Title 30, TRUSTS AND FIDUCIARIES

Sec. 13. As used in this chapter, "person" means an individual, corporation, business trust, estate, trust, partnership, joint venture, association, or any other legal or commercial entity. As added by P.L.3-2003, SEC.1.

Sec. 14. As used in this chapter, "personal representative" has the meaning set forth in IC 29-1-1-3. As added by P.L.3-2003, SEC.1.

Sec. 15. As used in this chapter, "state" means a state, territory, or possession of the United States, the District of Columbia, or the Commonwealth of Puerto Rico. As added by P.L.3-2003, SEC.1.

Sec. 16. As used in this chapter, "transferor" means a person who creates a custodial trust by transfer or declaration. As added by P.L.3-2003, SEC.1.

Sec. 17. 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.3-2003, SEC.1.

Sec. 18. (a) A person may create a custodial trust of property by a written transfer of the property to another person, evidenced by registration of the property or by an instrument of transfer that: (1) is executed in any lawful manner; (2) names an individual as beneficiary who…

Sec. 19. (a) Except as provided in subsection (b), a transferor may not terminate a custodial trust. (b) A custodial trust may be terminated by the beneficiary if the beneficiary is not incapacitated. In order to terminate the trust, the beneficiary must deliver to the custodial …

Sec. 2. A transfer made pursuant to an act of another state substantially similar to this chapter is governed by the law of that state and may be enforced in Indiana. As added by P.L.3-2003, SEC.1.

Sec. 20. A person may augment existing custodial trust property by the addition of other property under this chapter. As added by P.L.3-2003, SEC.1.

Sec. 21. The transferor may: (1) designate; or (2) authorize the designation of; a successor custodial trustee in the trust instrument. As added by P.L.3-2003, SEC.1.

Sec. 22. (a) This chapter does not supersede or restrict other means of creating trusts. (b) A trust whose terms do not conform to this chapter may be enforceable according to the terms of the trust under another law. As added by P.L.3-2003, SEC.1.

Sec. 23. (a) A person having the right to designate the recipient of property payable or transferable upon a future event may create a custodial trust upon the occurrence of the future event by designating in writing the recipient, followed in substance by: "as custodial trustee …

Sec. 24. (a) Obligations of a custodial trustee, including the obligation to follow directions of the beneficiary, arise under this chapter upon the custodial trustee's acceptance, express or implied, of the custodial trust property. (b) The custodial trustee's acceptance may be …

Sec. 25. (a) Unless otherwise directed by an instrument designating a custodial trustee under section 23 of this chapter, a person, including a fiduciary other than a custodial trustee, who: (1) holds property of; or (2) owes a debt to; an incapacitated individual may make a tran…

Sec. 26. (a) Beneficial interests in a custodial trust created for multiple beneficiaries are considered to be separate custodial trusts of equal undivided interests for each beneficiary. Except in a transfer or declaration for use and benefit of husband and wife, for whom surviv…

Sec. 27. (a) If appropriate, a custodial trustee shall register or record the instrument vesting title to custodial trust property. (b) If the beneficiary is not incapacitated, a custodial trustee shall follow the directions of the beneficiary in the management, control, investme…

Sec. 28. (a) A custodial trustee acting in a fiduciary capacity has all the rights and powers over custodial trust property which an unmarried adult owner has over individually owned property, but a custodial trustee may exercise those rights and powers in a fiduciary capacity on…

Sec. 29. (a) If a beneficiary is not incapacitated, the custodial trustee shall: (1) pay to the beneficiary; or (2) expend for the beneficiary's use and benefit; so much or all of the custodial trust property as the beneficiary may direct from time to time. (b) If the beneficiary…

Sec. 3. 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 states enacting it. As added by P.L.3-2003, SEC.1.

Sec. 30. (a) The custodial trustee shall administer the custodial trust as for an incapacitated beneficiary if: (1) the custodial trust was created under section 25 of this chapter; (2) the transferor has so directed in the instrument creating the custodial trust; or (3) the cust…

Sec. 31. (a) A third person in good faith and without a court order may act on instructions of, or otherwise deal with, a person purporting to: (1) make a transfer as; or (2) act in the capacity of; a custodial trustee. (b) In the absence of knowledge to the contrary, a third per…

Sec. 32. (a) A claim based on: (1) a contract entered into by a custodial trustee acting in a fiduciary capacity; (2) an obligation arising from the ownership or control of custodial trust property; or (3) a tort committed in the course of administering the custodial trust; may b…

Sec. 33. (a) Before accepting the custodial trust property, a person designated as custodial trustee may decline to serve as custodial trustee by notifying: (1) the person who made the designation; (2) the transferor; or (3) the transferor's legal representative. (b) If the perso…

Sec. 34. Except as otherwise provided in the instrument creating the custodial trust, in an agreement with the beneficiary, or by court order, a custodial trustee: (1) is entitled to reimbursement from custodial trust property for reasonable expenses incurred in the performance o…

Sec. 35. (a) Upon the acceptance of custodial trust property, the custodial trustee shall provide a written statement describing the custodial trust property. The custodial trustee shall provide a written statement of the administration of the custodial trust property: (1) once e…

Sec. 36. (a) Except as provided in subsection (c), and unless previously barred by adjudication, consent, or limitation, a claim for relief against a custodial trustee for accounting or breach of duty is barred as to a beneficiary, a person to whom custodial trust property is to …

Sec. 37. (a) Upon termination of a custodial trust, the custodial trustee shall transfer the unexpended custodial trust property: (1) to the beneficiary, if not incapacitated or deceased; (2) to the guardian or other recipient designated by the court for an incapacitated benefici…

Sec. 38. (a) If a transaction, including a declaration with respect to or a transfer of specific property, otherwise satisfies applicable law, the criteria of section 18 of this chapter are satisfied by either of the following: (1) The execution and either delivery to the custodi…

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.3-2003, SEC.1.

Sec. 4. This chapter may be cited as the "Indiana Uniform Custodial Trust Act". As added by P.L.3-2003, SEC.1.

Sec. 5. As used in this chapter, "adult" means an individual who is at least eighteen (18) years of age. As added by P.L.3-2003, SEC.1.

Sec. 6. As used in this chapter, "beneficiary" means an individual for whom property: (1) has been transferred to; or (2) is held under a declaration of trust by; a custodial trustee for the individual's use and benefit under this chapter. As added by P.L.3-2003, SEC.1.…

Sec. 7. As used in this chapter, "custodial trust property" means the following: (1) An interest in property: (A) transferred to; or (B) held under a declaration of trust by; a custodial trustee under this chapter. (2) The income from and proceeds of the property interest describ…

Sec. 8. As used in this chapter, "custodial trustee" means a person designated as: (1) trustee; or (2) substitute or successor to the person designated as trustee; of a custodial trust under this chapter. As added by P.L.3-2003, SEC.1.

Sec. 9. As used in this chapter, "guardian" has the meaning set forth in IC 29-3-1-6. As added by P.L.3-2003, SEC.1.