Indiana Code 30-4-3-29.3. Power to appoint a successor trustee
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Sec. 29.3. (a) The power to appoint a successor trustee under a governing instrument or under section 33 of this chapter includes:
(2) the power to allocate trustee powers to one (1) or more trustees.
(1) the power to appoint multiple successor trustees; and
Terms Used In Indiana Code 30-4-3-29.3
- Fiduciary: A trustee, executor, or administrator.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- 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 trustee to whom powers:
(1) have been exclusively allocated under subsection (a) must be a fiduciary only with respect to the powers allocated; and
(2) have not been allocated under subsection (a) is not liable for the actions of a trustee to whom the powers, duties, and responsibilities are allocated.
(c) The rules governing the rights, powers, duties, and liabilities of a governing instrument under this chapter apply to a trustee appointed under this section unless expressly limited by the terms of a governing instrument.
As added by P.L.161-2022, SEC.1.