Title 30, TRUSTS AND FIDUCIARIES

Sec. 49. (a) As used in this section, "grantor trust" means a trust as to which a settlor of a first trust is considered the owner under 26 U.S.C. 671 through 677, as amended and in effect on July 1, 2022, or 26 U.S.C. 679, as amended and in effect on July 1, 2022. (b) As used in…

Sec. 5. As used in this chapter, "beneficiary" means a person that: (1) has a present or future, vested or contingent, beneficial interest in a trust; (2) holds a power of appointment over trust property; or (3) is an identified charitable organization that may receive distributi…

trust and second trust Sec. 50. (a) Subject to subsection (b), a second trust may have a duration that is the same as or different from the duration of the first trust. (b) To the extent that property of a second trust is attributable to property of the first trust, the property …

Sec. 51. An authorized fiduciary may exercise the decanting power whether under the first trust's discretionary distribution standard the fiduciary would have made or could have been compelled to make a discretionary distribution of principal at the time of the exercise. As added…

Sec. 52. (a) If exercise of the decanting power would be effective under this chapter except that the second-trust instrument in part does not comply with this chapter, the exercise of the power is effective and the following rules apply with respect to the principal of the secon…

Sec. 53. (a) As used in this section, "animal trust" means a trust or an interest in a trust created to provide for the care of one (1) or more animals. (b) As used in this section, "protector" means a person appointed in an animal trust to enforce the trust on behalf of the anim…

Sec. 54. A reference in this article to a trust instrument or terms of the trust includes a second-trust instrument and the terms of the second trust. As added by P.L.161-2022, SEC.3.

second trust Sec. 55. (a) For purposes of law of this state other than this chapter and subject to subsection (b), a settlor of a first trust is deemed to be the settlor of the second trust with respect to the portion of the principal of the first trust subject to the exercise of…

Sec. 56. (a) Except as provided in subsection (c), if exercise of the decanting power was intended to distribute all of the principal of the first trust to one (1) or more second trusts, later discovered property belonging to the first trust and property paid to or acquired by th…

Sec. 57. A debt, liability, or other obligation enforceable against property of a first trust is enforceable to the same extent against the property when held by the second trust after exercise of the decanting power. As added by P.L.161-2022, SEC.3.

Sec. 58. In applying and construing this uniform act, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it. As added by P.L.161-2022, SEC.3.

Sec. 59. This chapter modifies, limits, or supersedes the Electronic Signatures in Global and National Commerce Act, 15 U.S.C. 7001 as amended and in effect on July 1, 2022, but does not modify, limit, or supersede Section 101(c) of that act, 15 U.S.C. 7001(c) as amended and in e…

Sec. 6. As used in this chapter, "beneficiary with a disability" means a beneficiary who is determined, in the exercise of an authorized fiduciary's discretion, to have one (1) of the following conditions: (1) Dementia, memory loss, Parkinson's disease, or other progressive condi…

Sec. 60. If any provision of this chapter or its application to any person or circumstance is held invalid, the invalidity does not affect other provisions or applications of this chapter that can be given effect without the invalid provision or application, and to this end the p…

Sec. 7. As used in this chapter, "charitable interest" means an interest in a trust that: (1) is held by an identified charitable organization and makes the organization a qualified beneficiary; (2) benefits only a charitable organization and, if the interest were held by an iden…

Sec. 8. As used in this chapter, "charitable organization" means: (1) a person, other than an individual, organized and operated exclusively for a charitable purpose; or (2) a government or governmental subdivision, agency, or instrumentality to the extent it holds funds exclusiv…

Sec. 9. As used in this chapter, "charitable purpose" means the relief of poverty, the advancement of education or religion, the promotion of health, a municipal or other governmental purpose, or a purpose that is beneficial to the community. As added by P.L.161-2022, SEC.3.

Sec. 0.5. Unless the power of attorney provides otherwise, an attorney in fact may exercise authority until the authority terminates under this chapter, even if time has passed since the execution of the power of attorney. As added by P.L.143-2009, SEC.32.

Sec. 1. (a) Except as otherwise stated in the power of attorney, an executed power of attorney may be revoked only by a written instrument of revocation that: (1) identifies the power of attorney revoked; and (2) is signed by the principal. (b) A revocation under subsection (a) i…

Sec. 2. If a power of attorney specifies a termination date and time, the power of attorney terminates at that date and time. As added by P.L.149-1991, SEC.2.

Sec. 3. (a) Except as otherwise stated in the power of attorney, a power of attorney is not terminated by the incapacity of the principal. (b) The incapacity of a principal who has previously executed a power of attorney that terminates on the principal's incapacity does not revo…

Sec. 4. (a) Except as provided in subsections (b) and (c), a power of attorney terminates on the death of the principal. (b) The death of a principal who has executed a written power of attorney does not revoke or terminate the power of attorney as to the attorney in fact or othe…