30-4-10-30. “State”
Sec. 30. As used in this chapter, “state” means: (1) a state of the United States; (2) the District of Columbia; (3) Puerto Rico; (4) the United States Virgin Islands; or (5) a territory or insular possession subject to the jurisdiction of the United States. As added by P.L.161-2022, SEC.3.
30-4-10-46. Compensation of Authorized Fiduciary
Sec. 46. (a) If a first-trust instrument specifies an authorized fiduciary’s compensation, the fiduciary may not exercise the decanting power to increase the fiduciary’s compensation above the specified compensation unless: (1) all qualified beneficiaries of the second trust consent to the increase in a signed record; or (2) the increase is approved by the court. […]
30-4-10-31. “Terms of the Trust”
Sec. 31. As used in this chapter, “terms of the trust” has the meaning set forth in IC 30-4-1-2(22). As added by P.L.161-2022, SEC.3.
30-4-10-47. Second-Trust Instrument; Liability of Authorized Fiduciary
Sec. 47. (a) Except as otherwise provided in this section, a second-trust instrument must not relieve an authorized fiduciary from liability for breach of trust to a greater extent than the first-trust instrument. (b) A second trust instrument may provide for indemnification of an authorized fiduciary of the first trust or another person acting in […]
30-4-10-32. “Trust Instrument”
Sec. 32. As used in this chapter, “trust instrument” has the meaning set forth in IC 30-4-1-2(25). The term includes a written document executed by the settlor to create a trust or by a person to create a second trust that contains some or all of the terms of the trust, including any amendments. As […]
30-4-10-33. Fiduciary Duty
Sec. 33. (a) Except as provided in this chapter, an authorized fiduciary may exercise the decanting power without the consent of any person and without court approval. (b) An authorized fiduciary shall act in accordance with its fiduciary duties, including the duty to act in accordance with the purposes of the first trust in exercising […]
30-4-10-34. Liability for an Action or Failure to Act by a Trustee or Person
Sec. 34. A trustee or person that reasonably relies on: (1) the validity of a distribution of the property of a trust to another trust; or (2) a modification of a trust under this chapter, law of this state other than this article, or the law of another jurisdiction; is not liable to any person […]
30-4-10-35. Authorized Fiduciary; Notice of Intent to Exercise Decanting Power
Sec. 35. (a) Except as provided in subsection (c), an authorized fiduciary shall give notice in a record of the intended exercise of the decanting power not later than sixty (60) days before the exercise of the decanting power to: (1) each settlor of the first trust, if living or then in existence; (2) each […]
30-4-10-36. Notice Requirements
Sec. 36. A notice under section 35 of this chapter must: (1) specify the manner in which the authorized fiduciary intends to exercise the decanting power; (2) specify the proposed effective date for the exercise of the decanting power; (3) include a copy of the first-trust instrument; and (4) include a copy of the second-trust […]
30-4-10-37. Effect of Notice on Exercise of Decanting Power
Sec. 37. (a) The receipt of notice, waiver of the notice period, or expiration of the notice period does not affect the right of a person to file a petition under section 39 of this chapter asserting that: (1) an exercise of the decanting power: (A) is ineffective because it did not comply with this […]