Indiana Code 30-4-9-8. Duties and liabilities of a trust director
(1) a trust director has the same fiduciary duty and liability in the exercise or nonexercise of the power:
Terms Used In Indiana Code 30-4-9-8
- Fiduciary: A trustee, executor, or administrator.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- 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
- 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) if the power is held jointly with a trustee or another trust director, as a cotrustee in a like position and under similar circumstances; and
(2) the terms of the trust may vary the director’s duty or liability to the same extent the terms of the trust could vary the duty or liability of a trustee in a like position and under similar circumstances.
(b) Unless the terms of a trust provide otherwise, if a trust director is licensed, certified, or otherwise authorized or permitted by law other than this chapter to provide health care in the ordinary course of the director’s business or practice of a profession, to the extent the director acts in that capacity, the director has no duty or liability under this chapter.
(c) The terms of a trust may impose a duty or liability on a trust director in addition to the duties and liabilities under this section.
As added by P.L.221-2019, SEC.10.