Indiana Code 30-2-13-19. Common trust fund
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Sec. 19. (a) A trustee may place trust money in a common or commingled trust fund under a single trust instrument.
(c) Except for trusts established under IC 30-2-10, records maintained under this section do not need to be segregated on a purchaser by purchaser basis.
(b) A trustee shall maintain a separate accounting record for each seller who deposits funds in a trust.
Terms Used In Indiana Code 30-2-13-19
- fund: refers to the preneed consumer protection fund established by section 28 of this chapter. See Indiana Code 30-2-13-6
- purchaser: means a person or firm contracting with a seller for services or merchandise to be provided or delivered for a named individual. See Indiana Code 30-2-13-9
- 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.
As added by P.L.200-1991, SEC.1.