Chapter 1 Application
Chapter 2 Definitions
Chapter 3 General Provisions
Chapter 4 Powers and Duties of the Indiana Gaming Commission
Chapter 5 Gambling Game License
Chapter 6 Slot Machine Suppliers
Chapter 6.5 Licensing of Occupations
Chapter 6.7 Suspension, Probation, and Denial of Licenses for Failure to Pay Child Support
Chapter 7 Conduct of Gambling Games at Racetracks
Chapter 8 Taxation of Slot Machine Wagering
Chapter 8.3 Historic Hotel District Community Support Fee
Chapter 8.5 County Slot Machine Wagering Fee
Chapter 8.7 Gaming Integrity Fee
Chapter 8.8 Problem Gambling Fees
Chapter 8.9 Supplemental Fees
Chapter 9 Penalties
Chapter 10 Employment
Chapter 11 Minority and Women’s Business Participation
Chapter 12 Gambling Games Temporarily Conducted by a Trustee
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Terms Used In Indiana Code > Title 4 > Article 35 - Gambling Games At Racetracks

  • accounting period: means a calendar year unless another twelve (12) month period is selected by a fiduciary. See Indiana Code 30-2-14-1
  • adult: means an individual who is at least twenty-one (21) years of age. See Indiana Code 30-2-8.5-1
  • adult: means an individual who is at least eighteen (18) years of age. See Indiana Code 30-2-8.6-5
  • Adult: means any person eighteen (18) years of age or older. See Indiana Code 30-4-1-2
  • Affiliate: means a parent, descendant, spouse, spouse of a descendant, brother, sister, spouse of a brother or sister, employee, director, officer, partner, joint venturer, a corporation subject to common control with the trustee, a shareholder, or corporation who controls the trustee or a corporation controlled by the trustee other than as a fiduciary, an attorney, or an agent. See Indiana Code 30-4-1-2
  • agent: means a person authorized by a seller to offer, sell, or solicit the sale of a contract on behalf of the seller and includes an employee or independent contractor of the seller. See Indiana Code 30-2-13-2
  • Allegation: something that someone says happened.
  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Amortization: Paying off a loan by regular installments.
  • Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
  • Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
  • Appellate: About appeals; an appellate court has the power to review the judgement of another lower court or tribunal.
  • appointive property: means the property or property interest subject to a power of appointment. See Indiana Code 30-4-10-2
  • Appraisal: A determination of property value.
  • Arrest: Taking physical custody of a person by lawful authority.
  • ascertainable standard: means a standard relating to an individual's health, education, support, or maintenance as defined by 26 U. See Indiana Code 30-4-10-3
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • association: refers to a savings association (as defined in IC 28-15-1-11). See Indiana Code 28-15-11-3
  • at-need services and merchandise: includes personal property or services:

    Indiana Code 30-2-13-2.5

  • Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
  • Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
  • authorized fiduciary: means :

    Indiana Code 30-4-10-4

  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
  • beneficiary: means an individual for whom property:

    Indiana Code 30-2-8.6-6

  • 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: includes , in the case of:

    Indiana Code 30-2-14-2

  • beneficiary: means a person that:

    Indiana Code 30-4-10-5

  • Beneficiary: has the meaning set forth in IC 30-2-14-2. See Indiana Code 30-4-1-2
  • beneficiary with a disability: means a beneficiary who is determined, in the exercise of an authorized fiduciary's discretion, to have one (1) of the following conditions:

    Indiana Code 30-4-10-6

  • Benefits: means all money paid or payable by the United States through the department. See Indiana Code 29-1-19-1
  • Bequest: Property gifted by will.
  • board: refers to the state board of funeral and cemetery service established by IC 25-15-9-1. See Indiana Code 30-2-13-3
  • Breach of trust: includes a violation by a trust director or trustee of a duty imposed on that director or trustee by the terms of the trust, this chapter, or the law of this state other than this chapter. See Indiana Code 30-4-9-2
  • Breach of trust: means a violation by the trustee of any duty which is owed to the settlor or beneficiary. See Indiana Code 30-4-1-2
  • broker: means a person lawfully engaged in the business of effecting transactions in securities or commodities, or both, for the person's own account or for the account of others, or both. See Indiana Code 30-2-8.5-3
  • Caucus: From the Algonquian Indian language, a caucus meant "to meet together." An informal organization of members of the legislature that exists to discuss issues of mutual concern and possibly to perform legislative research and policy planning for its members. There are regional, political or ideological, ethnic, and economic-based caucuses.
  • Chambers: A judge's office.
  • charitable interest: means an interest in a trust that:

