Indiana Code 30-2-15-19. Trustee powers
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Sec. 19. (a) The trustee may exclude any assets for which the fair market value is not readily determinable from the determination of net fair market value of trust assets. However, the terms of the trust continue to apply to these assets.
(b) The trustee may determine any other matter necessary for the proper functioning of the total return unitrust.
As added by P.L.3-2003, SEC.2.
Terms Used In Indiana Code 30-2-15-19
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- net fair market value: means the fair market value of each asset comprising the trust reduced by the liens, debts, and encumbrances of the trust, regardless of whether the liens, debts, and encumbrances are allocable to a specific asset. See Indiana Code 30-2-15-3
- total return unitrust: means an income trust that has been converted to a total return unitrust in accordance with this chapter. See Indiana Code 30-2-15-4
- trustee: refers to the:
Indiana Code 30-2-15-5
- Trustee: A person or institution holding and administering property in trust.