Title 30, TRUSTS AND FIDUCIARIES

Sec. 24. A seller or an agent may not knowingly do the following: (1) Except on request of a prospective purchaser, contact prospective purchasers in hospitals, health facilities, or similar institutions for the purpose of soliciting the sale of prepaid services or merchandise. (…

Sec. 25. Solicitation of a sale of prepaid services or merchandise is permitted by a seller or an agent of a seller if the following exist: (1) The conditions set forth in sections 21 and 24 of this chapter are observed. (2) The following are clearly identified: (A) The seller or…

Sec. 26. During the lifetime of the purchaser the contract executed under this chapter is confidential and neither the seller nor the trustee may disclose to a third party the identity of the purchaser or the terms of the contract. This section does not prohibit normal commercial…

Sec. 27. Each seller of a prepaid contract under this chapter shall pay to the board on a form provided by it not later than March 1 of each year from money not deposited in a trust or escrow the following amounts for each contract written during the preceding calendar year: (1) …

Sec. 28. (a) The preneed consumer protection fund is established. The board shall deposit receipts under section 27 of this chapter in the preneed consumer protection fund. (b) The expenses of administering the fund shall be paid from money in the fund. (c) The money in the fund …

Sec. 29. (a) Money in the fund may be used to provide restitution to a seller who performs a defaulted contract, to a purchaser, or to a purchaser's estate for pecuniary loss arising from a trust or an escrow required by: (1) this chapter; (2) IC 23-14-49-1; (3) IC 30-2-9; or (4)…

Sec. 3. As used in this chapter, "board" refers to the state board of funeral and cemetery service established by IC 25-15-9-1. As added by P.L.200-1991, SEC.1.

Sec. 30. (a) The seller shall maintain accurate records, books, and accounts for each contract sold under this chapter containing the following: (1) Copies of all contracts. (2) The dates of all contracts. (3) The amounts paid and received under each contract. (4) The complete na…

Sec. 31. (a) A seller who is required to register under this article, a cemetery under IC 25-15-9-17, a funeral home under IC 25-15, and a perpetual care fund under IC 23-14-48 shall file an annual report with the board that provides the following information: (1) The name and lo…

Sec. 32. A seller of: (1) prepaid services or merchandise; or (2) at-need services or merchandise; shall maintain for display or on request at the seller's place of business and in the possession of an agent appointed by the seller a fully detailed general price list of all prepa…

Sec. 33. (a) A seller may not sell or provide prepaid services or merchandise or a contract designed to provide a funding mechanism to be used in conjunction with the purchase of prepaid services or merchandise under this chapter without first obtaining a certificate of authority…

Sec. 34. The board may adopt rules under IC 4-22-2 to implement this chapter. As added by P.L.200-1991, SEC.1.

Sec. 35. It is a violation of this chapter for a seller to misrepresent the character, quality, durability, or suitability for a specific or an intended purpose of services or merchandise offered for sale to a purchaser. As added by P.L.200-1991, SEC.1.

Sec. 36. The board may suspend the certificate of authority of a seller who violates a provision of this chapter. The board may suspend the certificate of authority of a seller who intentionally violates section 12.5 of this chapter for at least one (1) year. The board may assess…

Sec. 38. (a) A seller who violates a provision of this chapter commits an uncured deceptive act (as defined in IC 24-5-0.5-2). (b) A person doing business as a sole proprietor, a firm, a limited liability company, a corporation, an association, or a partnership, but not acting as…

Sec. 39. (a) This section does not apply to a trust funded by the method described in section 11(c) of this chapter. (b) A seller may not be an affiliate, a parent, or a subsidiary organization of the trustee or escrow agent, acting as a fiduciary, of a trust or escrow account es…

Sec. 4. As used in this chapter, "contract" means a written agreement between a purchaser and a seller that: (1) obligates the seller to provide prepaid services or merchandise, or both, for a named individual; and (2) becomes irrevocable thirty (30) days after the written agreem…

Sec. 5. As used in this chapter, "delivery" means the time when: (1) services are performed in connection with the funeral or other disposition of the purchaser or the individual for whom services are to be provided under the contract; (2) except for merchandise described in sect…

Sec. 6. As used in this chapter, "fund" refers to the preneed consumer protection fund established by section 28 of this chapter. As added by P.L.200-1991, SEC.1.

Sec. 7. As used in this chapter, "insurance policy" means a policy providing one (1) or more of the types of insurance described in IC 27-1-5-1, Class 1(a) and Class 1(c). As added by P.L.200-1991, SEC.1.

Sec. 8. As used in this chapter, "prepaid services or merchandise" or "services or merchandise" includes personal property or services: (1) typically sold or provided in connection with the final disposition or memorialization of human remains, including: (A) caskets or other pri…

Sec. 9. As used in this chapter, "purchaser" means a person or firm contracting with a seller for services or merchandise to be provided or delivered for a named individual. As added by P.L.200-1991, SEC.1. Amended by P.L.207-1993, SEC.28; P.L.114-1999, SEC.4; P.L.143-2009, SEC.1…

Sec. 0.1. (a) This chapter applies to the following: (1) Every trust existing on or created after January 1, 2003, except as otherwise expressly provided in this chapter or by the terms of the trust. (2) Every decedent's estate existing on or created after January 1, 2003, to the…

Sec. 1. As used in this chapter, "accounting period" means a calendar year unless another twelve (12) month period is selected by a fiduciary. The term includes a portion of a calendar year or other twelve (12) month period that begins when an income interest begins or ends when …

Sec. 10. As used in this chapter, "principal" means property that is held in trust for distribution to a remainder beneficiary when the trust terminates or that will remain perpetually vested in the trustee. As added by P.L.84-2002, SEC.2.