    Indiana Code 30-4-10-7

  • charitable organization: means :

    Indiana Code 30-4-10-8

  • charitable purpose: means the following:

    Indiana Code 30-2-12-1.3

  • charitable purpose: means the relief of poverty, the advancement of education or religion, the promotion of health, a municipal or other governmental purpose, or a purpose that is beneficial to the community. See Indiana Code 30-4-10-9
  • Charitable trust: means a trust in which all the beneficiaries are the general public or organizations, including trusts, corporations, and associations, and that is organized and operated wholly for religious, charitable, scientific, public safety testing, literary, or educational purposes. See Indiana Code 30-4-1-2
  • Charity: An agency, institution, or organization in existence and operating for the benefit of an indefinite number of persons and conducted for educational, religious, scientific, medical, or other beneficent purposes.
  • Child: includes an adopted child or a child that is in gestation before the death of a deceased parent and born within forty-three (43) weeks after the death of that parent. See Indiana Code 30-4-1-2
  • Clerk: means the clerk of the court or a person authorized to perform the clerk's duties. See Indiana Code 1-1-4-5
  • Codicil: An addition, change, or supplement to a will executed with the same formalities required for the will itself.
  • Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
  • Contingent beneficiary: Receiver of property or benefits if the first named beneficiary fails to receive any or all of the property or benefits in question before his (her) death.
  • contract: means a written agreement between a purchaser and a seller that:

    Indiana Code 30-2-13-4

  • Conviction: A judgement of guilt against a criminal defendant.
  • Counterclaim: A claim that a defendant makes against a plaintiff.
  • court: has the meaning set forth in IC 30-4-1-2(6). See Indiana Code 30-4-10-10
  • Court: means a court having jurisdiction over trust matters. See Indiana Code 30-4-1-2
  • current beneficiary: means a beneficiary who, on the date that the beneficiary's qualification is determined, is a distributee or permissible distributee of trust income or principal. See Indiana Code 30-4-10-11
  • current valuation year: means the year of the trust for which the unitrust amount is being determined. See Indiana Code 30-2-15-1
  • custodial property: means :

    Indiana Code 30-2-8.5-4

  • custodial trust property: means the following:

    Indiana Code 30-2-8.6-7

  • custodial trustee: means a person designated as:

    Indiana Code 30-2-8.6-8

  • custodian: means a person designated as a custodian under section 24 of this chapter or a successor or substitute custodian designated under section 33 of this chapter. See Indiana Code 30-2-8.5-5
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • decanting power: means the power of an authorized fiduciary under this chapter to:

    Indiana Code 30-4-10-12

  • Decedent: A deceased person.
  • declarant: means an individual who signs a funeral planning declaration executed under this chapter. See Indiana Code 29-2-19-1
  • declaration: means a funeral planning declaration executed under this chapter. See Indiana Code 29-2-19-2
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
  • delivery: means the time when:

    Indiana Code 30-2-13-5

  • Department: refers to the United States Department of Veterans Affairs. See Indiana Code 29-1-19-1
  • Dependent: A person dependent for support upon another.
  • Deposition: An oral statement made before an officer authorized by law to administer oaths. Such statements are often taken to examine potential witnesses, to obtain discovery, or to be used later in trial.
  • designated representative: has the meaning set forth in IC 30-4-1-2(8). See Indiana Code 30-4-10-13
  • Designated representative: means a person who:

    Indiana Code 30-4-1-2

  • designee: means an individual directed by the terms of a declaration to:

