Indiana Code 30-4-10-45. First-trust instrument restriction on decanting power
(1) the decanting power; or
Terms Used In Indiana Code 30-4-10-45
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- authorized fiduciary: means :
Indiana Code 30-4-10-4
- 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
- Principal: has the meaning set forth in IC 30-2-14-10. See Indiana Code 30-4-1-2
- second-trust instrument: means the trust instrument for a second trust. See Indiana Code 30-4-10-27
- state: means :
Indiana Code 30-4-10-30
(b) Exercise of the decanting power is subject to a restriction in the first-trust instrument that expressly applies to exercise of:
(1) the decanting power; or
(2) a power granted by state law to a fiduciary to distribute the principal of the trust to another trust or to modify the trust.
(c) The decanting power of an authorized fiduciary is not precluded by:
(1) a general prohibition of the amendment or revocation of a first trust;
(2) a spendthrift clause; or
(3) a clause restraining the voluntary or involuntary transfer of a beneficiary‘s interest.
(d) Subject to subsections (a) and (b), an authorized fiduciary may exercise the decanting power under this chapter even if the first-trust instrument permits the authorized fiduciary or another person to modify the first-trust instrument or to distribute the principal of the first trust to another trust.
(e) If a first-trust instrument contains an express prohibition described in subsection (a) or an express restriction described in subsection (b), the provision must be included in the second-trust instrument.
As added by P.L.161-2022, SEC.3.