Indiana Code 30-4-10-44. Determinable charitable interest; authority of the attorney general
(b) As used in this section, “unconditional” means not subject to the occurrence of a specified event that is not certain to occur, other than a requirement in a trust instrument that a charitable organization be in existence or qualify under a particular provision of the United States Internal Revenue Code of 1986, as amended and in effect on July 1, 2022, on the date of the distribution, if the charitable organization meets the requirement on the date of determination.
Terms Used In Indiana Code 30-4-10-44
- Attorney: includes a counselor or other person authorized to appear and represent a party in an action or special proceeding. See Indiana Code 1-1-4-5
- charitable interest: means an interest in a trust that:
Indiana Code 30-4-10-7
- charitable organization: means :
Indiana Code 30-4-10-8
- charitable purpose: means the relief of poverty, the advancement of education or religion, the promotion of health, a municipal or other governmental purpose, or a purpose that is beneficial to the community. See Indiana Code 30-4-10-9
- 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
- record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See Indiana Code 30-4-10-25
- second trust: means :
Indiana Code 30-4-10-26
- state: means :
Indiana Code 30-4-10-30
- trust instrument: has the meaning set forth in IC 30-4-1-2(25). See Indiana Code 30-4-10-32
- United States: includes the District of Columbia and the commonwealths, possessions, states in free association with the United States, and the territories. See Indiana Code 1-1-4-5
(d) If a first trust contains a charitable interest, the second trust must not:
(1) diminish the charitable interest;
(2) diminish the interest of an identified charitable organization that holds the charitable interest;
(3) alter any charitable purpose stated in the first-trust instrument; or
(4) alter any condition or restriction related to the charitable interest.
(e) If there are two (2) or more second trusts, the second trusts shall be treated as one (1) trust for purposes of determining whether the exercise of the decanting power diminishes the charitable interest or diminishes the interest of an identified charitable organization for purposes of subsection (d).
(f) If a first trust contains a determinable charitable interest, the second trust that includes a charitable interest pursuant to subsection (c) must be administered under the law of this state unless:
(1) the attorney general, after receiving notice under section 35 of this chapter, fails to object in a signed record delivered to the authorized fiduciary within the notice period;
(2) the attorney general consents in a signed record to the second trust being administered under the law of another jurisdiction; or
(3) the court approves the exercise of the decanting power.
(g) This chapter does not limit the powers and duties of the attorney general under the laws of this state other than this chapter.
As added by P.L.161-2022, SEC.3.