    Indiana Code 29-2-19-3

  • Devise: To gift property by will.
  • Directed trust: means a trust for which the terms of the trust grant a power of direction. See Indiana Code 30-4-9-2
  • Directed trustee: means a trustee that is subject to a trust director's power of direction. See Indiana Code 30-4-9-2
  • disposition: has the meaning set forth in IC 25-15-2-7. See Indiana Code 29-2-19-4
  • division: refers to the division of mental health and addiction. See Indiana Code 4-35-8.8-1
  • Docket: A log containing brief entries of court proceedings.
  • Donee: The recipient of a gift.
  • Donor: The person who makes a gift.
  • Dower: A widow
  • Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) Source: OCC
  • Embezzlement: In most states, embezzlement is defined as theft/larceny of assets (money or property) by a person in a position of trust or responsibility over those assets. Embezzlement typically occurs in the employment and corporate settings. Source: OCC
  • endowment fund: means an institutional fund, or any part of the fund, not wholly expendable by the institution on a current basis under the terms of the applicable gift instrument. See Indiana Code 30-2-12-2
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Estate: means income on hand and assets acquired partially or wholly with "income". See Indiana Code 29-1-19-1
  • Executor: A male person named in a will to carry out the decedent
  • expanded distributive discretion: means a discretionary power of distribution that is not limited to an ascertainable standard or a reasonably definite standard. See Indiana Code 30-4-10-14
  • Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
  • Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
  • Fiduciary: shall mean a bank or trust company undertaking to act alone or jointly with others primarily for the benefit of another in all matters connected with its undertaking and includes trustee, executor, administrator, personal representative, registrar of stocks and bonds, guardian of estates, assignee, receiver, managing agent and any other similar capacity. See Indiana Code 30-1-8-1
  • Fiduciary: A trustee, executor, or administrator.
  • fiduciary: means the following:

    Indiana Code 30-2-14-3

  • Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. Source: OCC
  • financial institution: means a bank, trust company, savings institution, or credit union chartered and supervised under state or federal law. See Indiana Code 30-2-8.5-6
  • first trust: means a trust over which an authorized fiduciary may exercise the decanting power. See Indiana Code 30-4-10-15
  • first-trust instrument: means the trust instrument for a first trust. See Indiana Code 30-4-10-16
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • foreign savings association: means :

    Indiana Code 28-15-10-1

  • foreign savings association holding company: means a savings association holding company whose principal place of business is located outside Indiana. See Indiana Code 28-15-10-2
  • Forgery: The fraudulent signing or alteration of another's name to an instrument such as a deed, mortgage, or check. The intent of the forgery is to deceive or defraud. Source: OCC
  • fund: refers to the preneed consumer protection fund established by section 28 of this chapter. See Indiana Code 30-2-13-6
  • fund: means the gaming integrity fund established by section 3 of this chapter. See Indiana Code 4-35-8.7-1
  • funeral services: has the meaning set forth in IC 25-15-2-17. See Indiana Code 29-2-19-5
  • Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
  • general power of appointment: means a power of appointment exercisable in favor of:

    Indiana Code 30-4-10-17

  • gift instrument: means a record, including any institutional solicitations, under which property is granted or transferred to or held by an institution as an institutional fund. See Indiana Code 30-2-12-3
  • GPM loan: means a mortgage loan under which:

    Indiana Code 28-15-11-5

  • Grantor: The person who establishes a trust and places property into it.
  • grave memorial: has the meaning set forth in IC 14-21-2-2. See Indiana Code 29-2-19-6
  • Gross estate: The total fair market value of all property and property interests, real and personal, tangible and intangible, of which a decedent had beneficial ownership at the time of death before subtractions for deductions, debts, administrative expenses, and casualty losses suffered during estate administration.
  • Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
  • Guardian: means any fiduciary for the person or estate of a protected person or a person designated by a protective order issued under IC 29-3 to act on behalf of a protected person. See Indiana Code 29-1-19-1
  • guardian: has the meaning set forth in IC 29-3-1-6. See Indiana Code 30-2-8.5-7
  • guardian: has the meaning set forth in IC 29-3-1-6. See Indiana Code 30-2-8.6-9
  • 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.
  • incapacitated: has the meaning set forth in Indiana Code 30-2-8.6-10
  • Income: means money received from the Department and revenue or profit from any property wholly or partially acquired therewith. See Indiana Code 29-1-19-1
  • income: means money or property that a fiduciary receives as current return from a principal asset. See Indiana Code 30-2-14-4
  • Income: except as otherwise stated in a trust agreement, has the meaning set forth in IC 30-2-14-4. See Indiana Code 30-4-1-2
  • income beneficiary: means a person to whom net income of a trust is or may be payable. See Indiana Code 30-2-14-5
  • Income beneficiary: has the meaning set forth in IC 30-2-14-5. See Indiana Code 30-4-1-2
  • income interest: means the right of an income beneficiary to receive all or part of net income, whether the terms of the trust require it to be distributed or authorize it to be distributed in the trustee's discretion. See Indiana Code 30-2-14-6
  • income trust: means :

