Indiana Code 30-4-10-33. Fiduciary duty
Current as of: 2023 | Check for updates
|
Other versions
Sec. 33. (a) Except as provided in this chapter, an authorized fiduciary may exercise the decanting power without the consent of any person and without court approval.
(c) This chapter does not create or imply a duty to exercise the decanting power or to inform beneficiaries about the applicability of this chapter.
(b) An authorized fiduciary shall act in accordance with its fiduciary duties, including the duty to act in accordance with the purposes of the first trust in exercising the decanting power.
Terms Used In Indiana Code 30-4-10-33
- authorized fiduciary: means :
Indiana Code 30-4-10-4
- court: has the meaning set forth in IC 30-4-1-2(6). See Indiana Code 30-4-10-10
- decanting power: means the power of an authorized fiduciary under this chapter to:
Indiana Code 30-4-10-12
- Fiduciary: A trustee, executor, or administrator.
- first trust: means a trust over which an authorized fiduciary may exercise the decanting power. See Indiana Code 30-4-10-15
- first-trust instrument: means the trust instrument for a first trust. See Indiana Code 30-4-10-16
- person: means :
Indiana Code 30-4-10-19
(d) Except as provided in a first-trust instrument, the terms of the first trust are deemed to include the decanting power.
As added by P.L.161-2022, SEC.3.