Terms Used In Indiana Code > Title 30 > Article 2 - General Provisions

• accounting period: means a calendar year unless another twelve (12) month period is selected by a fiduciary. See Indiana Code 30-2-14-1
• adult: means an individual who is at least twenty-one (21) years of age. See Indiana Code 30-2-8.5-1
• adult: means an individual who is at least eighteen (18) years of age. See Indiana Code 30-2-8.6-5
• Affirmed: In the practice of the appellate courts, the decree or order is declared valid and will stand as rendered in the lower court.
• agent: means a person authorized by a seller to offer, sell, or solicit the sale of a contract on behalf of the seller and includes an employee or independent contractor of the seller. See Indiana Code 30-2-13-2
• Amortization: Paying off a loan by regular installments.
• Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• at-need services and merchandise: includes personal property or services:

  Indiana Code 30-2-13-2.5

• Attorney: includes a counselor or other person authorized to appear and represent a party in an action or special proceeding. See Indiana Code 1-1-4-5
• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• 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: means an individual for whom property:

  Indiana Code 30-2-8.6-6

• beneficiary: includes , in the case of:

  Indiana Code 30-2-14-2

• board: refers to the state board of funeral and cemetery service established by IC 25-15-9-1. See Indiana Code 30-2-13-3
• broker: means a person lawfully engaged in the business of effecting transactions in securities or commodities, or both, for the person's own account or for the account of others, or both. See Indiana Code 30-2-8.5-3
• charitable purpose: means the following:

  Indiana Code 30-2-12-1.3

• Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Contract: A legal written agreement that becomes binding when signed.
• contract: means a written agreement between a purchaser and a seller that:

  Indiana Code 30-2-13-4

• 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.
• current valuation year: means the year of the trust for which the unitrust amount is being determined. See Indiana Code 30-2-15-1
• custodial property: means :

  Indiana Code 30-2-8.5-4

• custodial trust property: means the following:

  Indiana Code 30-2-8.6-7

• custodial trustee: means a person designated as:

  Indiana Code 30-2-8.6-8

• custodian: means a person designated as a custodian under section 24 of this chapter or a successor or substitute custodian designated under section 33 of this chapter. See Indiana Code 30-2-8.5-5
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Decedent: A deceased person.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• delivery: means the time when:

  Indiana Code 30-2-13-5

• Donee: The recipient of a gift.
• Donor: The person who makes a gift.
• endowment fund: means an institutional fund, or any part of the fund, not wholly expendable by the institution on a current basis under the terms of the applicable gift instrument. See Indiana Code 30-2-12-2
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• 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.
• Executor: A male person named in a will to carry out the decedent
• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• Fiduciary: A trustee, executor, or administrator.
• fiduciary: means the following:

  Indiana Code 30-2-14-3

• Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. ^{Source: OCC}
• financial institution: means a bank, trust company, savings institution, or credit union chartered and supervised under state or federal law. See Indiana Code 30-2-8.5-6
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Fraud: Intentional deception resulting in injury to another.
• fund: means the gaming integrity fund established by section 3 of this chapter. See Indiana Code 4-35-8.7-1
• fund: refers to the preneed consumer protection fund established by section 28 of this chapter. See Indiana Code 30-2-13-6
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• gift instrument: means a record, including any institutional solicitations, under which property is granted or transferred to or held by an institution as an institutional fund. See Indiana Code 30-2-12-3
• Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
• guardian: has the meaning set forth in IC 29-3-1-6. See Indiana Code 30-2-8.5-7
• guardian: has the meaning set forth in IC 29-3-1-6. See Indiana Code 30-2-8.6-9
• in writing: include printing, lithographing, or other mode of representing words and letters. See Indiana Code 1-1-4-5
• incapacitated: has the meaning set forth in Indiana Code 30-2-8.6-10
• income: means money or property that a fiduciary receives as current return from a principal asset. See Indiana Code 30-2-14-4
• income beneficiary: means a person to whom net income of a trust is or may be payable. See Indiana Code 30-2-14-5
• income interest: means the right of an income beneficiary to receive all or part of net income, whether the terms of the trust require it to be distributed or authorize it to be distributed in the trustee's discretion. See Indiana Code 30-2-14-6
• income trust: means :

  Indiana Code 30-2-15-2

• Insolvent debtor: means any insolvent person, decedent's estate, partnership, limited liability company, corporation, or business association involved in a liquidation proceeding as defined in this chapter. See Indiana Code 30-2-7-1
• institution: means any of the following:

