Indiana Code 21-9-2-4. “Account owner”
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Sec. 4. “Account owner” means the individual, an emancipated minor, a trust, an estate, a partnership, an association, a company, a corporation, or a qualified custodian under the Uniform Transfers to Minors act (IC 30-2-8.5) that is designated as having the right to do the following:
(2) Designate a person other than the designated beneficiary as a person to whom funds may be paid from the account.
(1) Select or change the designated beneficiary of an account.
Terms Used In Indiana Code 21-9-2-4
- 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
- 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.
- minor: means a person less than eighteen (18) years of age. See Indiana Code 1-1-4-5
- 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.
(3) Receive distributions from the account if no other person is designated.
As added by P.L.165-1996, SEC.1. Amended by P.L.25-1999, SEC.2; P.L.135-2002, SEC.4.