Title 30, TRUSTS AND FIDUCIARIES

Sec. 5. Investment and reinvestment of the money paid into every such fund shall be made, retained and disposed of in accordance with the laws of this state governing trustees, and with said regulations of the Board of Governors of the Federal Reserve System. Formerly: Acts 1949,…

Sec. 7. Any: (1) Indiana bank or trust company; or (2) national bank qualified to act as fiduciary and whose principal place of business is in Indiana; may establish and maintain one (1) or more common trust funds in accordance with section 2 of this chapter for the funds held by…

Sec. 1. (a) Subject to the limitations set forth in subsection (b), this chapter applies to: (1) qualified dispositions to legacy trusts; and (2) dispositions by transferors who are trustees; that are made after June 30, 2019. (b) This chapter does not apply to: (1) any assets th…

Sec. 10. A spendthrift provision described in section 4(4) of this chapter is considered a restriction on the transfer of the transferor's beneficial interest in the trust that is enforceable under applicable nonbankruptcy law within the meaning of Section 541(c)(2) of the federa…

Sec. 11. Except as permitted by the terms of a legacy trust and by sections 12 and 13 of this chapter, the transferor may not have any rights or authority with respect to the principal or income of the legacy trust. An agreement or understanding purporting to grant or permit the …

Sec. 12. A transferor who makes a qualified disposition may also serve as an investment adviser to the trust. However, the transferor may not serve as a trust director to a legacy trust except with respect to the retention of a veto right permitted by section 13(a)(1) of this cha…

Sec. 13. (a) A legacy trust is not considered revocable because of the inclusion of one (1) or more of the following: (1) A transferor's power to veto a distribution from the trust. (2) A power of appointment (other than the power to appoint to the transferor, the transferor's cr…

Sec. 14. (a) A transferor may appoint one (1) or more trust directors who may have authority under the terms of the trust: (1) to remove and appoint qualified trustees or trust directors; and (2) to direct, consent to, or disapprove distributions from the trust. (b) Trust directo…

Sec. 15. If: (1) a qualified trustee of a legacy trust ceases to meet the requirements of section 6 of this chapter; and (2) there remains no trustee of the legacy trust that meets the requirements of section 6 of this chapter; the qualified trustee described in subdivision (1) i…

Sec. 16. (a) Nothing in this chapter shall be construed to prohibit a lender from enforcing its rights in property identified in section 1(b) of this chapter and, to the extent necessary, naming the legacy trust or trustee of the trust as a defendant to the action or proceeding. …

Sec. 2. Unless the context requires otherwise, the following definitions apply throughout this chapter: (1) "Claim" means a right to payment, regardless of whether the right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, immature, disputed, undisput…

Sec. 3. A legacy trust is established by: (1) designating in writing in the trust that the trust is a legacy trust established under this chapter; (2) including the terms required by section 4 of this chapter in the legacy trust; and (3) delivering a qualified affidavit containin…

Sec. 4. A legacy trust must do the following: (1) Provide for the appointment of at least one (1) qualified trustee for the property that is the subject of a qualified disposition. (2) Expressly incorporate Indiana law to govern the validity, construction, and administration of t…

Sec. 5. (a) A qualified affidavit must be signed under the penalties of perjury, and state the following: (1) That the transferor has full right, title, and authority to transfer the property to the legacy trust. (2) That the transfer of the property to the legacy trust will not …

Sec. 6. (a) A person may serve as a qualified trustee of a legacy trust if the person is not the transferor and satisfies either of the following requirements: (1) In the case of an individual, the individual is a resident of Indiana. (2) In all other cases, the person is: (A) au…

Sec. 7. (a) Except as provided in section 8 of this chapter, no cause of action of any kind, including a cause of action to enforce a judgment, may be brought for: (1) an attachment or other provisional remedy against property that is the subject of a qualified disposition to a l…

Sec. 8. (a) Except as provided in subsection (e), a claim against property that is the subject of a qualified disposition to a legacy trust is barred by section 7 of this chapter unless the claim is one (1) of the following: (1) Except as provided in subsection (b), an action bro…

Sec. 9. (a) If a creditor's claim is allowed under section 8 of this chapter, the transferor's qualified disposition to a legacy trust is subject to the claim only to the extent necessary to satisfy the transferor's debt to the creditor making the allowed claim. (b) In the event …

Sec. 1. All acts performed by an attorney in fact under a power of attorney have the same effect, provide the same benefit, and bind the principal and the principal's successors in interest in the same manner as if the principal were competent, not incapacitated, and had acted on…

Sec. 2. A written power of attorney that purports to be signed by the principal named in the power of attorney is presumed valid. A party may rely on the presumption of validity unless the party has actual knowledge that the power was not validly executed. As added by P.L.149-199…

Sec. 3. A signature of the attorney in fact that identifies the principal and the attorney in fact, or a similar written disclosure, is an attestation and is conclusive proof to a party relying on the attestation, except a party with actual knowledge that the attestation is false…

Sec. 4. A person relying on the power of attorney or the attestation of the attorney in fact is not required to investigate any of the following: (1) Whether the power of attorney is valid. (2) Whether the attorney in fact is authorized to act. (3) What the attorney in fact does …

Sec. 5. A copy of the power of attorney has the same force and effect as the original power of attorney if the attorney in fact or the person granting the power of attorney certifies that the copy is a true and correct copy. As added by P.L.149-1991, SEC.2. Amended by P.L.42-2012…

Sec. 6. Subject to IC 16-36-7, appointments made under this article, IC 16-36-4, IC 16-36-1, and IC 16-36-7 can be made concurrently and will be given full effect under the law. However, the appointments may be executed independently and remain valid in their own right. As added …

Sec. 7. (a) A person who acts in good faith reliance on a power of attorney is immune from liability to the same extent as if the person had dealt directly with the named principal and the named principal had been competent and not incapacitated. (b) The named attorney in fact ma…

Sec. 8. (a) This section applies to an instrument executed under this article by an attorney in fact on a principal's behalf. (b) As used in this section, "agent" has the same meaning as "attorney in fact" as defined in IC 30-5-2-2. (c) A principal's power of attorney may authori…