Indiana Code 30-4-9-2. Definitions
(1) “Breach of trust” includes a violation by a trust director or trustee of a duty imposed on that director or trustee by the terms of the trust, this chapter, or the law of this state other than this chapter.
Terms Used In Indiana Code 30-4-9-2
- 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.
- Court: means a court having jurisdiction over trust matters. See Indiana Code 30-4-1-2
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Judicial proceeding: means a proceeding involving a trust before a court having subject matter jurisdiction of the trust, whether or not the administration of the trust is governed by Indiana law. See Indiana Code 30-4-1-2
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Person: means an individual, estate, business or nonprofit entity, public corporation, government or government subdivision, agency, or instrumentality or other legal entity. See Indiana Code 30-4-9-2
- Power of direction: means a power over a trust granted to a person by the terms of the trust to the extent the power is exercisable while the person is not serving as a trustee. See Indiana Code 30-4-9-2
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- Settlor: means a person, including a testator, that creates, or contributes property to, a trust. See Indiana Code 30-4-9-2
- State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any other territory or possession subject to the jurisdiction of the United States. See Indiana Code 30-4-9-2
- Terms of a trust: means :
Indiana Code 30-4-9-2
- Testator: A male person who leaves a will at death.
- 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
- Trust instrument: means an instrument, agreement, or other written document executed by the settlor that contains the terms of the trust, including any amendments to the terms of the trust. 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: includes an original, additional, and successor trustee, and a cotrustee. See Indiana Code 30-4-9-2
- United States: includes the District of Columbia and the commonwealths, possessions, states in free association with the United States, and the territories. See Indiana Code 1-1-4-5
- Wrongdoing: means malicious conduct or conduct designed to defraud or to seek an unconscionable advantage. See Indiana Code 30-4-9-2
(3) “Directed trustee” means a trustee that is subject to a trust director’s power of direction.
(4) “Person” means an individual, estate, business or nonprofit entity, public corporation, government or government subdivision, agency, or instrumentality or other legal entity.
(5) “Power of direction” means a power over a trust granted to a person by the terms of the trust to the extent the power is exercisable while the person is not serving as a trustee. The term includes a power over the investment, management, or distribution of trust property or other matters of trust administration. The term excludes the powers described in section 5(b) of this chapter.
(6) “Settlor” means a person, including a testator, that creates, or contributes property to, a trust. If more than one (1) person creates or contributes property to a trust, each person is a settlor of the portion of the trust property attributable to that person’s contribution except to the extent another person has the power to revoke or withdraw that portion.
(7) “State” means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any other territory or possession subject to the jurisdiction of the United States.
(8) “Terms of a trust” means:
(A) except as otherwise provided in clause (B), the manifestation of the settlor’s intent regarding a trust’s provisions as:
(i) expressed in the trust instrument; or
(ii) established by other evidence that would be admissible in a judicial proceeding; or
(B) the trust’s provisions as established, determined, or amended by:
(i) a trustee or trust director in accordance with applicable law; or
(ii) court order.
(9) “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. The person is a trust director whether or not the terms of the trust refer to the person as a trust director and whether or not the person is a beneficiary or settlor of the trust.
(10) “Trustee” includes an original, additional, and successor trustee, and a cotrustee.
(11) “Willful misconduct” means intentional wrongdoing, and not mere negligence, gross negligence, or recklessness.
(12) “Wrongdoing” means malicious conduct or conduct designed to defraud or to seek an unconscionable advantage.
As added by P.L.221-2019, SEC.10. Amended by P.L.156-2020, SEC.112.