Title 30, TRUSTS AND FIDUCIARIES

Sec. 19. The provisions of this chapter relative to powers, shall not extend to a simple power of attorney to convey lands, in the name and for the benefit of the owner. Formerly: Acts 1852, 1RS, c.113, s.17a. As amended by Acts 1982, P.L.171, SEC.91.

Sec. 6. When a conveyance for a valuable consideration is made to one (1) person, and the consideration therefor paid by another, no use or trust shall result in favor of the latter; but the title shall vest in the former, subject to the provisions of the next two (2) sections. F…

Sec. 8. The provisions of the section next before the last, shall not extend to cases where the alienee shall have taken an absolute conveyance in his own name, without the consent of the person with whose money the consideration was paid; or where such alienee, in violation of s…

Sec. 1. (a) Any payment of money made to any person, firm, partnership, association, limited liability company, or corporation, other than a bank or trust company, upon any agreement or contract, or any series or combination of agreements or contracts, which has for a purpose the…

Sec. 1.5. (a) After June 30, 1978, but before July 1, 1982, an individual may establish one (1) funeral trust under this section, in lieu of any other arrangement for advance payment of funeral and burial expense, such as a joint account, that may be lawful under section 1(b) of …

Sec. 2. All trust funds paid under section 1(a) of this chapter shall be deposited in a bank or trust company whose principal office is in this state, or invested in a savings and loan, or building and loan association whose principal office is in this state, in the name of the t…

Sec. 3. No person, firm, partnership, association, limited liability company, or corporation may accept or hold trust funds paid under section 1(a) of this chapter without first securing from the state board of funeral service a permit to accept and hold the funds. Applications f…

Sec. 4. The amount or amounts deposited or invested, with interest or dividends on the amount or amounts, if any, shall not be withdrawn until the death of the person or persons for whose funeral or burial such funds were paid, unless sooner withdrawn and repaid to the person who…

Sec. 5. This chapter shall not be construed to prohibit a trustee under section 1(a) of this chapter from being reimbursed and receiving from the fund its reasonable expenses in the custody and administration of the funds and the usual and reasonable compensation for its services…

Sec. 6. It shall be unlawful for any such agreement or agreements to provide for forfeiture and retention of payments upon any such agreement or series of agreements as and for liquidated damages for default of the agreement or series of agreements in excess of ten percent (10%) …

Sec. 7. (a) Except as provided in subsection (b) or (c), a person who violates this chapter or makes any false and fraudulent report required under this chapter commits a Class B misdemeanor. (b) A person who knowingly or intentionally uses or disburses funds in a funeral trust e…

Sec. 8. If any part or parts of this chapter shall be held unconstitutional, the remaining provisions shall be given full force and effect as completely as if the part held unconstitutional had not been included in this chapter, if such remaining part or parts can then be adminis…

Sec. 1. This chapter may be cited as the Uniform Directed Trust Act. As added by P.L.221-2019, SEC.10.

Sec. 10. (a) Subject to section 11 of this chapter, a trustee shall provide information to a trust director to the extent the information is reasonably related both to: (1) the powers or duties of the trustee; and (2) the powers or duties of the director. (b) Subject to section 1…

Sec. 11. (a) Unless the terms of a trust provide otherwise: (1) a trustee does not have a duty to: (A) monitor a trust director; or (B) inform or give advice to a settlor, beneficiary, trustee, or trust director concerning an instance in which the trustee might have acted differe…

Sec. 12. The terms of a trust may relieve a cotrustee from duty and liability with respect to another cotrustee's exercise or nonexercise of a power of the other cotrustee to the same extent that in a directed trust a directed trustee is relieved from duty and liability with resp…

Sec. 13. (a) An action against a trust director for breach of trust must be commenced within the same limitation period as an action against a trustee under IC 30-4-6-12. (b) A report or accounting has the same effect on the limitation period for an action against a trust directo…

Sec. 14. In an action against a trust director for breach of trust, the director may assert the same defenses a trustee in a like position and under similar circumstances could assert in an action for breach of trust against the trustee. As added by P.L.221-2019, SEC.10.

Sec. 15. (a) By accepting appointment as a trust director of a trust under this chapter, the director submits to personal jurisdiction of the courts of the state of Indiana regarding any matter related to a power or duty of the director. (b) This section does not preclude other m…

Sec. 16. Unless the terms of a trust provide otherwise, the rules applicable to a trustee apply to a trust director regarding the following matters: (1) Acceptance (IC 30-4-2-2). (2) Giving of bond to secure performance (IC 30-4-6-8). (3) Reasonable compensation (IC 30-4-5-16). (…

Sec. 17. 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 the states that enact it. As added by P.L.221-2019, SEC.10.

