Indiana Code 30-2-14-38. Disbursements from income
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Sec. 38. A trustee shall make the following disbursements from income to the extent that they are not disbursements to which section 18(a)(2)(B) or 18(a)(2)(C) of this chapter applies:
(2) one-half (1/2) of all expenses for accountings, judicial proceedings, or other matters that involve both the income and remainder interests;
(1) one-half (1/2) of the regular compensation of the trustee and of any person providing investment advisory or custodial services to the trustee;
Terms Used In Indiana Code 30-2-14-38
- income: means money or property that a fiduciary receives as current return from a principal asset. See Indiana Code 30-2-14-4
- 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
- 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
- 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
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
- Trustee: A person or institution holding and administering property in trust.
- trustee: includes an original, additional, or successor trustee, whether or not appointed or confirmed by a court. See Indiana Code 30-2-14-13
(3) all of the other ordinary expenses incurred in connection with the administration, management, or preservation of trust property and the distribution of income, including:
(A) interest;
(B) ordinary repairs;
(C) regularly recurring taxes assessed against principal; and
(D) expenses of a proceeding or other matter that concerns primarily the income interest; and
(4) recurring premiums on insurance covering the loss of a principal asset or the loss of income from or use of the asset.
As added by P.L.84-2002, SEC.2. Amended by P.L.51-2014, SEC.17.