Terms Used In Indiana Code > Title 32 > Article 17 > Chapter 11 - Multiple Party Accounts

• account: means a contract of deposit of funds between a depositor and a financial institution. See Indiana Code 32-17-11-1
• 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.
• 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
• 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.
• Decedent: A deceased person.
• Dependent: A person dependent for support upon 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.
• 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
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
• Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.
• Lien: A claim against real or personal property in satisfaction of a debt.
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• multiple party account: means any of the following types of accounts:

  Indiana Code 32-17-11-5

• 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.
• 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
• 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.
• proof of death: includes a death certificate, an affidavit of death, or a record or report that is prima facie proof of death under IC 29-2-6, IC 29-2-7 (before its repeal), or IC 29-2-14. See Indiana Code 32-17-11-9
• Property: includes personal and real property. See Indiana Code 1-1-4-5
• request: means :

  Indiana Code 32-17-11-12

• Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
• 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
• Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. ^{Source: OCC}
• trust account: means an account in the name of at least one (1) party as trustee for at least one (1) beneficiary if:

  Indiana Code 32-17-11-14

• Trustee: A person or institution holding and administering property in trust.
• withdrawal: includes payment to a third person pursuant to a check or other directive of a party. See Indiana Code 32-17-11-15