30-4-3-1. Repealed
Formerly: Acts 1971, P.L.416, SEC.4. Repealed by P.L.238-2005, SEC.63.
30-4-3-1.3. Revocable Trusts; Powers of Settlor; Duties of Trustees
Sec. 1.3. (a) While a trust is revocable and the settlor has the capacity to revoke the trust: (1) the rights of the beneficiaries are subject to the control of; and (2) the duties of the trustee are owed exclusively to; the settlor. (b) A settlor is presumed to have capacity for the purposes of […]
30-4-3-1.5. Revocation or Amendment of Trust by Settlor
Sec. 1.5. (a) This subsection applies to a trust created under an instrument executed after June 30, 2005. Unless the terms of a trust expressly provide that the trust is irrevocable, the settlor may revoke or amend the trust. (b) This subsection applies to a revocable trust created or funded by at least two (2) […]
30-4-3-10. Liability to Third Persons
Sec. 10. (Liability to Third Persons) (a) Unless the terms of the contract or other non-negotiable obligation expressly provide otherwise, the trustee is not personally liable on a contract or other non-negotiable obligation with a third person made by him in the administration of the trust. (b) When a third person is entitled to compensation […]
30-4-3-11. Potential Liability of Trustee to Beneficiary; Remedies; Removal of Trustee
Sec. 11. (a) The trustee is accountable to the beneficiary for the trust estate. (b) If the trustee commits a breach of trust, the trustee is liable to the beneficiary for: (1) any loss or depreciation in the value of the trust property as a result of the breach; (2) any profit made by the […]
30-4-3-12. Liability for Breach of Trust by Co-Trustee
Sec. 12. (Liability for Breach of Trust by Co-Trustee) A trustee becomes liable to the beneficiary for a breach of trust committed by his co-trustee if he: (a) participates in the breach of trust; (b) improperly delegates the administration of the trust to the co-trustee; (c) approves, acquiesces in or conceals a breach of trust; […]
30-4-3-13. Liability of a Successor Trustee
Sec. 13. (Liability of a Successor Trustee) A successor trustee becomes liable for a breach of trust of his predecessor if he: (a) fails to take whatever action is necessary to compel the predecessor trustee to deliver the trust property; or (b) fails to make a reasonable effort to compel a redress of a breach […]
30-4-3-14. Contribution and Indemnity
Sec. 14. (Contribution and Indemnity) (a) Except as stated in subsection (b) of this section, if two (2) or more co-trustees are liable to the beneficiary, each co-trustee is entitled to contribution from the other, provided, however, that: (1) if one (1) co-trustee is substantially more at fault than another, the co-trustee who is most […]
30-4-3-15. Remedies of Trustee Against Third Persons
Sec. 15. (Remedies of the Trustee against Third Persons) The trustee may maintain in his representative capacity a civil action for any legal or equitable remedy against a third person that he could maintain in his own right if he were the owner. Formerly: Acts 1971, P.L.416, SEC.4.
30-4-3-16. Remedies Among Co-Trustees
Sec. 16. (Remedies among Co-Trustees) Any trustee may maintain an action against a co-trustee to: (a) compel him to perform his duties under the trust; (b) enjoin him from committing a breach of trust; or (c) compel him to redress a breach of trust committed by him. Formerly: Acts 1971, P.L.416, SEC.4.
30-4-3-17. Remedies of Trustee Against Beneficiary
Sec. 17. (Remedies of Trustee against Beneficiary) The trustee may maintain a civil action against a beneficiary for any legal or equitable remedy, including, among others, a charge against the beneficiary’s interest in the trust estate, in any case in which the beneficiary is liable under 30-4-3-20. Formerly: Acts 1971, P.L.416, SEC.4.
30-4-3-18. Other Remedies of the Trustee
Sec. 18. (Other Remedies of the Trustee) (a) If there is reasonable doubt with respect to any matter relating to the administration of the trust, the trustee is entitled to be instructed by the court. (b) The trustee is entitled to a review and settlement by the court of the accounts of his administration. (c) […]
30-4-3-19. Relief of Trustee’s Liability for Breach of Trust
Sec. 19. (Relief of Trustee’s Liability for Breach of Trust) (a) Unless the terms of the trust provide otherwise or unless if to do so would frustrate, impair or defeat the purposes of the trust, a beneficiary, except as provided in subsection (b) of this section, relieves the trustee from liability for breach of trust […]
30-4-3-2. Power to Restrain Transfer of a Beneficiary’s Interest
Sec. 2. (a) The settlor may provide in the terms of the trust that the interest of a beneficiary may not be either voluntarily or involuntarily transferred before payment or delivery of the interest to the beneficiary by the trustee. (b) Except as otherwise provided in subsection (c), if the settlor is also a beneficiary […]
30-4-3-20. Liability of Beneficiary
Sec. 20. (Liability of Beneficiary) (a) A beneficiary is liable for loss to the trust estate if he has: (1) misappropriated or otherwise wrongfully dealt with the trust property; (2) expressly consented to, participated in or agreed with the trustee to be liable for a breach of trust committed by the trustee; (3) failed to […]
30-4-3-21. Remedies of Beneficiary Against Third Persons
Sec. 21. (Remedies of the Beneficiary against Third Persons) If the trustee has a claim against a third person for which he may maintain a civil action under 30-4-3-15 but he is unable, unwilling or neglects to commence the action within a reasonable time not to exceed thirty (30) days after written demand, any beneficiary […]
30-4-3-22. Remedies of the Beneficiary Against the Trustee
Sec. 22. (Remedies of the Beneficiary against the Trustee) (a) A beneficiary of a trust may maintain an action: (1) to compel the trustee to perform his duties; (2) to enjoin the trustee from committing an act which may be a breach of trust; (3) to compel the trustee to redress a breach of trust; […]
30-4-3-23. Remedy of a Beneficiary Against a Co-Beneficiary
Sec. 23. (Remedy of a Beneficiary against a Co-Beneficiary) (a) If no recovery can be made from the trustee for a breach of trust, a beneficiary may maintain an action against a co-beneficiary who consented to the breach for a redress of the breach, if the co-beneficiary: (1) knows or should have known that the […]
30-4-3-24. Repealed
Formerly: Acts 1971, P.L.416, SEC.4. Repealed by P.L.238-2005, SEC.63.
30-4-3-24.4. Modification or Termination of Trust by Court
Sec. 24.4. (a) The court may modify the administrative or dispositive terms of a trust if, because of circumstances not anticipated by the settlor, modification or termination will further the purposes of the trust. To the extent practicable, the modification must be made in accordance with the settlor’s probable intention. (b) The court may modify […]