Indiana Code 30-4-10-53. Animal trust
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Sec. 53. (a) As used in this section, “animal trust” means a trust or an interest in a trust created to provide for the care of one (1) or more animals.
(c) The decanting power may be exercised over an animal trust that has a protector to the extent the trust could be decanted under this chapter if each animal that benefits from the trust were an individual, if the protector consents in a signed record to the exercise of the power.
(b) As used in this section, “protector” means a person appointed in an animal trust to enforce the trust on behalf of the animal or, if no such person is appointed in the trust, a person appointed by the court for that purpose.
Terms Used In Indiana Code 30-4-10-53
- 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
- first trust: means a trust over which an authorized fiduciary may exercise the decanting power. See Indiana Code 30-4-10-15
- 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
- Trust property: means property either placed in trust or purchased or otherwise acquired by the trustee for the trust regardless of whether the trust property is titled in the name of the trustee or the name of the trust. See Indiana Code 30-4-1-2
(d) A protector for an animal has the rights under this chapter of a qualified beneficiary.
(e) If a first trust is an animal trust, in an exercise of the decanting power, the second trust must provide that trust property may be applied only to its intended purpose for the period the first trust benefitted the animal.
As added by P.L.161-2022, SEC.3.