Indiana Code 30-2-13-11. “Trustee” or “escrow agent, acting as a fiduciary”
(1) bank;
Terms Used In Indiana Code 30-2-13-11
- agent: means a person authorized by a seller to offer, sell, or solicit the sale of a contract on behalf of the seller and includes an employee or independent contractor of the seller. See Indiana Code 30-2-13-2
- contract: means a written agreement between a purchaser and a seller that:
Indiana Code 30-2-13-4
- Contract: A legal written agreement that becomes binding when signed.
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Fiduciary: A trustee, executor, or administrator.
- fund: refers to the preneed consumer protection fund established by section 28 of this chapter. See Indiana Code 30-2-13-6
- insurance policy: means a policy providing one (1) or more of the types of insurance described in IC 27-1-5-1, Class 1(a) and Class 1(c). See Indiana Code 30-2-13-7
- seller: means a person doing business as a sole proprietor, a firm, a limited liability company, a corporation, an association, or a partnership contracting to provide services or merchandise, or both, to a named individual. See Indiana Code 30-2-13-10
- Trustee: A person or institution holding and administering property in trust.
(3) savings association; or
(4) credit union;
that maintains an office in Indiana and is qualified under state or federal law to serve as a trustee or escrow agent, acting as a fiduciary.
(b) For a contract using a life insurance policy as consideration, the term also includes a life insurance company or other entity that establishes a trust for the purposes of holding and administering life insurance policies issued by an insurance company to fund contracts under this chapter. Notwithstanding any other law to the contrary, a life insurance company or other entity acting as a trustee shall comply with this chapter.
(c) For a contract using a previously issued life insurance policy as consideration, the seller is considered to be a qualified trustee if ownership is irrevocably assigned to the seller in conjunction with an assignment of death benefits.
As added by P.L.200-1991, SEC.1. Amended by P.L.241-1995, SEC.5; P.L.79-1998, SEC.94; P.L.114-1999, SEC.6.