penalties.
(5) Provide for the appointment of a receiver.
As added by P.L.245-2005, SEC.8. Amended by P.L.61-2008, SEC.15.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 4. Trust Code › Chapter 6. Procedure › 30-4-6-2. Continuing Jurisdiction

Sec. 2. (Continuing Jurisdiction)
The court will have continuing jurisdiction to supervise the administration of the trust only if the settlor expressly directs in the terms of the trust that the court is to have that jurisdiction.
Formerly: Acts 1971, P.L.416, SEC.7.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 4. Trust Code › Chapter 6. Procedure › 30-4-6-4. Docketing of Trusts in General

Sec. 4. Except as provided in section 7 of this chapter and IC 30-4-7, unless the terms of the trust expressly direct that the court is to have continuing jurisdiction over the administration of the trust:
(1) a trustee need not file a copy of the trust instrument as a part of the court's records;
(2) the court may not require a copy of the trust instrument to be filed as a part of the court's records; and
(3) if:
(A) a decedent's will establishes a trust or contains a devise to a trust; and
(B) the will is probated under IC 29-1-7 with or without the appointment of a personal representative for the decedent's estate;
the court shall have no continuing jurisdiction over the administration of the trust after the will is probated or after any distribution from the decedent's estate is paid or delivered to the trustee.
Formerly: Acts 1971, P.L.416, SEC.7. As amended by P.L.200-1991, SEC.5; P.L.162-2022, SEC.20.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 4. Trust Code › Chapter 6. Procedure › 30-4-6-5. Pleadings

Sec. 5. (Pleadings)
Any proceedings under this article may be initiated on either a petition or complaint and upon notice as provided in 30-4-6-6.
Formerly: Acts 1971, P.L.416, SEC.7.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 4. Trust Code › Chapter 6. Procedure › 30-4-6-6. Notice

Sec. 6. (Notice)
(a) Notice must be given to any person or his personal representative who is named as a party in a petition or complaint, whose rights may be affected or upon whom a liability might be imposed by any proceeding; to the Attorney General if the trust is for a benevolent public purpose; and to any other person whom the court may order to be given notice.
(b) The form of notice required shall be in the form of a summons as provided for in the Indiana Rules of Procedure or in such other form as may be ordered or approved by the court.
(c) The manner of service of a notice shall be the same as that provided in the Indiana Rules of Procedure for service of summons or such other manner as may be ordered or approved by the court.
(d) Any person who is a nonresident of this state or whose address is unknown may be served by publication according to the Indiana Rules of Procedure. All persons served by publication whose names and addresses are known or can by reasonable diligence be ascertained by the party seeking service shall, in addition to such published notice, be served by registered or certified mail or other public means by which a return receipt may be requested.
(e) The court shall give notice in any case in which it acts on its own motion.
(f) Any person not under a legal disability or a personal representative may waive in writing notice of the proceeding.
(g) An order of the court is binding as to all persons who are given notice of the proceeding, even though less than all interested persons receive notice.
Formerly: Acts 1971, P.L.416, SEC.7.
2023 Indiana Code › Title 30. Trusts and Fiduciaries › Article 4. Trust Code › Chapter 6. Procedure › 30-4-6-6.5. Methods for Sending Notice

Sec. 6.5. (a) The sending of notice or a document to a beneficiary, a trustee, or another interested person under this article or under IC 30-2-14 must be accomplished in a manner reasonably suitable under the circumstances and that is likely to result in receipt of the notice or document. Permissible methods for sending notice or a document include first class mail, personal delivery, delivery to the person's last known place of residence or place of business, or electronic delivery, including access to information by electronic means, if the intended recipient has agreed to receive the electronic delivery or to access a properly directed electronic message.
(b) An electronic message meets the requirements of this chapter if the sender transmits the message to the intended recipient by a method that:
(1) the sender and the recipient have previously agreed to in writing or in a previous electronic communication; or
(2) is reasonably calculated to prevent unauthorized access to the content of the electronic message or to nonpublic identifying or personal information of the sender or recipient, such as encryption of the electronic message itself or sending the recipient a link to a password protected or encrypted web site that stores the electronic message and any related documents.
As added by P.L.194-2017, SEC.12.