Indiana Code 30-2-8.6-1. Applicability
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Sec. 1. (a) This chapter applies to a transfer or declaration creating a custodial trust that refers to this chapter if, at the time of the transfer or declaration:
(A) is a resident of; or
(1) the transferor, beneficiary, or custodial trustee:
Terms Used In Indiana Code 30-2-8.6-1
- beneficiary: means an individual for whom property:
Indiana Code 30-2-8.6-6
- 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
- custodial trust property: means the following:
Indiana Code 30-2-8.6-7
- custodial trustee: means a person designated as:
Indiana Code 30-2-8.6-8
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- transferor: means a person who creates a custodial trust by transfer or declaration. See Indiana Code 30-2-8.6-16
- Trustee: A person or institution holding and administering property in trust.
(B) has its principal place of business in Indiana; or
(2) custodial trust property is located in Indiana.
(b) The custodial trust remains subject to this chapter even if the transferor, beneficiary, or custodial trustee:
(1) changes its residence or principal place of business; or
(2) removes custodial trust property;
to a location outside Indiana.
As added by P.L.3-2003, SEC.1.