30-4-8-11. Transferor’s Rights and Authority
Sec. 11. Except as permitted by the terms of a legacy trust and by sections 12 and 13 of this chapter, the transferor may not have any rights or authority with respect to the principal or income of the legacy trust. An agreement or understanding purporting to grant or permit the retention of any greater […]
30-4-8-12. Transferor’s Service as an Investment Advisor
Sec. 12. A transferor who makes a qualified disposition may also serve as an investment adviser to the trust. However, the transferor may not serve as a trust director to a legacy trust except with respect to the retention of a veto right permitted by section 13(a)(1) of this chapter. As added by P.L.221-2019, SEC.9.
30-4-8-13. Revocability
Sec. 13. (a) A legacy trust is not considered revocable because of the inclusion of one (1) or more of the following: (1) A transferor’s power to veto a distribution from the trust. (2) A power of appointment (other than the power to appoint to the transferor, the transferor’s creditors, the transferor’s estate, or the […]
30-4-8-14. Appointment of Trust Directors
Sec. 14. (a) A transferor may appoint one (1) or more trust directors who may have authority under the terms of the trust: (1) to remove and appoint qualified trustees or trust directors; and (2) to direct, consent to, or disapprove distributions from the trust. (b) Trust directors are not required to satisfy the requirements […]
30-4-8-15. Resignation of Qualified Trustee; Appointing Successor Trustees
Sec. 15. If: (1) a qualified trustee of a legacy trust ceases to meet the requirements of section 6 of this chapter; and (2) there remains no trustee of the legacy trust that meets the requirements of section 6 of this chapter; the qualified trustee described in subdivision (1) is considered to have resigned when […]
30-4-8-16. Rights of a Lender; Notice of Transfer of Assets
Sec. 16. (a) Nothing in this chapter shall be construed to prohibit a lender from enforcing its rights in property identified in section 1(b) of this chapter and, to the extent necessary, naming the legacy trust or trustee of the trust as a defendant to the action or proceeding. (b) If an asset described in […]
30-4-8-1. Application
Sec. 1. (a) Subject to the limitations set forth in subsection (b), this chapter applies to: (1) qualified dispositions to legacy trusts; and (2) dispositions by transferors who are trustees; that are made after June 30, 2019. (b) This chapter does not apply to: (1) any assets that are listed on an application or financial […]
30-4-8-2. Definitions
Sec. 2. Unless the context requires otherwise, the following definitions apply throughout this chapter: (1) “Claim” means a right to payment, regardless of whether the right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, immature, disputed, undisputed, legal, equitable, secured, or unsecured. (2) “Creditor” means a person who has a claim against the transferor. […]
30-4-8-3. Establishment
Sec. 3. A legacy trust is established by: (1) designating in writing in the trust that the trust is a legacy trust established under this chapter; (2) including the terms required by section 4 of this chapter in the legacy trust; and (3) delivering a qualified affidavit containing the statements required by section 5 of […]
30-4-8-4. Requirements
Sec. 4. A legacy trust must do the following: (1) Provide for the appointment of at least one (1) qualified trustee for the property that is the subject of a qualified disposition. (2) Expressly incorporate Indiana law to govern the validity, construction, and administration of the trust. (3) Be irrevocable. (4) Provide that the interests […]