    Indiana Code 30-2-15-2

  • Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
  • Indiana savings association: means :

    Indiana Code 28-15-10-3

  • Indiana savings association holding company: means a savings association holding company whose principal place of business is located in Indiana. See Indiana Code 28-15-10-4
  • Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
  • Insolvent debtor: means any insolvent person, decedent's estate, partnership, limited liability company, corporation, or business association involved in a liquidation proceeding as defined in this chapter. See Indiana Code 30-2-7-1
  • institution: means any of the following:

    Indiana Code 30-2-12-5

  • institutional fund: means a fund held by an institution exclusively for charitable purposes. See Indiana Code 30-2-12-6
  • insurance policy: means a policy providing one (1) or more of the types of insurance described in IC 27-1-5-1, Class 1(a) and Class 1(c). See Indiana Code 30-2-13-7
  • Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes.
  • Inter vivos: Transfer of property from one living person to another living person.
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Intestate: Dying without leaving a will.
  • Inventory value: means the cost of property to the settlor or the trustee at the time of acquisition or the market value of the property at the time it is delivered to the trustee, or the value of the property as finally determined for purposes of an estate or inheritance tax. See Indiana Code 30-4-1-2
  • Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.
  • Joint resolution: A legislative measure which requires the approval of both chambers.
  • Joint tenancy: A form of property ownership in which two or more parties hold an undivided interest in the same property that was conveyed under the same instrument at the same time. A joint tenant can sell his (her) interest but not dispose of it by will. Upon the death of a joint tenant, his (her) undivided interest is distributed among the surviving joint tenants.
  • Judicial proceeding: means a proceeding involving a trust before a court having subject matter jurisdiction of the trust, whether or not the administration of the trust is governed by Indiana law. See Indiana Code 30-4-1-2
  • Legacy: A gift of property made by will.
  • legal representative: means an individual's personal representative or guardian. See Indiana Code 30-2-8.5-8
  • legal representative: means a personal representative or guardian. See Indiana Code 30-2-8.6-11
  • Legatee: A beneficiary of a decedent
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Life estate: A property interest limited in duration to the life of the individual holding the interest (life tenant).
  • Liquidation proceeding: includes all assignments for the benefit of creditors, whether voluntary or by operation of law; administration of insolvent decedents' estates; liquidations of insolvent banks; equity receiverships where the subject under receivership is insolvent; and any other proceedings for distribution of assets of any insolvent debtor, whether a person, decedent's estate, partnership, limited liability company, corporation, or business association. See Indiana Code 30-2-7-1
  • Liquidator: means any person administering assets in any liquidation proceeding as defined in this chapter. See Indiana Code 30-2-7-1
  • loan documents: means the documents evidencing a loan transaction. See Indiana Code 28-15-11-6
  • mandatory income interest: means the right of an income beneficiary to receive net income that the terms of the trust require the fiduciary to distribute. See Indiana Code 30-2-14-7
  • Marital deduction: The deduction(s) that can be taken in the determination of gift and estate tax liabilities because of the existence of a marriage or marital relationship.
  • medical record: means written or printed information possessed by a provider (as defined in Ind. See Indiana Code 1-1-4-5
  • Mentally incompetent: means of unsound mind. See Indiana Code 1-1-4-5
  • merchandise: refers to personal property described in IC 30-2-13-8. See Indiana Code 29-2-19-7
  • minor: means an individual who is less than twenty-one (21) years of age. See Indiana Code 30-2-8.5-10
  • minor: means a person less than eighteen (18) years of age. See Indiana Code 1-1-4-5
  • Minor: means any person under the age of eighteen (18) years. See Indiana Code 30-4-1-2
  • minority: means a member of a minority group (as defined in Indiana Code 4-35-11-3
  • money cost index: means any of the following:

    Indiana Code 28-15-11-7

  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
  • mortgage loan: means :

