Title 30, TRUSTS AND FIDUCIARIES

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.

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.

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.

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 …

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 b…

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.

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.

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…

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 t…

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 h…

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.

Sec. 24. (a) Custodial property is created and a transfer is made if: (1) an uncertificated security or a certificated security in registered form is: (A) registered in the name of: (i) the transferor; (ii) an adult other than the transferor; or (iii) a trust company; followed by…

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.

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 designa…

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…

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 capacit…

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 custod…

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.

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 calen…

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 v…

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 custodia…

Sec. 33. (a) A person nominated under section 18 of this chapter or designated under section 24 of this chapter as custodian may decline to serve by delivering a valid disclaimer to the person who made the nomination or to the transferor or the transferor's legal representative. …

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 custodi…

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.

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 t…

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 t…

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.

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.

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.

Sec. 40. (a) If a transferor: (1) has transferred property to a custodian for the benefit of a minor before July 1, 1989; and (2) has made or wishes to make further transfers of property to the same custodian for the benefit of the same minor after June 30, 1989; the transferor s…

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.

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.

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.

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.

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.