Sec. 23. (Remedy of a
Beneficiary against a Co-Beneficiary)
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Terms Used In Indiana Code 30-4-3-23
- 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
- Breach of trust: means a violation by the trustee of any duty which is owed to the settlor or beneficiary. See Indiana Code 30-4-1-2
- Court: means a court having jurisdiction over trust matters. See Indiana Code 30-4-1-2
- Trust estate: means the trust property and the income derived from its use. See Indiana Code 30-4-1-2
- Trustee: A person or institution holding and administering property in trust.
- Trustee: has the meaning set forth in IC 30-2-14-13. See Indiana Code 30-4-1-2
(1) knows or should have known that the act of the trustee to which he consented constituted a breach of trust;
(2) agreed with the trustee or the other beneficiaries to be liable for any loss which might result from the act constituting the breach; or
(3) participated in the act constituting the breach.
(b) The consenting co-beneficiary shall be personally liable for any loss for which the other beneficiaries are entitled to redress under subsection (a) of this section and his beneficial interest in the trust estate may be charged for the amount of the loss if the court deems it proper to do so.
Formerly: Acts 1971, P.L.416, SEC.4.