    Indiana Code 28-15-11-8

  • Mortgagee: The person to whom property is mortgaged and who has loaned the money.
  • National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
  • net fair market value: means the fair market value of each asset comprising the trust reduced by the liens, debts, and encumbrances of the trust, regardless of whether the liens, debts, and encumbrances are allocable to a specific asset. See Indiana Code 30-2-15-3
  • net income: means the total receipts allocated to income during an accounting period minus the disbursements made from income during the period, plus or minus transfers under this chapter to or from income during the period. See Indiana Code 30-2-14-8
  • Nonjudicial matter: includes but is not limited to any of the following matters or actions relating to a trust or its administration:

    Indiana Code 30-4-1-2

  • Oath: includes "affirmation" and "to swear" includes to "affirm". See Indiana Code 1-1-4-5
  • Oath: A promise to tell the truth.
  • Oversight: Committee review of the activities of a Federal agency or program.
  • participant: means an individual who has accumulated a balance of funds with a payroll savings plan administrator through a payroll savings plan. See Indiana Code 30-2-16-1
  • payroll savings plan: means a method provided by an employer to the employer's employees for the voluntary purchase of United States savings bonds on a regular schedule through the designation of an amount to be deducted each pay period until a sufficient amount accumulates to pay the purchase price of at least one (1) United States savings bond. See Indiana Code 30-2-16-2
  • payroll savings plan administrator: means an organization that:

    Indiana Code 30-2-16-3

  • 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
  • Person: means an individual, a partnership, a limited liability company, a corporation, or an association. See Indiana Code 29-1-19-1
  • person: means an individual, corporation, organization, or other legal entity. See Indiana Code 30-2-8.5-11
  • person: means an individual, corporation, business trust, estate, trust, partnership, joint venture, association, or any other legal or commercial entity. See Indiana Code 30-2-8.6-13
  • person: means an individual, a corporation, a business trust, an estate, a trust, a partnership, a limited liability company, an association, a joint venture, a public corporation, the state of Indiana, a state agency or instrumentality, a unit of local government, or any other legal or commercial entity. See Indiana Code 30-2-12-6.4
  • person: means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, government; governmental subdivision, agency, or instrumentality; public corporation, or any other legal or commercial entity. See Indiana Code 30-2-14-9
  • Person: means an individual, estate, business or nonprofit entity, public corporation, government or government subdivision, agency, or instrumentality or other legal entity. See Indiana Code 30-4-9-2
  • person: means :

    Indiana Code 30-4-10-19

  • Person: has the meaning set forth in IC 30-2-14-9. See Indiana Code 30-4-1-2
  • 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.
  • personal representative: means an executor, administrator, successor personal representative, or special administrator of a decedent's estate or a person legally authorized to perform substantially the same functions. See Indiana Code 30-2-8.5-12
  • personal representative: has the meaning set forth in IC 29-1-1-3. See Indiana Code 30-2-8.6-14
  • Personal representative: means an executor or administrator of a decedent's or absentee's estate, guardian of the person or estate, guardian ad litem or other court appointed representative, next friend, parent or custodian of a minor, attorney in fact, or custodian of an incapacitated person (as defined in Indiana Code 30-4-1-2
  • Plaintiff: The person who files the complaint in a civil lawsuit.
  • Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court.
  • Pleadings: Written statements of the parties in a civil case of their positions. In the federal courts, the principal pleadings are the complaint and the answer.
  • Population: has the meaning set forth in Ind. See Indiana Code 1-1-4-5
  • power of appointment: means a power that enables a powerholder acting in a nonfiduciary capacity to designate a recipient of an ownership interest in or another power of appointment over the appointive property. See Indiana Code 30-4-10-20
  • Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
  • Power of direction: means a power over a trust granted to a person by the terms of the trust to the extent the power is exercisable while the person is not serving as a trustee. See Indiana Code 30-4-9-2
  • powerholder: means a person in which a donor creates a power of appointment. See Indiana Code 30-4-10-21
  • Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
  • premarital agreement: means an agreement between prospective spouses that:

