Indiana Code 30-4-8-2. Definitions
(1) “Claim” means a right to payment, regardless of whether the right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, immature, disputed, undisputed, legal, equitable, secured, or unsecured.
Terms Used In Indiana Code 30-4-8-2
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.
- 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
- Legacy: A gift of property made by will.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: has the meaning set forth in IC 30-2-14-9. See Indiana Code 30-4-1-2
- Personal property: All property that is not real property.
- Personal property: includes goods, chattels, evidences of debt, and things in action. See Indiana Code 1-1-4-5
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- 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
(3) “Debt” means liability on a claim.
(4) “Disposition” means a transfer, conveyance, or assignment of property, including a change in the legal ownership of property that occurs when a trustee is substituted for another trustee or when at least one (1) trustee is added. The term also includes the exercise of a power that causes a transfer of property to a trustee. However, the term does not include the release or relinquishment of an interest in property that, until the release or relinquishment, was the subject of a qualified disposition.
(5) “Investment decision” means the retention, purchase, sale, exchange, tender, or other transaction affecting the ownership of or rights in an investment.
(6) “Legacy trust” means an irrevocable trust established under section 3 of this chapter.
(7) “Lender” means a company or entity that extends credit, including but not limited to a financial institution (as defined by IC 28-1-1-3(1)), a company or entity that extends credit under IC 24-4.4 or IC 24-4.5, or the successors and assigns of the company or entity.
(8) “Person” means an individual at least eighteen (18) years of age, a corporation, a trust, a limited liability company, a limited liability partnership, a partnership, a governmental entity, the state, or a political subdivision of the state.
(9) “Property” means real property, personal property, or an interest in real or personal property.
(10) “Qualified affidavit” means a sworn affidavit executed under section 5 of this chapter.
(11) “Qualified disposition” means a disposition by a transferor to a legacy trust.
(12) “Qualified trustee” means a person qualified to serve as the trustee of a legacy trust under section 6 of this chapter.
(13) “Transferor” means a person who as:
(A) an owner of property;
(B) a holder of a power of appointment that authorizes the holder to appoint in favor of the holder, the holder’s creditors, the holder’s estate, or the creditors of the holder’s estate; or
(C) a trustee;
directly or indirectly makes a disposition or causes a disposition to be made.
(14) “Trust director” means a person given authority by the terms of a legacy trust to direct, consent to, or disapprove actual or proposed investment decisions, distribution decisions, or other decisions related to property in a legacy trust.
As added by P.L.221-2019, SEC.9.