Sec. 2. As used in this chapter, the following definitions apply: (1) "Breach of trust" includes a violation by a trust director or trustee of a duty imposed on that director or trustee by the terms of the trust, this chapter, or the law of this state other than this chapter. (2)…

Sec. 3. (a) This chapter applies to a trust, whenever created, that has its principal place of administration in Indiana, subject to the following: (1) If the trust was created before July 1, 2019, this chapter applies only to a decision or action occurring after June 30, 2019. (…

Sec. 4. The common law and principles of equity supplement this chapter, except to the extent modified by this chapter or law of Indiana other than this chapter. As added by P.L.221-2019, SEC.10.

Sec. 5. (a) As used in this section, "power of appointment" means a power that enables a person acting in a nonfiduciary capacity to designate a recipient of an ownership interest in or another power of appointment over trust property. (b) This chapter does not apply to a: (1) po…

Sec. 6. (a) Subject to section 7 of this chapter, the terms of the trust may grant a power of direction to a trust director. (b) Unless the terms of a trust provide otherwise: (1) a trust director may exercise any further power appropriate to the exercise or nonexercise of a powe…

Sec. 7. A trust director is subject to the same rules as a trustee in a like position and under similar circumstances in the exercise or nonexercise of a power of direction or further power under section 6(b)(1) of this chapter regarding: (1) a payback provision in the terms of a…

Sec. 8. (a) Subject to subsection (b), with respect to a power of direction or further power under section 6(b)(1) of this chapter: (1) a trust director has the same fiduciary duty and liability in the exercise or nonexercise of the power: (A) if the power is held individually, a…

Sec. 9. (a) Subject to subsection (b), a directed trustee shall take reasonable action to comply with a trust director's exercise or nonexercise of a power of direction or further power under section 6(b)(1) of this chapter, and the trustee is not liable for the action. (b) A dir…

Sec. 1. (a) An attorney in fact is liable for the negligent exercise of the power of attorney, except for the exercise of the attorney in fact's power under IC 30-5-5-16 or IC 30-5-5-17. (b) An attorney in fact is liable for the exercise of authority or failure to exercise author…

Sec. 10. A health care provider or other person who acts in good faith reliance on a direction or decision of an attorney in fact that is not clearly contrary to the terms of the power of attorney is protected and released from liability to the same extent as the provider or othe…

Sec. 11. An attorney in fact that violates this article is liable to the principal or the principal's successors in interest for damages and an amount required to reimburse the principal or the principal's successors in interest for the attorney's fees and costs paid as a result …

Sec. 2. (a) An attorney in fact who acts with due care for the benefit of the principal is not liable or limited only because the attorney in fact: (1) also benefits from the act; (2) has individual or conflicting interests in relation to the property, care, or affairs of the pri…

Sec. 3. The attorney in fact is not liable for actions taken under an amended or terminated power of attorney if the attorney in fact does not have actual knowledge of the amendment or termination. As added by P.L.149-1991, SEC.2.

Sec. 4. The attorney in fact is not liable for a loss due to an error of judgment or for the act or default of another person. As added by P.L.149-1991, SEC.2.

Sec. 5. The principal may provide in the power of attorney that the attorney in fact is liable only if the attorney in fact acts in bad faith. This exoneration is binding on the principal and the principal's successors in interest. As added by P.L.149-1991, SEC.2.

Sec. 6. A successor attorney in fact who is named in a power of attorney to succeed an attorney in fact who fails or ceases to serve is not liable for the actions taken by a previous attorney in fact. As added by P.L.149-1991, SEC.2.

Sec. 7. If two (2) or more attorneys in fact are authorized to act on behalf of a principal, an attorney in fact who did not join in or consent to the action of one (1) or more of the co-attorneys in fact is not liable for the action. Failure to object to an action is not consent…

Sec. 8. (a) A good faith purchaser from a person who has obtained an interest in property from an attorney in fact is not liable to the principal, the heirs or assigns of the principal, or the personal representative of the estate of the principal. (b) A person accepting the auth…

Sec. 9. (a) Except as provided in subsection (b), a person who, not more than three (3) business days after receiving a power of attorney, refuses to accept the authority of an attorney in fact to exercise a power granted under a power of attorney is liable to the principal and t…