Indiana Code 30-4-9-3. Application
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Sec. 3. (a) This chapter applies to a trust, whenever created, that has its principal place of administration in Indiana, subject to the following:
(2) If the principal place of administration of the trust is changed to Indiana after June 30, 2019, this chapter applies only to a decision or action occurring on or after the date of the change.
(1) If the trust was created before July 1, 2019, this chapter applies only to a decision or action occurring after June 30, 2019.
Terms Used In Indiana Code 30-4-9-3
- Directed trust: means a trust for which the terms of the trust grant a power of direction. See Indiana Code 30-4-9-2
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Principal: has the meaning set forth in IC 30-2-14-10. See Indiana Code 30-4-1-2
- Trust director: means a person that is granted a power of direction by the terms of a trust to the extent the power is exercisable while the person is not serving as a trustee. See Indiana Code 30-4-9-2
- Trustee: A person or institution holding and administering property in trust.
- Trustee: includes an original, additional, and successor trustee, and a cotrustee. See Indiana Code 30-4-9-2
(b) Without precluding other means to establish a sufficient connection with the designated jurisdiction in a directed trust, the terms of the trust that designate the principal place of administration of the trust are valid and controlling if:
(1) a trustee‘s principal place of business is located in or a trustee is a resident of the designated jurisdiction;
(2) a trust director‘s principal place of business is located in or a trust director is a resident of the designated jurisdiction; or
(3) all or part of the administration occurs in the designated jurisdiction.
As added by P.L.221-2019, SEC.10.