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 […]
30-4-9-1. Short Title
Sec. 1. This chapter may be cited as the Uniform Directed Trust Act. As added by P.L.221-2019, SEC.10.
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. […]
30-4-9-2. Definitions
Sec. 2. As used in this chapter, the following definitions apply: (1) “Breach of trust” includes a violation by a trust director or trustee of a duty imposed on that director or trustee by the terms of the trust, this chapter, or the law of this state other than this chapter. (2) “Directed trust” means […]
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 […]
30-4-9-3. Application
Sec. 3. (a) This chapter applies to a trust, whenever created, that has its principal place of administration in Indiana, subject to the following: (1) If the trust was created before July 1, 2019, this chapter applies only to a decision or action occurring after June 30, 2019. (2) If the principal place of administration […]
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 […]
30-4-9-4. Applicable Law
Sec. 4. The common law and principles of equity supplement this chapter, except to the extent modified by this chapter or law of Indiana other than this chapter. As added by P.L.221-2019, SEC.10.
30-4-8-5. Qualified Affidavits
Sec. 5. (a) A qualified affidavit must be signed under the penalties of perjury, and state the following: (1) That the transferor has full right, title, and authority to transfer the property to the legacy trust. (2) That the transfer of the property to the legacy trust will not render the transferor insolvent. (3) That […]