Indiana Code 30-4-3-29.5. Corporate trustee that acquires trust due to change in control
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Sec. 29.5. (a) Except as provided in subsection (b) and unless the trust instrument provides otherwise, a corporate trustee that acquires a trust as a result of a change in control may not:
(2) resign as trustee; or
(1) decline to accept the trust property;
Terms Used In Indiana Code 30-4-3-29.5
- Court: means a court having jurisdiction over trust matters. See Indiana Code 30-4-1-2
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- Trust estate: means the trust property and the income derived from its use. See Indiana Code 30-4-1-2
- Trust instrument: means an instrument, agreement, or other written document executed by the settlor that contains the terms of the trust, including any amendments to the terms of the trust. See Indiana Code 30-4-1-2
- Trust property: means property either placed in trust or purchased or otherwise acquired by the trustee for the trust regardless of whether the trust property is titled in the name of the trustee or the name of the trust. 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
(3) otherwise refuse to administer the trust;
based upon the amount of property or funds held in the trust estate.
(b) A court may, at the court’s discretion, allow a trustee described in subsection (a) to resign if:
(1) the trustee petitions the court; and
(2) the court determines that the trustee’s resignation will be in the best interests of all the beneficiaries of the trust.
As added by P.L.199-1996, SEC.2.