Indiana Code 8-14-15.2-7. Trust established as an irrevocable trust; termination of trust
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Terms Used In Indiana Code 8-14-15.2-7
- authority: refers to the Indiana finance authority. See Indiana Code 8-14-15.2-1
- Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.
- trust: refers to the next generation trust fund established under this chapter. See Indiana Code 8-14-15.2-3
Sec. 7. A trust established under this chapter must be an irrevocable trust and may not be revoked or terminated by the authority or any other person, nor may it be amended or altered by the authority or any other person. However, the terms of the trust must provide that the trust terminates when no funds remain in the trust.
As added by P.L.189-2018, SEC.79.