Indiana Code 32-17-14-18. Lost, destroyed, damaged, or involuntarily converted property subject to a beneficiary designation
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Terms Used In Indiana Code 32-17-14-18
- 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
- Property: includes personal and real property. See Indiana Code 1-1-4-5
Sec. 18. If property subject to a beneficiary designation is lost, destroyed, damaged, or involuntarily converted during the owner’s lifetime, the beneficiary succeeds to any right with respect to the loss, destruction, damage, or involuntary conversion that the owner would have had if the owner had survived. However, the beneficiary has no interest in any payment or substitute property received by the owner during the owner’s lifetime.
As added by P.L.143-2009, SEC.41.