Indiana Code 30-2-12-6. “Institutional fund” defined
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Sec. 6. As used in this chapter, “institutional fund” means a fund held by an institution exclusively for charitable purposes. The term does not include the following:
(2) A fund in which a beneficiary that is not an institution has an interest, other than possible rights that could arise upon violation or failure of the purposes of the fund.
(1) A fund held for an institution by a trustee that is not an institution.
Terms Used In Indiana Code 30-2-12-6
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- institution: means any of the following:
Indiana Code 30-2-12-5
- Trustee: A person or institution holding and administering property in trust.
(3) Assets held by an institution primarily for charitable purposes and not primarily for investment purposes.
As added by P.L.268-1989, SEC.1. Amended by P.L.266-1995, SEC.3; P.L.226-2007, SEC.12.