Indiana Code 30-2-8.6-25. Transfer for use and benefit of incapacitated individual
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Sec. 25. (a) Unless otherwise directed by an instrument designating a custodial trustee under section 23 of this chapter, a person, including a fiduciary other than a custodial trustee, who:
(2) owes a debt to;
(1) holds property of; or
Terms Used In Indiana Code 30-2-8.6-25
- adult: means an individual who is at least eighteen (18) years of age. See Indiana Code 30-2-8.6-5
- custodial trustee: means a person designated as:
Indiana Code 30-2-8.6-8
- Fiduciary: A trustee, executor, or administrator.
- incapacitated: has the meaning set forth in Indiana Code 30-2-8.6-10
- person: means an individual, corporation, business trust, estate, trust, partnership, joint venture, association, or any other legal or commercial entity. See Indiana Code 30-2-8.6-13
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- trust company: means a financial institution, corporation, or other legal entity authorized to exercise general trust powers. See Indiana Code 30-2-8.6-17
- Trustee: A person or institution holding and administering property in trust.
an incapacitated individual may make a transfer to an adult member of the beneficiary‘s family or to a trust company as custodial trustee for the use and benefit of the incapacitated individual. If the value of the property or the debt exceeds twenty thousand dollars ($20,000), the transfer is not effective unless authorized by the court.
(b) A written acknowledgment of delivery, signed by a custodial trustee, is a sufficient receipt and discharge for property transferred to the custodial trustee under this section.
As added by P.L.3-2003, SEC.1.