Indiana Code 30-4-9-11. Duties of trust director and trustee under the terms of the trust
(1) a trustee does not have a duty to:
Terms Used In Indiana Code 30-4-9-11
- 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
- Settlor: means a person, including a testator, that creates, or contributes property to, a trust. See Indiana Code 30-4-9-2
- Terms of a trust: means :
Indiana Code 30-4-9-2
- Trust director: means a person that is granted a power of direction by the terms of a trust to the extent the power is exercisable while the person is not serving as a trustee. See Indiana Code 30-4-9-2
- Trustee: A person or institution holding and administering property in trust.
- Trustee: includes an original, additional, and successor trustee, and a cotrustee. See Indiana Code 30-4-9-2
(B) inform or give advice to a settlor, beneficiary, trustee, or trust director concerning an instance in which the trustee might have acted differently than the director; and
(2) by taking an action described in subdivision (1), a trustee does not assume the duty excluded by subdivision (1).
(b) Unless the terms of a trust provide otherwise:
(1) a trust director does not have a duty to:
(A) monitor a trustee or another trust director; or
(B) inform or give advice to a settlor, beneficiary, trustee, or another trust director concerning an instance in which the director might have acted differently than a trustee or another trust director; and
(2) by taking an action described in subdivision (1), a trust director does not assume the duty excluded by subdivision (1).
As added by P.L.221-2019, SEC.10.