Indiana Code 28-14-7.5-3. Appointment of conservator; bond or security
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Sec. 3. (a) The department may appoint a conservator for a corporate fiduciary if the department determines that:
(2) the appointment of a conservator is necessary to conserve the assets of the corporate fiduciary for the benefit of:
(1) one (1) or more grounds for the appointment of a receiver under IC 28-1-3.1-2(a) exist with respect to the corporate fiduciary; or
Terms Used In Indiana Code 28-14-7.5-3
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Fiduciary: A trustee, executor, or administrator.
(A) creditors of the corporate fiduciary;
(B) the beneficiaries of trusts and other fiduciary accounts administered by the corporate fiduciary; or
(C) other persons for whom the corporate fiduciary acts in a fiduciary capacity.
(b) A conservator appointed under this section shall give any bond or security that the department considers appropriate.
(c) The department may appoint any competent and disinterested person as a conservator under this section.
As added by P.L.10-2006, SEC.78 and P.L.57-2006, SEC.78.