    Indiana Code 31-11-3-2

  • principal: means property that is held in trust for distribution to a remainder beneficiary when the trust terminates or that will remain perpetually vested in the trustee. See Indiana Code 30-2-14-10
  • Principal: has the meaning set forth in IC 30-2-14-10. See Indiana Code 30-4-1-2
  • Probate: Proving a will
  • Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
  • property: means an interest, present or future, legal or equitable, vested or contingent, in real and personal property, including income and earnings. See Indiana Code 31-11-3-3
  • Protected person: means a beneficiary of the department. See Indiana Code 29-1-19-1
  • Public debt: Cumulative amounts borrowed by the Treasury Department or the Federal Financing Bank from the public or from another fund or account. The public debt does not include agency debt (amounts borrowed by other agencies of the Federal Government). The total public debt is subject to a statutory limit.
  • purchaser: means a person or firm contracting with a seller for services or merchandise to be provided or delivered for a named individual. See Indiana Code 30-2-13-9
  • qualified beneficiary: has the meaning set forth in IC 30-4-1-2(19). See Indiana Code 30-4-10-23
  • Qualified beneficiary: means :

    Indiana Code 30-4-1-2

  • 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.
  • reasonably definite standard: means a clearly measurable standard under which a holder of a power of distribution is legally accountable within the meaning of 26 U. See Indiana Code 30-4-10-24
  • record: means information that is:

    Indiana Code 30-2-12-6.7

  • record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See Indiana Code 30-4-10-25
  • Regulations: shall mean the regulations promulgated by the board of governors of the federal reserve system and the comptroller of currency in conformity with the federal Internal Revenue Code, as such regulations now exist or as they may be amended. See Indiana Code 30-1-8-1
  • Remainderman: One entitled to the remainder of an estate after a particular reserved right or interest, such as a life tenancy, has expired.
  • Remainderman: means a beneficiary entitled to principal, including income which has been accumulated and added to the principal. See Indiana Code 30-4-1-2
  • repealed statutes: refer to the following statutes repealed by P. See Indiana Code 31-11-0.1-1
  • Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust).
  • Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
  • second trust: means :

    Indiana Code 30-4-10-26

  • second-trust instrument: means the trust instrument for a second trust. See Indiana Code 30-4-10-27
  • Secretary: refers to the secretary of the department. See Indiana Code 29-1-19-1
  • Secured creditor: means a creditor who has either legal or equitable security for his debt upon any property of the insolvent debtor of a nature to be liquidated and distributed in a liquidation proceeding, or a creditor to whom is owed a debt for which such security is possessed by some indorser, surety, or other person secondarily liable. See Indiana Code 30-2-7-1
  • seller: means a person doing business as a sole proprietor, a firm, a limited liability company, a corporation, an association, or a partnership contracting to provide services or merchandise, or both, to a named individual. See Indiana Code 30-2-13-10
  • Service of process: The service of writs or summonses to the appropriate party.
  • services or merchandise: includes personal property or services:

    Indiana Code 30-2-13-8

  • Settlor: means a person who establishes a trust including the testator of a will under which a trust is created. See Indiana Code 30-4-1-2
  • Settlor: means a person, including a testator, that creates, or contributes property to, a trust. See Indiana Code 30-4-9-2
  • settlor: has the meaning set forth in IC 30-4-1-2(21). See Indiana Code 30-4-10-28
  • Sheriff: means the sheriff of the county or another person authorized to perform sheriff's duties. See Indiana Code 1-1-4-5
  • state: includes a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, and a territory or possession subject to the legislative authority of the United States. See Indiana Code 30-2-8.5-13
  • state: means a state, territory, or possession of the United States, the District of Columbia, or the Commonwealth of Puerto Rico. See Indiana Code 30-2-8.6-15
  • State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any other territory or possession subject to the jurisdiction of the United States. See Indiana Code 30-4-9-2
  • state: means :

    Indiana Code 30-4-10-30

  • static balance: means an amount held by a payroll savings plan administrator for a participant who:

    Indiana Code 30-2-16-4

  • Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
  • Summons: Another word for subpoena used by the criminal justice system.
  • Temporary restraining order: Prohibits a person from an action that is likely to cause irreparable harm. This differs from an injunction in that it may be granted immediately, without notice to the opposing party, and without a hearing. It is intended to last only until a hearing can be held.
  • terms of a charitable trust: means the manifestation of the intent of a settlor or decedent with respect to the trust, expressed in a manner that admits of its proof in a judicial proceeding, whether by written or spoken words or by conduct. See Indiana Code 30-4-1-2
  • terms of a trust: means the manifestation of the intent of:

