Indiana Code 30-4-10-48. Modification of the first-trust instrument
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Sec. 48. An authorized fiduciary must not exercise the decanting power to modify a provision in a first-trust instrument granting another person power to remove or replace the fiduciary unless:
(2) the person holding the power and the qualified beneficiaries of the second trust consent to the modification in a signed record and the modification grants a substantially similar power to another person; or
(1) the person holding the power consents to the modification in a signed record and the modification applies only to the person;
Terms Used In Indiana Code 30-4-10-48
- 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 instrument: means the trust instrument for a first trust. See Indiana Code 30-4-10-16
- person: means :
Indiana Code 30-4-10-19
- 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
(3) the court approves the modification and the modification grants a substantially similar power to another person.
As added by P.L.161-2022, SEC.3.