30-2-8.5-1. “Adult” Defined
Sec. 1. As used in this chapter, “adult” means an individual who is at least twenty-one (21) years of age. As added by P.L.267-1989, SEC.2.
30-2-8.5-10. “Minor” Defined
Sec. 10. As used in this chapter, “minor” means an individual who is less than twenty-one (21) years of age. As added by P.L.267-1989, SEC.2.
30-2-8.5-11. “Person” Defined
Sec. 11. As used in this chapter, “person” means an individual, corporation, organization, or other legal entity. As added by P.L.267-1989, SEC.2.
30-2-8.5-12. “Personal Representative” Defined
Sec. 12. As used in this chapter, “personal representative” means an executor, administrator, successor personal representative, or special administrator of a decedent’s estate or a person legally authorized to perform substantially the same functions. As added by P.L.267-1989, SEC.2.
30-2-8.5-13. “State” Defined
Sec. 13. As used in this chapter, “state” includes a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, and a territory or possession subject to the legislative authority of the United States. As added by P.L.267-1989, SEC.2.
30-2-8.5-14. “Transfer” Defined
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.
30-2-8.5-15. “Transferor” Defined
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.
30-2-8.5-16. “Trust Company” Defined
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.
30-2-8.5-17. Scope and Jurisdiction
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 property is located in […]
30-2-8.5-18. Nomination of Custodian
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 by the words: “as custodian for ________________________ (name of […]
30-2-8.5-19. Transfer by Gift or Exercise of Power of Appointment
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.
30-2-8.5-2. “Benefit Plan” Defined
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.
30-2-8.5-20. Transfer Authorized by Will or Trust; Designation of Custodian
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 this chapter to receive the […]
30-2-8.5-21. Other Transfers by Fiduciary; Guardian as Custodian
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 to do so. The […]
30-2-8.5-22. Transfer by Obligor
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 […]
30-2-8.5-23. Receipt for Custodial Property
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.
30-2-8.5-24. Manner of Creating Custodial Property and Effecting Transfer; Designation of Initial Custodian; Control
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 the words: “as custodian for _________ (name […]
30-2-8.5-25. Single Custodianship
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.
30-2-8.5-26. Validity and Effect of Transfer
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 designation of the transferor in the case of property […]
30-2-8.5-27. Care of Custodial Property
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 standard of care that would be observed by a prudent person dealing […]