Indiana Code 30-4-10-7. “Charitable interest”
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Sec. 7. As used in this chapter, “charitable interest” means an interest in a trust that:
(2) benefits only a charitable organization and, if the interest were held by an identified charitable organization, would make the organization a qualified beneficiary; or
(1) is held by an identified charitable organization and makes the organization a qualified beneficiary;
Terms Used In Indiana Code 30-4-10-7
- 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 that:
Indiana Code 30-4-10-5
- charitable organization: means :
Indiana Code 30-4-10-8
- 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
- qualified beneficiary: has the meaning set forth in IC 30-4-1-2(19). See Indiana Code 30-4-10-23
(3) is held solely for a charitable purpose and, if the interest were held by an identified charitable organization, would make the organization a qualified beneficiary.
As added by P.L.161-2022, SEC.3.