Indiana Code 30-4-4-3. Judgment lien against the trustee or beneficiary
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Sec. 3. (Judgment Lien against the Trustee or Beneficiary)
(b) When trust property is properly sold or disposed of by the trustee to a third person, the liens against a beneficiary‘s interest in the trust estate, if any, will be divested from that property and will attach to the interest of that beneficiary in the proceeds from its sale or other disposition.
(a) A judgment against a person individually who may also be a trustee shall not be a lien against the trust estate.
Terms Used In Indiana Code 30-4-4-3
- 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
- Judgment: means all final orders, decrees, and determinations in an action and all orders upon which executions may issue. See Indiana Code 1-1-4-5
- Lien: A claim against real or personal property in satisfaction of a debt.
- Person: has the meaning set forth in IC 30-2-14-9. See Indiana Code 30-4-1-2
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- Trust estate: means the trust property and the income derived from its use. See Indiana Code 30-4-1-2
- 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
- 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
Formerly: Acts 1971, P.L.416, SEC.5.