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 […]