30-4-10-20. “Power of Appointment”
Sec. 20. As used in this chapter, “power of appointment” means a power that enables a powerholder acting in a nonfiduciary capacity to designate a recipient of an ownership interest in or another power of appointment over the appointive property. The term does not include a power of attorney. As added by P.L.161-2022, SEC.3.
30-4-10-21. “Powerholder”
Sec. 21. As used in this chapter, “powerholder” means a person in which a donor creates a power of appointment. As added by P.L.161-2022, SEC.3.
30-4-10-22. “Presently Exercisable Power of Appointment”
Sec. 22. (a) As used in this chapter, “presently exercisable power of appointment” means a power of appointment exercisable by the powerholder at the relevant time. (b) The term includes a power of appointment exercisable only after the occurrence of a specified event, the satisfaction of an ascertainable standard, or the passage of a specified […]
30-4-9-8. Duties and Liabilities of a Trust Director
Sec. 8. (a) Subject to subsection (b), with respect to a power of direction or further power under section 6(b)(1) of this chapter: (1) a trust director has the same fiduciary duty and liability in the exercise or nonexercise of the power: (A) if the power is held individually, as a sole trustee in a […]
30-4-10-7. “Charitable Interest”
Sec. 7. As used in this chapter, “charitable interest” means an interest in a trust that: (1) is held by an identified charitable organization and makes the organization a qualified beneficiary; (2) benefits only a charitable organization and, if the interest were held by an identified charitable organization, would make the organization a qualified beneficiary; […]
30-4-9-9. Duties and Liabilities of a Directed Trustee
Sec. 9. (a) Subject to subsection (b), a directed trustee shall take reasonable action to comply with a trust director’s exercise or nonexercise of a power of direction or further power under section 6(b)(1) of this chapter, and the trustee is not liable for the action. (b) A directed trustee must not comply with a […]
30-4-9-10. Providing Information to a Trust Director; Liability; Breach of Trust
Sec. 10. (a) Subject to section 11 of this chapter, a trustee shall provide information to a trust director to the extent the information is reasonably related both to: (1) the powers or duties of the trustee; and (2) the powers or duties of the director. (b) Subject to section 11 of this chapter, a […]
30-4-9-11. Duties of Trust Director and Trustee Under the Terms of the Trust
Sec. 11. (a) Unless the terms of a trust provide otherwise: (1) a trustee does not have a duty to: (A) monitor a trust director; or (B) inform or give advice to a settlor, beneficiary, trustee, or trust director concerning an instance in which the trustee might have acted differently than the director; and (2) […]
30-4-9-12. Relief of Cotrustee From Duties and Liabilities
Sec. 12. The terms of a trust may relieve a cotrustee from duty and liability with respect to another cotrustee’s exercise or nonexercise of a power of the other cotrustee to the same extent that in a directed trust a directed trustee is relieved from duty and liability with respect to a trust director’s power […]
30-4-9-13. Causes of Action; Statutes of Limitations
Sec. 13. (a) An action against a trust director for breach of trust must be commenced within the same limitation period as an action against a trustee under IC 30-4-6-12. (b) A report or accounting has the same effect on the limitation period for an action against a trust director for breach of trust that […]