Sec. 13. (Application of
Statute of Uses)
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Terms Used In Indiana Code 30-4-2-13
- 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
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- Statute: A law passed by a legislature.
- Trust property: means property either placed in trust or purchased or otherwise acquired by the trustee for the trust regardless of whether the trust property is titled in the name of the trustee or the name of the trust. See Indiana Code 30-4-1-2
- 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
(a) The beneficiary has the power to manage the trust property, including the power to direct the trustee to sell the property; and
(b) The trustee may sell the trust property only on direction by the beneficiary or other person or may sell it after a period of time stipulated in the terms of the trust in the absence of a direction:
then 30-4-2-9 shall not apply to defeat the trustee’s title.
Formerly: Acts 1971, P.L.416, SEC.3. As amended by Acts 1979, P.L.268, SEC.8.
