Sec. 11. (a) If the trustee is a natural person, the trustee must have the capacity to take, hold, and deal with property for the trustee’s own benefit and must be at least eighteen (18) years of age, be of sound mind and of good moral character.

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Terms Used In Indiana Code 30-4-2-11

  • 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.
  • Person: has the meaning set forth in IC 30-2-14-9. See Indiana Code 30-4-1-2
  • Property: includes personal and real property. See Indiana Code 1-1-4-5
  • Trustee: A person or institution holding and administering property in trust.
  • Trustee: has the meaning set forth in IC 30-2-14-13. See Indiana Code 30-4-1-2
     (b) If the trustee is a corporation, it must have the power to take, hold, and deal with property for its own benefit and have the power to act as a trustee.

     (c) Subject to section 8 of this chapter, the fact that the person named to be trustee is also a beneficiary will not disqualify the person from acting as trustee if the person is otherwise qualified.

Formerly: Acts 1971, P.L.416, SEC.3; Acts 1973, P.L.293, SEC.6. As amended by P.L.86-2018, SEC.214.

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