Indiana Code 22-3-3-26. Lump sum payments; trustees
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Terms Used In Indiana Code 22-3-3-26
- 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.
- Trustee: A person or institution holding and administering property in trust.
Sec. 26. Whenever the worker’s compensation board deems it expedient, any lump sum under section 25 of this chapter shall be paid by the employer to some suitable person or corporation appointed by the circuit or superior court, as trustee, to administer the same for the benefit of the person entitled thereto, in the manner authorized by the court appointing such trustee. The receipt of such trustee for the amount so paid shall discharge the employer or anyone else who is liable therefor.
Formerly: Acts 1929, c.172, s.44. As amended by P.L.144-1986, SEC.36; P.L.28-1988, SEC.32.