Indiana Code 25-34.1-4-6. Death of sole proprietor or partner; carrying out business contracted before death; brokers associated with broker company
(1) the death of the sole proprietor of a sole proprietorship broker company; or
Terms Used In Indiana Code 25-34.1-4-6
- Broker: means a person who:
Indiana Code 25-34.1-1-2
- Broker company: means a licensee that is a business engaged in the activities described in Indiana Code 25-34.1-1-2
- Managing broker: refers to an individual broker whom the commission holds responsible for the actions of licensees who are affiliated with the broker company. See Indiana Code 25-34.1-1-2
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
a broker formerly associated with the broker company may continue to carry out business contracted for before the death of the sole proprietor or termination of the broker company for a maximum period of ninety (90) days after the death or termination. During that period, the broker shall maintain a trust account as provided in section 5 of this chapter. However, until associating with another broker company, the broker may not undertake any new business.
(b) Upon associating with a new broker company, the broker may conduct on behalf of the deceased proprietor or terminated managing broker only that business which is necessary to complete obligations assumed while associated with the broker company. All other acts performed by the broker shall be performed in association with the new managing broker.
(c) Each broker formerly associated with the deceased or terminated managing broker becomes, upon the death or termination of the managing broker, a managing broker by law until the broker elects to act as a broker for another broker company.
(d) This section applies only to matters of licensing and responsibility under this article and does not affect the transfer of the deceased broker’s property interests as provided by IC 29 and other laws of succession.
As added by Acts 1979, P.L.248, SEC.1. Amended by P.L.127-2012, SEC.25; P.L.116-2015, SEC.11.