Indiana Code 30-4-8-6. Qualified trustees; duties
(1) In the case of an individual, the individual is a resident of Indiana.
Terms Used In Indiana Code 30-4-8-6
- 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.
- Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
- Legacy: A gift of property made by will.
- Person: has the meaning set forth in IC 30-2-14-9. See Indiana Code 30-4-1-2
- 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
(A) authorized by Indiana law to act as a trustee; and
(B) subject to the supervision of:
(i) the department of financial institutions; or
(ii) the federal Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, or any successor to these agencies.
(b) A qualified trustee shall do the following:
(1) Maintain or arrange for providing custody of the property subject to the qualified disposition in Indiana.
(2) Maintain complete and accurate records for the legacy trust on an exclusive or nonexclusive basis.
(3) Prepare or arrange for the preparation of all required tax returns for the legacy trust.
(4) Materially participate in the administration of the legacy trust.
As added by P.L.221-2019, SEC.9.