Indiana Code 30-2-15-24. Construing the governing instrument
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Sec. 24. After the income trust is converted to a total return unitrust under this chapter, both of the following apply:
(2) The trustee shall make regular distributions in accordance with the governing instrument construed in accordance with this chapter.
(1) The term “income” in the governing instrument means the unitrust amount plus any income from the trust assets excluded from the determination of net fair market value under sections 18 and 19 of this chapter.
Terms Used In Indiana Code 30-2-15-24
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- income trust: means :
Indiana Code 30-2-15-2
- total return unitrust: means an income trust that has been converted to a total return unitrust in accordance with this chapter. See Indiana Code 30-2-15-4
- unitrust amount: means an amount computed as a percentage of the fair market value of the trust as set forth in this chapter. See Indiana Code 30-2-15-6
As added by P.L.3-2003, SEC.2.