Indiana Code 30-4-2.1-17. Limits on creditors of beneficiaries who may replace or remove a trustee or who are also trustees or co-trustees

Sec. 17. (a) A creditor may not reach, exercise, or otherwise acquire an interest of a beneficiary or any other person who holds an unconditional or conditional removal or replacement power over a trustee. A power described in this subsection is personal to a beneficiary or other person and may not be exercised by the person’s creditors. A court may not direct a person to exercise the power.

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Terms Used In Indiana Code 30-4-2.1-17

Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
Beneficiary: has the meaning set forth in IC 30-2-14-2. See Indiana Code 30-4-1-2
Court: means a court having jurisdiction over trust matters. See Indiana Code 30-4-1-2
Person: has the meaning set forth in IC 30-2-14-9. See Indiana Code 30-4-1-2
Trustee: A person or institution holding and administering property in trust.
Trustee: has the meaning set forth in IC 30-2-14-13. See Indiana Code 30-4-1-2

(b) A creditor may not:

(1) reach an interest of a beneficiary who is also a trustee or co-trustee; or

(2) otherwise compel a distribution to a beneficiary who is also a trustee or co-trustee.

As added by P.L.6-2010, SEC.17.

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