Indiana Code 30-4-8-11. Transferor’s rights and authority
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Terms Used In Indiana Code 30-4-8-11
- Income: except as otherwise stated in a trust agreement, has the meaning set forth in IC 30-2-14-4. See Indiana Code 30-4-1-2
- Legacy: A gift of property made by will.
- Principal: has the meaning set forth in IC 30-2-14-10. See Indiana Code 30-4-1-2
Sec. 11. Except as permitted by the terms of a legacy trust and by sections 12 and 13 of this chapter, the transferor may not have any rights or authority with respect to the principal or income of the legacy trust. An agreement or understanding purporting to grant or permit the retention of any greater rights or authority is void.
As added by P.L.221-2019, SEC.9.