Sec. 20. (Liability of Beneficiary)
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Terms Used In Indiana Code 30-4-3-20
- 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
- Breach of trust: means a violation by the trustee of any duty which is owed to the settlor or beneficiary. See Indiana Code 30-4-1-2
- Contract: A legal written agreement that becomes binding when signed.
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- Trust estate: means the trust property and the income derived from its use. See Indiana Code 30-4-1-2
- 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
(1) misappropriated or otherwise wrongfully dealt with the trust property;
(2) expressly consented to, participated in or agreed with the trustee to be liable for a breach of trust committed by the trustee;
(3) failed to repay an advance or loan of trust funds;
(4) failed to repay a distribution or disbursement from the trust estate in excess of that to which he is entitled; or
(5) breached a contract to pay money or deliver property to the trustee to be held by the trustee as part of the trust estate.
(b) Unless the terms of the trust provide otherwise a beneficiary of a trust is liable to the extent of his interest in the trust estate for the amount of any debt owed the trust estate by him.
Formerly: Acts 1971, P.L.416, SEC.4.
