Indiana Code 30-4-1-4. Application of article to preexisting trusts; application of amendments to preexisting trusts
(1) adversely affect a right given to any beneficiary;
Terms Used In Indiana Code 30-4-1-4
- 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.
- 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: has the meaning set forth in IC 30-2-14-2. See Indiana Code 30-4-1-2
- Person: has the meaning set forth in IC 30-2-14-9. See Indiana Code 30-4-1-2
(3) impose a duty or liability on any person which was not intended to be imposed when the trust was created; or
(4) relieve any person from any duty or liability imposed by the terms of the trust or under prior law.
(b) Except as provided elsewhere in this article, an amendment to the rules of law contained in this article applies to all trusts created prior to the effective date of the applicable amendment unless to do so would:
(1) adversely affect a right given to any beneficiary;
(2) give a right to any beneficiary that the beneficiary was not intended to have when the trust was created;
(3) impose a duty or liability on any person that was not intended to be imposed when the trust was created; or
(4) relieve any person from any duty or liability imposed by the terms of the trust or under prior law.
Formerly: Acts 1971, P.L.416, SEC.2. As amended by Acts 1982, P.L.171, SEC.117; P.L.149-2012, SEC.11.