Indiana Code 30-4-10-11. “Current beneficiary”
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Terms Used In Indiana Code 30-4-10-11
- 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
- beneficiary: means a person that:
Indiana Code 30-4-10-5
- general power of appointment: means a power of appointment exercisable in favor of:
Indiana Code 30-4-10-17
- Income: except as otherwise stated in a trust agreement, has the meaning set forth in IC 30-2-14-4. See Indiana Code 30-4-1-2
- person: means :
Indiana Code 30-4-10-19
- power of appointment: means a power that enables a powerholder acting in a nonfiduciary capacity to designate a recipient of an ownership interest in or another power of appointment over the appointive property. See Indiana Code 30-4-10-20
- Principal: has the meaning set forth in IC 30-2-14-10. See Indiana Code 30-4-1-2
Sec. 11. As used in this chapter, “current beneficiary” means a beneficiary who, on the date that the beneficiary‘s qualification is determined, is a distributee or permissible distributee of trust income or principal. The term includes the holder of a presently exercisable general power of appointment but does not include a person that is a beneficiary only because the person holds any other power of appointment.
As added by P.L.161-2022, SEC.3.