30-4-3-5. Conflict of Interest in Exercise of Powers
Sec. 5. (a) If the duty of the trustee in the exercise of any power conflicts with the trustee’s individual interest or the trustee’s interest as trustee of another trust, the power may be exercised only under one (1) of the following circumstances: (1) The trustee receives court authorization to exercise the power with notice […]
30-4-3-6. Duties of Trustee
Sec. 6. (a) The trustee has a duty to administer a trust according to the terms of the trust. (b) Unless the terms of the trust or the provisions of section 1.3 of this chapter provide otherwise, the trustee also has a duty to do the following: (1) Administer the trust in a manner consistent […]
30-4-3-6.5. Liability of Trustee for Lack of Knowledge of Event Affecting Administration or Distribution of Trust
Sec. 6.5. If the happening of an event, including: (1) marriage; (2) divorce; (3) performance of educational requirements; or (4) death; affects the administration or distribution of a trust, a trustee who has exercised reasonable care to ascertain the happening of the event is not liable for a loss resulting from the trustee’s lack of […]
30-4-3-7. Self-Dealing; Transactions Between Trusts
Sec. 7. (a) Unless the terms of the trust provide otherwise or the transaction is authorized under section 7.5 of this chapter, IC 28-1-12-8, or IC 28-6.1-6-26, the trustee has a duty: (1) not to loan funds to the trustee or an affiliate; (2) not to purchase or participate in the purchase of trust property […]
30-4-3-7.5. Transactions Authorized
Sec. 7.5. A transaction otherwise prohibited by section 7 of this chapter is authorized if: (1) the proposed prohibited transaction is authorized by the written consent of all qualified beneficiaries; or (2) the proposed prohibited transaction is approved by an order of the court issued after: (A) notice to all qualified beneficiaries; and (B) a […]
30-4-3-8. Duties of Co-Trustees
Sec. 8. (Duties of Co-Trustee) Unless the terms of the trust provide otherwise, if there are two (2) or more trustees, each has a duty to: (a) participate in the administration of the trust; (b) take whatever action is reasonable to prevent a co-trustee from committing a breach of trust; and (c) take whatever action […]
30-4-3-9. Duty of Trustee Under Control of Third Persons
Sec. 9. (Duty of Trustee under Control of Third Person) (a) This section applies to directions given to a trustee before July 1, 2019, by a person who has power under the terms of the trust to direct the trustee. (b) If the terms of the trust give a person a power to direct the […]
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 […]
30-4-3-1. Repealed
Formerly: Acts 1971, P.L.416, SEC.4. Repealed by P.L.238-2005, SEC.63.