Sec. 11. As used in this chapter, "remainder beneficiary" means a person entitled to receive principal when an income interest ends. As added by P.L.84-2002, SEC.2.

Sec. 12. As used in this chapter, "terms of a trust" means the manifestation of the intent of: (1) a settlor with respect to a trust; or (2) a decedent with respect to a trust established under the decedent's will; expressed in a manner that admits of its proof in a judicial proc…

Sec. 13. As used in this chapter, "trustee" includes an original, additional, or successor trustee, whether or not appointed or confirmed by a court. As added by P.L.84-2002, SEC.2.

Sec. 13.5. A personal representative, including an executor, an administrator, a successor personal representative, a special administrator, or a person performing substantially the same function with respect to a decedent's estate, is a fiduciary for purposes of this chapter if:…

Sec. 14. (a) The following applies to a fiduciary in allocating receipts and disbursements to or between principal and income, and with respect to any matter within the scope of this chapter: (1) A fiduciary shall administer a trust or estate in accordance with the terms of the t…

Sec. 15. (a) A trustee may adjust between principal and income to the extent the trustee considers necessary if: (1) the trustee invests and manages trust assets as a prudent investor; (2) the terms of the trust describe the amount that may or must be distributed to a beneficiary…

Sec. 16. (a) A trustee may give a notice of proposed action regarding a matter governed by this chapter as set forth in this section. For purposes of this section, a proposed action includes a course of action and a decision not to take action. (b) The trustee shall mail notice o…

Sec. 17. (a) A court shall not change a fiduciary's decision to exercise or not to exercise a discretionary power conferred by this chapter unless it determines that the decision was an abuse of the fiduciary's discretion. A court shall not determine that a fiduciary abused its d…

Sec. 18. (a) After an income interest in a trust ends, the following rules apply: (1) A fiduciary of a terminating income interest shall determine the amount of net income and net principal receipts received from property specifically given to a beneficiary under the rules in sec…

Sec. 19. (a) Each beneficiary described in section 18(a)(4) of this chapter is entitled to receive a portion of the net income equal to the beneficiary's fractional interest in undistributed principal assets, using values as of the distribution date. If a fiduciary makes more tha…

Sec. 2. As used in this chapter, "beneficiary" includes, in the case of: (1) a decedent's estate, an heir, and a devisee; and (2) a trust, an income beneficiary, and a remainder beneficiary. As added by P.L.84-2002, SEC.2.

Sec. 20. (a) An income beneficiary is entitled to net income from the date on which the income interest begins. An income interest begins on the date specified in the terms of the trust or, if no date is specified, on the date an asset becomes subject to a trust or successive inc…

Sec. 21. (a) A trustee shall allocate an income receipt or disbursement other than one to which section 18(a)(1) of this chapter applies to principal if its due date occurs before: (1) an individual dies in the case of an estate; or (2) an income interest begins in the case of a …

Sec. 22. (a) As used in this section, "undistributed income" means net income received before the date on which an income interest ends. The term does not include an item of income or expense that is due or accrued or net income that has been added or is required to be added to p…

Sec. 23. (a) As used in this section, "entity" means a corporation, partnership, limited liability company, regulated investment company, real estate investment trust, common trust fund, or any other organization in which a trustee has an interest. The term does not include the f…

Sec. 24. A trustee shall allocate to: (1) income an amount received as a distribution of income; and (2) principal an amount received as a distribution of principal; from a trust or an estate in which the trust has an interest other than a purchased interest. If a trustee purchas…

Sec. 25. (a) If a trustee who conducts a business or other activity determines that it is in the best interest of all the beneficiaries to account separately for the business or activity instead of accounting for it as part of the trust's general accounting records, the trustee m…

Sec. 26. A trustee shall allocate to principal: (1) to the extent not allocated to income under this chapter, assets received from: (A) a transferor during the transferor's lifetime; (B) a decedent's estate; (C) a trust with a terminating income interest; or (D) a payer under a c…

Sec. 27. To the extent that a trustee accounts for receipts from rental property under this section, the trustee shall allocate to income an amount received as rent of real or personal property, including an amount received for cancellation or renewal of a lease. An amount receiv…

Sec. 28. (a) An amount received as interest, whether determined at a fixed, variable, or floating rate, on an obligation to pay money to the trustee, including an amount received as consideration for prepaying principal, must be allocated to income without any provision for amort…

Sec. 29. (a) Except as otherwise provided in subsection (b), a trustee shall allocate to principal the proceeds of a life insurance policy or other contract in which the trust or its trustee is named as beneficiary, including a contract that insures the trust or its trustee again…