Indiana Code 32-17-11-25. Payments; trust accounts
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Sec. 25. A trust account may be paid, on request:
(2) unless the financial institution has received written notice that the beneficiary has a vested interest not dependent upon the beneficiary surviving the trustee, if proof of death is presented to the financial institution showing that the decedent was the survivor of all other persons named on the account either as trustee or beneficiary, to the personal representative or heirs of a deceased trustee; and
(1) to any trustee;
Terms Used In Indiana Code 32-17-11-25
- account: means a contract of deposit of funds between a depositor and a financial institution. See Indiana Code 32-17-11-1
- 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
- beneficiary: means a person named in a trust account as one for whom a party to the account is named as trustee. See Indiana Code 32-17-11-2
- Decedent: A deceased person.
- Dependent: A person dependent for support upon another.
- financial institution: means any organization authorized to do business in Indiana under IC 28 or federal law relating to financial institutions. See Indiana Code 32-17-11-3
- proof of death: includes a death certificate, an affidavit of death, or a record or report that is prima facie proof of death under IC 29-2-6, IC 29-2-7 (before its repeal), or IC 29-2-14. See Indiana Code 32-17-11-9
- request: means :
Indiana Code 32-17-11-12
- Trustee: A person or institution holding and administering property in trust.
(3) upon presentation to the financial institution of proof of death showing that the beneficiary or beneficiaries survived all persons named as trustee, to the beneficiary or beneficiaries.
[Pre-2002 Recodification Citation: 32-4-1.5-11.]
As added by P.L.2-2002, SEC.2.