30-4-5-0.5. Application of Uniform Principal and Income Act
Sec. 0.5. The Uniform Principal and Income Act (IC 30-2-14) applies to the administration of a trust under this article. As added by P.L.84-2002, SEC.4.
30-4-5-1. Repealed
Formerly: Acts 1971, P.L.416, SEC.6. Repealed by P.L.84-2002, SEC.11.
30-4-5-10. Repealed
Formerly: Acts 1971, P.L.416, SEC.6. Repealed by P.L.84-2002, SEC.11.
30-4-5-11. Repealed
Formerly: Acts 1971, P.L.416, SEC.6. As amended by Acts 1982, P.L.171, SEC.121; P.L.138-1994, SEC.4. Repealed by P.L.84-2002, SEC.11.
30-4-5-12. Accounting by Trustees
Sec. 12. (a) Unless the terms of the trust provide otherwise or unless waived in writing by an adult, competent beneficiary, the trustee shall deliver a written statement of accounts to each income beneficiary or the income beneficiary’s personal representative annually. The statement shall contain at least: (1) all receipts and disbursements since the last […]
30-4-5-13. Content of Written Statements of Account Filed With the Court
Sec. 13. (a) A verified written statement of accounts filed with the court under 30-4-5-12 or by the trustee under 30-4-3-18(b) shall show: (1) the period covered by the account; (2) the total principal with which the trustee is chargeable according to the last preceding written statement of accounts or the original inventory if there […]
30-4-5-14. Settlements; Objections; Hearing; Surcharge
Sec. 14. (Settlements; Objections; Hearing; Surcharge) (a) With respect to the annual written statement required by 30-4-5-12(a), a beneficiary or his personal representative will be deemed to have discharged the trustee from liability as to that beneficiary for all matters disclosed in the statement if he approves in writing the trustee’s statement. (b) In a […]
30-4-5-14.5. Nonjudicial Settlement; Procedures
Sec. 14.5. (a) A trustee may obtain a nonjudicial settlement of its accounts in accordance with subsection (b) when: (1) a trust terminates pursuant to the terms of the trust; (2) a trust terminates early pursuant to IC 30-4-3-24.5; (3) a trustee resigns or is removed; or (4) a trustee seeks discharge of an interim […]
30-4-5-15. Judgment; Fees
Sec. 15. (Judgment; Fees) (a) Subject to the right of appeal, a judgment rendered by the court under 30-4-5-14, either approving the statement or disapproving it and surcharging the trustee, is final, conclusive and binding upon all the parties to the action who are subject to the jurisdiction of the court. (b) Entry of the […]
30-4-5-16. Right to Compensation
Sec. 16. (a) Unless the terms of the trust provide otherwise, and except as provided in section 17 of this chapter, the trustee is entitled to reasonable compensation from the trust estate for acting as trustee. (b) If the terms of the trust specify the trustee’s compensation, the trustee is entitled to be compensated as […]
30-4-5-17. Compensation if Trustee Breaches Trust
Sec. 17. (Compensation if Trustee Breaches Trust) (a) In a proceeding in which the trustee is found to be in breach of trust, the court may in its discretion either deny him all compensation, allow him a reduced compensation, or allow him full compensation. (b) In the exercise of its discretion under subsection (a) of […]
30-4-5-18. Private Foundations
Sec. 18. Subject to section 20 of this chapter, every corporation which is organized under the laws of this state and which is a private foundation as defined in Section 509(a) of the Internal Revenue Code shall, unless otherwise provided in the articles of incorporation of such corporation: (a) distribute each taxable year amounts sufficient […]
30-4-5-19. Private Corporate Foundations Organized Before January 1, 1970; Application of Ic 30-4-5-18
Sec. 19. The provisions of 30-4-5-18 shall not apply to any such corporation organized before January 1, 1970, to the extent that a court of competent jurisdiction shall determine that application of such section to such corporation would be contrary to the terms of any instrument which may not be changed to conform to such […]
30-4-5-2. Repealed
Formerly: Acts 1971, P.L.416, SEC.6. As amended by Acts 1977, P.L.2, SEC.81; P.L.132-1992, SEC.2; P.L.138-1994, SEC.2. Repealed by P.L.84-2002, SEC.11.
30-4-5-20. Private Corporate Foundations; Effective Dates of Ic 30-4-5-18
Sec. 20. The provisions of 30-4-5-18 shall be effective as to corporations to which such section applies in accordance with the following subsections (a) and (b): (a) With respect to each such corporation organized on or after January 1, 1970, the provisions of 30-4-5-18 shall be effective from and after the date of such corporation’s […]
30-4-5-21. Trusts for Benevolent Public Purpose; General Rules
Sec. 21. Subject to the provisions of this section and of section 23 of this chapter, every trust for a benevolent public purpose that is subject to the provisions of Subchapter A of Chapter 42 of Subtitle D of the Internal Revenue Code shall: (1) distribute each taxable year amounts sufficient for such trust to […]
30-4-5-22. Private and Charitable Trust Foundations; Split-Interest Trusts; Creation Before January 1, 1970; Application of Ic 30-4-5-21
Sec. 22. The provisions of 30-4-5-21 shall not apply to any such trust created before January 1, 1970, to the extent that a court of competent jurisdiction shall determine that application of such section to such trust would be contrary to the terms of any instrument which may not be changed to conform to such […]
30-4-5-23. Private and Charitable Trust Foundations; Split-Interest Trusts; Effective Date of Ic 30-4-5-21
Sec. 23. The provisions of 30-4-5-21 shall be effective as to trusts to which such section applies in accordance with the following subsections (a) and (b): (a) With respect to each such trust first existing on or after January 1, 1970, the provisions of 30-4-5-21 shall be effective from and after the date such trust […]
30-4-5-24. Repealed
Formerly: Acts 1971, P.L.416, SEC.6. Repealed by P.L.2-1987, SEC.53.
30-4-5-25. “Interested Person”; Matters Resolved by Nonjudicial Settlement Agreement
Sec. 25. (a) As used in this section, “interested person” means a person whose consent would be required to achieve a binding settlement were the settlement to be approved by the court. (b) Except as provided in subsection (c), an interested person may enter into a binding nonjudicial settlement agreement with respect to any matter […]