Indiana Code 32-17-11-5. “Multiple party account” defined
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Sec. 5. (a) As used in this chapter, “multiple party account” means any of the following types of accounts:
(2) A trust account.
(1) A joint account.
Terms Used In Indiana Code 32-17-11-5
- account: means a contract of deposit of funds between a depositor and a financial institution. See Indiana Code 32-17-11-1
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fiduciary: A trustee, executor, or administrator.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- party: means a person who, by the terms of the account, has a present right, subject to request, to payment from a multiple party account. See Indiana Code 32-17-11-7
- Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
- trust account: means an account in the name of at least one (1) party as trustee for at least one (1) beneficiary if:
Indiana Code 32-17-11-14
- Trustee: A person or institution holding and administering property in trust.
(b) The term does not include accounts established for deposit of funds of a partnership, joint venture, or other association for business purposes, or accounts controlled by one (1) or more persons as the duly authorized agent or trustee for a corporation, unincorporated association, charitable or civic organization, or a regular fiduciary or trust account where the relationship is established other than by deposit agreement.
[Pre-2002 Recodification Citation: 32-4-1.5-1(5).]
As added by P.L.2-2002, SEC.2. Amended by P.L.143-2009, SEC.33.