Terms Used In Indiana Code > Title 30 > Article 2 > Chapter 12 - Uniform Management of Institutional Funds Act

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Attorney: includes a counselor or other person authorized to appear and represent a party in an action or special proceeding. See Indiana Code 1-1-4-5
• 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}
• charitable purpose: means the following:

  Indiana Code 30-2-12-1.3

• 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.
• Donor: The person who makes a gift.
• endowment fund: means an institutional fund, or any part of the fund, not wholly expendable by the institution on a current basis under the terms of the applicable gift instrument. See Indiana Code 30-2-12-2
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• gift instrument: means a record, including any institutional solicitations, under which property is granted or transferred to or held by an institution as an institutional fund. See Indiana Code 30-2-12-3
• institution: means any of the following:

  Indiana Code 30-2-12-5

• institutional fund: means a fund held by an institution exclusively for charitable purposes. See Indiana Code 30-2-12-6
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• 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.
• person: means an individual, a corporation, a business trust, an estate, a trust, a partnership, a limited liability company, an association, a joint venture, a public corporation, the state of Indiana, a state agency or instrumentality, a unit of local government, or any other legal or commercial entity. See Indiana Code 30-2-12-6.4
• Property: includes personal and real property. See Indiana Code 1-1-4-5
• record: means information that is:

  Indiana Code 30-2-12-6.7

• Trustee: A person or institution holding and administering property in trust.