Indiana Code 32-17-11-14. “Trust account” defined
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Sec. 14. (a) As used in this chapter, “trust account” means an account in the name of at least one (1) party as trustee for at least one (1) beneficiary if:
(2) there is no subject of the trust other than the sums on deposit in the account.
(1) the relationship is established by the form of the account and the deposit agreement with the financial institution; and
Terms Used In Indiana Code 32-17-11-14
- account: means a contract of deposit of funds between a depositor and a financial institution. See Indiana Code 32-17-11-1
- 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: means a person named in a trust account as one for whom a party to the account is named as trustee. See Indiana Code 32-17-11-2
- Fiduciary: A trustee, executor, or administrator.
- financial institution: means any organization authorized to do business in Indiana under IC 28 or federal law relating to financial institutions. See Indiana Code 32-17-11-3
- party: means a person who, by the terms of the account, has a present right, subject to request, to payment from a multiple party account. See Indiana Code 32-17-11-7
- sums on deposit: means the balance payable on a multiple party account, including interest, dividends, and any deposit life insurance proceeds added to the account by reason of the death of a party. See Indiana Code 32-17-11-13
- Trustee: A person or institution holding and administering property in trust.
It is not essential that payment to the beneficiary be mentioned in the deposit agreement.
(b) The term does not include the following:
(1) A regular trust account under a testamentary trust.
(2) A trust agreement that has significance apart from the account.
(3) A fiduciary account arising from a fiduciary relation such as attorney-client.
[Pre-2002 Recodification Citation: 32-4-1.5-1(14).]
As added by P.L.2-2002, SEC.2.