Indiana Code 30-2-10-8. Management of funds by financial institutions; annual reports from beneficiaries
Current as of: 2023 | Check for updates
|
Other versions
Sec. 8. (a) Indiana financial institutions in which trust funds have been deposited in accordance with this chapter may place the funds in a common or commingled trust fund under a single trust instrument. The trustee shall maintain a separate accounting record for each trust fund.
(c) The trustee shall disburse the funds deposited in accordance with this chapter to the named beneficiary to discharge an obligation arising from any contract described in section 5 of this chapter, upon receipt of evidence satisfactory to the trustee that the contract has been performed.
(b) All interest earned by funds deposited in accordance with this chapter accrue to the trust.
Terms Used In Indiana Code 30-2-10-8
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Contract: A legal written agreement that becomes binding when signed.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Trustee: A person or institution holding and administering property in trust.
(d) A funeral home, licensed under IC 25-15 that is named as beneficiary of funeral trust funds under this chapter shall annually report the following to the state board of funeral service:
(1) The funeral home’s name, Indiana license number, and officers.
(2) The name and address of any trustee with which funeral trust funds are deposited for the funeral home.
(e) No bonds or permits are required from funeral homes that enter into contracts described in section 5 of this chapter.
As added by Acts 1982, P.L.179, SEC.2. Amended by P.L.246-1985, SEC.26.