Indiana Code 30-4-3-21. Remedies of beneficiary against third persons

Sec. 21. (Remedies of the Beneficiary against Third Persons)

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Terms Used In Indiana Code 30-4-3-21

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: has the meaning set forth in IC 30-2-14-2. See Indiana Code 30-4-1-2
Person: has the meaning set forth in IC 30-2-14-9. See Indiana Code 30-4-1-2

If the trustee has a claim against a third person for which he may maintain a civil action under 30-4-3-15 but he is unable, unwilling or neglects to commence the action within a reasonable time not to exceed thirty (30) days after written demand, any beneficiary may commence the action in his own right for the benefit of all the beneficiaries.

Formerly: Acts 1971, P.L.416, SEC.4; Acts 1972, P.L.11, SEC.13.

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