Sec. 5. (a) A qualified affidavit must be signed under the penalties of perjury, and state the following:

(1) That the transferor has full right, title, and authority to transfer the property to the legacy trust.

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Terms Used In Indiana Code 30-4-8-5

  • Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
  • Court: means a court having jurisdiction over trust matters. See Indiana Code 30-4-1-2
  • Legacy: A gift of property made by will.
  • Property: includes personal and real property. See Indiana Code 1-1-4-5
  • 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
(2) That the transfer of the property to the legacy trust will not render the transferor insolvent.

(3) That the transferor does not intend to defraud a creditor by transferring the property to the legacy trust.

(4) That there are no pending or threatened court actions against the transferor other than the court actions identified by the transferor and attached to the qualified affidavit.

(5) That the transferor is not involved in any administrative proceedings other than the administrative proceedings identified by the transferor and attached to the qualified affidavit.

(6) That the transferor does not contemplate filing for relief under the federal bankruptcy code.

(7) That the property transferred to the legacy trust is not derived from unlawful activities.

     (b) Except as provided in subsection (c), a qualified affidavit must be signed by the transferor.

     (c) In the case of a disposition by a transferor who is a trustee, the qualified affidavit must be signed by the transferor who made the original disposition to the trustee. A qualified affidavit signed under this subsection must state the facts as of the time of the original disposition.

     (d) If a transferor is a married individual at the time a qualified affidavit is signed, the transferor shall provide a copy of the qualified affidavit to the transferor’s spouse.

As added by P.L.221-2019, SEC.9.

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