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 […]
30-4-9-14. Causes of Action; Defenses
Sec. 14. In an action against a trust director for breach of trust, the director may assert the same defenses a trustee in a like position and under similar circumstances could assert in an action for breach of trust against the trustee. As added by P.L.221-2019, SEC.10.
30-4-9-15. Causes of Action; Personal Jurisdiction
Sec. 15. (a) By accepting appointment as a trust director of a trust under this chapter, the director submits to personal jurisdiction of the courts of the state of Indiana regarding any matter related to a power or duty of the director. (b) This section does not preclude other methods of obtaining jurisdiction over a […]
30-4-9-16. Applicable Rules
Sec. 16. Unless the terms of a trust provide otherwise, the rules applicable to a trustee apply to a trust director regarding the following matters: (1) Acceptance (IC 30-4-2-2). (2) Giving of bond to secure performance (IC 30-4-6-8). (3) Reasonable compensation (IC 30-4-5-16). (4) Resignation and removal (IC 30-4-3-29). (5) Vacancy and appointment of successor […]