30-4-10-49. Applicable Rules
Sec. 49. (a) As used in this section, “grantor trust” means a trust as to which a settlor of a first trust is considered the owner under 26 U.S.C. 671 through 677, as amended and in effect on July 1, 2022, or 26 U.S.C. 679, as amended and in effect on July 1, 2022. (b) […]
30-4-10-50. Duration of Second Trust; Property Attributable to Both First Trust and Second Trust
Sec. 50. (a) Subject to subsection (b), a second trust may have a duration that is the same as or different from the duration of the first trust. (b) To the extent that property of a second trust is attributable to property of the first trust, the property of the second trust is subject to […]
30-4-10-51. Discretionary Distribution
Sec. 51. An authorized fiduciary may exercise the decanting power whether under the first trust’s discretionary distribution standard the fiduciary would have made or could have been compelled to make a discretionary distribution of principal at the time of the exercise. As added by P.L.161-2022, SEC.3.
30-4-10-52. Second-Trust Instrument; Noncompliant Provision; Corrective Action for Exercise of Decanting Power on a Noncompliant Provision
Sec. 52. (a) If exercise of the decanting power would be effective under this chapter except that the second-trust instrument in part does not comply with this chapter, the exercise of the power is effective and the following rules apply with respect to the principal of the second trust attributable to the exercise of the […]
30-4-10-53. Animal Trust
Sec. 53. (a) As used in this section, “animal trust” means a trust or an interest in a trust created to provide for the care of one (1) or more animals. (b) As used in this section, “protector” means a person appointed in an animal trust to enforce the trust on behalf of the animal […]
30-4-10-54. Reference to Trust Instrument or Terms of Trust Instrument
Sec. 54. A reference in this article to a trust instrument or terms of the trust includes a second-trust instrument and the terms of the second trust. As added by P.L.161-2022, SEC.3.
30-4-10-55. Decanting Power of a Settlor of a First Trust; Settlor Intent of Second Trust
Sec. 55. (a) For purposes of law of this state other than this chapter and subject to subsection (b), a settlor of a first trust is deemed to be the settlor of the second trust with respect to the portion of the principal of the first trust subject to the exercise of the decanting power. […]
30-4-10-56. Property Discovered After Distribution of the First Trust
Sec. 56. (a) Except as provided in subsection (c), if exercise of the decanting power was intended to distribute all of the principal of the first trust to one (1) or more second trusts, later discovered property belonging to the first trust and property paid to or acquired by the first trust after the exercise […]
30-4-10-57. Liability Against Property of a First Trust
Sec. 57. A debt, liability, or other obligation enforceable against property of a first trust is enforceable to the same extent against the property when held by the second trust after exercise of the decanting power. As added by P.L.161-2022, SEC.3.
30-4-10-58. Uniformity of the Law
Sec. 58. 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 states that enact it. As added by P.L.161-2022, SEC.3.