Indiana Code 32-17-14-3. Definitions
(1) “Beneficiary” means a person designated or entitled to receive property because of another person’s death under a transfer on death transfer.
Terms Used In Indiana Code 32-17-14-3
- 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
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Fiduciary: A trustee, executor, or administrator.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- 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.
- Per stirpes: The legal means by which the children of a decedent, upon the death of an ancestor at a level above that of the decedent, receive by right of representation the share of the ancestor
- Personal property: includes goods, chattels, evidences of debt, and things in action. See Indiana Code 1-1-4-5
- Personal property: All property that is not real property.
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- real property: include lands, tenements, and hereditaments. See Indiana Code 1-1-4-5
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
- Trustee: A person or institution holding and administering property in trust.
(3) “Governing instrument” refers to a written instrument agreed to by an owner that establishes the terms and conditions of an ownership in beneficiary form.
(4) “Intangible personal property” means incorporeal property, such as money, deposits, credits, shares of stock, bonds, notes, other evidences of indebtedness, and other evidences of property interests.
(5) “Joint owners” refers to persons who hold property as joint tenants with a right of survivorship. However, the term does not include a husband and wife who hold property as tenants by the entirety.
(6) “LDPS” means an abbreviation of lineal descendants per stirpes, which may be used in a beneficiary designation to designate a substitute beneficiary as provided in section 22 of this chapter.
(7) “Owner”, except as provided in subdivision (14), refers to a person or persons who have a right to designate the beneficiary of a transfer on death transfer.
(8) “Ownership in beneficiary form” means holding property under a registration in beneficiary form or other written instrument that:
(A) names the owner of the property;
(B) directs ownership of the property to be transferred upon the death of the owner to the designated beneficiary; and
(C) designates the beneficiary.
(9) “Person” means an individual, a sole proprietorship, a partnership, an association, a fiduciary, a trustee, a corporation, a limited liability company, or any other business entity.
(10) “Proof of death” means a death certificate or a record or report that is prima facie proof or evidence of an individual’s death.
(11) “Property” means any present or future interest in real property, intangible personal property, or tangible personal property. The term includes:
(A) a right to direct or receive payment of a debt;
(B) a right to direct or receive payment of money or other benefits due under a contract, account agreement, deposit agreement, employment contract, or trust or by operation of law;
(C) a right to receive performance remaining due under a contract;
(D) a right to receive payment under a promissory note or a debt maintained in a written account record;
(E) rights under a certificated or uncertificated security;
(F) rights under an instrument evidencing ownership of property issued by a governmental agency; and
(G) rights under a document of title (as defined in IC 26-1-1-201).
(12) “Registration in beneficiary form” means titling of an account record, certificate, or other written instrument that:
(A) provides evidence of ownership of property in the name of the owner;
(B) directs ownership of the property to be transferred upon the death of the owner to the designated beneficiary; and
(C) designates the beneficiary.
(13) “Security” means a share, participation, or other interest in property, in a business, or in an obligation of an enterprise or other issuer. The term includes a certificated security, an uncertificated security, and a security account.
(14) “The death of the owner” or “the owner’s death” refers to the death of the individual upon whose death the transfer on death transfer occurs.
(15) “Tangible personal property” means corporeal personal property, such as goods, wares, and merchandise.
(16) “Transfer on death deed” means a deed that conveys an interest in real property to a grantee by beneficiary designation.
(17) “Transfer on death transfer” refers to a transfer of property that takes effect upon the death of the owner under a beneficiary designation made under this chapter.
(18) “Transferring entity” means a person who:
(A) owes a debt or is obligated to pay money or benefits;
(B) renders contract performance;
(C) delivers or conveys property; or
(D) changes the record of ownership of property on the books, records, and accounts of an enterprise or on a certificate or document of title that evidences property rights.
The term includes a governmental agency, business entity, or transfer agent that issues certificates of ownership or title to property and a person acting as a custodial agent for an owner’s property. However, the term does not include a governmental office charged with endorsing, entering, or recording the transfer of real property in the public records.
As added by P.L.143-2009, SEC.41. Amended by P.L.6-2010, SEC.26; P.L.36-2011, SEC.12; P.L.81-2015, SEC.24; P.L.231-2019, SEC.43.