    Indiana Code 30-2-14-12

  • Terms of a trust: means :

    Indiana Code 30-4-9-2

  • terms of the trust: has the meaning set forth in IC 30-4-1-2(22). See Indiana Code 30-4-10-31
  • Testate: To die leaving a will.
  • Testator: A male person who leaves a will at death.
  • Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
  • total return unitrust: means an income trust that has been converted to a total return unitrust in accordance with this chapter. See Indiana Code 30-2-15-4
  • Transcript: A written, word-for-word record of what was said, either in a proceeding such as a trial or during some other conversation, as in a transcript of a hearing or oral deposition.
  • transfer: means a transaction that creates custodial property under section 24 of this chapter. See Indiana Code 30-2-8.5-14
  • transferor: means a person who makes a transfer under this chapter. See Indiana Code 30-2-8.5-15
  • transferor: means a person who creates a custodial trust by transfer or declaration. See Indiana Code 30-2-8.6-16
  • Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
  • trust company: means a financial institution, corporation, or other legal entity authorized to exercise general trust powers. See Indiana Code 30-2-8.5-16
  • trust company: means a financial institution, corporation, or other legal entity authorized to exercise general trust powers. See Indiana Code 30-2-8.6-17
  • 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
  • Trust estate: means the trust property and the income derived from its use. See Indiana Code 30-4-1-2
  • Trust for a benevolent public purpose: means a charitable trust (as defined in subdivision (5)), a split-interest trust (as defined in Section 4947 of the Internal Revenue Code), a perpetual care fund established under IC 23-14-48-2, a prepaid funeral plan or funeral trust established under IC 30-2-9, a funeral trust established under IC 30-2-10, a trust or an escrow account created from payments of funeral, burial services, or merchandise in advance of need described in IC 30-2-13, and any other form of split-interest charitable trust that has both charitable and noncharitable beneficiaries, including but not limited to charitable remainder trusts, charitable lead trusts, and charitable pooled income funds. See Indiana Code 30-4-1-2
  • Trust instrument: means an instrument, agreement, or other written document executed by the settlor that contains the terms of the trust, including any amendments to the terms of the trust. See Indiana Code 30-4-1-2
  • trust instrument: has the meaning set forth in IC 30-4-1-2(25). See Indiana Code 30-4-10-32
  • Trust property: means property either placed in trust or purchased or otherwise acquired by the trustee for the trust regardless of whether the trust property is titled in the name of the trustee or the name of the trust. See Indiana Code 30-4-1-2
  • trustee: includes an original, additional, or successor trustee, whether or not appointed or confirmed by a court. See Indiana Code 30-2-14-13
  • trustee: refers to the:

    Indiana Code 30-2-15-5

  • Trustee: includes an original, additional, and successor trustee, and a cotrustee. See Indiana Code 30-4-9-2
  • Trustee: has the meaning set forth in IC 30-2-14-13. See Indiana Code 30-4-1-2
  • Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
  • unitrust amount: means an amount computed as a percentage of the fair market value of the trust as set forth in this chapter. See Indiana Code 30-2-15-6
  • unitrust rate: means the percentage of the fair market value of the trust that is determined under section 15 of this chapter and used to calculate the unitrust amount. See Indiana Code 30-2-15-7
  • Venue: The geographical location in which a case is tried.
  • Verdict: The decision of a petit jury or a judge.
  • Veto: The procedure established under the Constitution by which the President/Governor refuses to approve a bill or joint resolution and thus prevents its enactment into law. A regular veto occurs when the President/Governor returns the legislation to the house in which it originated. The President/Governor usually returns a vetoed bill with a message indicating his reasons for rejecting the measure. In Congress, the veto can be overridden only by a two-thirds vote in both the Senate and the House.
  • Willful misconduct: means intentional wrongdoing, and not mere negligence, gross negligence, or recklessness. See Indiana Code 30-4-9-2
  • Wrongdoing: means malicious conduct or conduct designed to defraud or to seek an unconscionable advantage. See Indiana Code 30-4-9-2
  • year: means a calendar year. See Indiana Code 30-2-15-8