Indiana Code 30-4-8-15. Resignation of qualified trustee; appointing successor trustees
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Sec. 15. If:
(2) there remains no trustee of the legacy trust that meets the requirements of section 6 of this chapter;
(1) a qualified trustee of a legacy trust ceases to meet the requirements of section 6 of this chapter; and
Terms Used In Indiana Code 30-4-8-15
- Court: means a court having jurisdiction over trust matters. See Indiana Code 30-4-1-2
- Legacy: A gift of property made by will.
- 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
the qualified trustee described in subdivision (1) is considered to have resigned when the qualified trustee ceased to meet the requirements of section 6 of this chapter, and a successor trustee provided for in the legacy trust shall become a qualified trustee. If the legacy trust does not provide for a successor qualified trustee, a court shall appoint a successor qualified trustee upon the application of any interested party.
As added by P.L.221-2019, SEC.9.