  Indiana Code 30-2-12-5

• institutional fund: means a fund held by an institution exclusively for charitable purposes. See Indiana Code 30-2-12-6
• insurance policy: means a policy providing one (1) or more of the types of insurance described in IC 27-1-5-1, Class 1(a) and Class 1(c). See Indiana Code 30-2-13-7
• Inter vivos: Transfer of property from one living person to another living person.
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.
• Joint resolution: A legislative measure which requires the approval of both chambers.
• 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.
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• legal representative: means an individual's personal representative or guardian. See Indiana Code 30-2-8.5-8
• legal representative: means a personal representative or guardian. See Indiana Code 30-2-8.6-11
• Legatee: A beneficiary of a decedent
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Liquidation proceeding: includes all assignments for the benefit of creditors, whether voluntary or by operation of law; administration of insolvent decedents' estates; liquidations of insolvent banks; equity receiverships where the subject under receivership is insolvent; and any other proceedings for distribution of assets of any insolvent debtor, whether a person, decedent's estate, partnership, limited liability company, corporation, or business association. See Indiana Code 30-2-7-1
• Liquidator: means any person administering assets in any liquidation proceeding as defined in this chapter. See Indiana Code 30-2-7-1
• Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• mandatory income interest: means the right of an income beneficiary to receive net income that the terms of the trust require the fiduciary to distribute. See Indiana Code 30-2-14-7
• Marital deduction: The deduction(s) that can be taken in the determination of gift and estate tax liabilities because of the existence of a marriage or marital relationship.
• minor: means an individual who is less than twenty-one (21) years of age. See Indiana Code 30-2-8.5-10
• minor: means a person less than eighteen (18) years of age. See Indiana Code 1-1-4-5
• Month: means a calendar month, unless otherwise expressed. See Indiana Code 1-1-4-5
• net fair market value: means the fair market value of each asset comprising the trust reduced by the liens, debts, and encumbrances of the trust, regardless of whether the liens, debts, and encumbrances are allocable to a specific asset. See Indiana Code 30-2-15-3
• net income: means the total receipts allocated to income during an accounting period minus the disbursements made from income during the period, plus or minus transfers under this chapter to or from income during the period. See Indiana Code 30-2-14-8
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• participant: means an individual who has accumulated a balance of funds with a payroll savings plan administrator through a payroll savings plan. See Indiana Code 30-2-16-1
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• payroll savings plan: means a method provided by an employer to the employer's employees for the voluntary purchase of United States savings bonds on a regular schedule through the designation of an amount to be deducted each pay period until a sufficient amount accumulates to pay the purchase price of at least one (1) United States savings bond. See Indiana Code 30-2-16-2
• payroll savings plan administrator: means an organization that:

  Indiana Code 30-2-16-3

• person: means an individual, corporation, organization, or other legal entity. See Indiana Code 30-2-8.5-11
• person: means an individual, corporation, business trust, estate, trust, partnership, joint venture, association, or any other legal or commercial entity. See Indiana Code 30-2-8.6-13
• person: means an individual, a corporation, a business trust, an estate, a trust, a partnership, a limited liability company, an association, a joint venture, a public corporation, the state of Indiana, a state agency or instrumentality, a unit of local government, or any other legal or commercial entity. See Indiana Code 30-2-12-6.4
• person: means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, government; governmental subdivision, agency, or instrumentality; public corporation, or any other legal or commercial entity. See Indiana Code 30-2-14-9
• Personal property: All property that is not real property.
• Personal property: includes goods, chattels, evidences of debt, and things in action. See Indiana Code 1-1-4-5
• personal representative: means an executor, administrator, successor personal representative, or special administrator of a decedent's estate or a person legally authorized to perform substantially the same functions. See Indiana Code 30-2-8.5-12
• personal representative: has the meaning set forth in IC 29-1-1-3. See Indiana Code 30-2-8.6-14
• Population: has the meaning set forth in Indiana Code 1-1-4-5
• Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. ^{Source: OCC}
• principal: means property that is held in trust for distribution to a remainder beneficiary when the trust terminates or that will remain perpetually vested in the trustee. See Indiana Code 30-2-14-10
• Probate: Proving a will
• Property: includes personal and real property. See Indiana Code 1-1-4-5
• Public debt: Cumulative amounts borrowed by the Treasury Department or the Federal Financing Bank from the public or from another fund or account. The public debt does not include agency debt (amounts borrowed by other agencies of the Federal Government). The total public debt is subject to a statutory limit.
• purchaser: means a person or firm contracting with a seller for services or merchandise to be provided or delivered for a named individual. See Indiana Code 30-2-13-9
• record: means information that is:

  Indiana Code 30-2-12-6.7

• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
• Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
• Secured creditor: means a creditor who has either legal or equitable security for his debt upon any property of the insolvent debtor of a nature to be liquidated and distributed in a liquidation proceeding, or a creditor to whom is owed a debt for which such security is possessed by some indorser, surety, or other person secondarily liable. See Indiana Code 30-2-7-1
• seller: means a person doing business as a sole proprietor, a firm, a limited liability company, a corporation, an association, or a partnership contracting to provide services or merchandise, or both, to a named individual. See Indiana Code 30-2-13-10
• services or merchandise: includes personal property or services:

  Indiana Code 30-2-13-8

• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• state: includes a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, and a territory or possession subject to the legislative authority of the United States. See Indiana Code 30-2-8.5-13
• state: means a state, territory, or possession of the United States, the District of Columbia, or the Commonwealth of Puerto Rico. See Indiana Code 30-2-8.6-15
• static balance: means an amount held by a payroll savings plan administrator for a participant who:

  Indiana Code 30-2-16-4

• Statute: A law passed by a legislature.
• terms of a trust: means the manifestation of the intent of:

  Indiana Code 30-2-14-12

• Testator: A male person who leaves a will at death.
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
• total return unitrust: means an income trust that has been converted to a total return unitrust in accordance with this chapter. See Indiana Code 30-2-15-4
• transfer: means a transaction that creates custodial property under section 24 of this chapter. See Indiana Code 30-2-8.5-14
• transferor: means a person who makes a transfer under this chapter. See Indiana Code 30-2-8.5-15
• transferor: means a person who creates a custodial trust by transfer or declaration. See Indiana Code 30-2-8.6-16
• Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. ^{Source: OCC}
• trust company: means a financial institution, corporation, or other legal entity authorized to exercise general trust powers. See Indiana Code 30-2-8.5-16
• trust company: means a financial institution, corporation, or other legal entity authorized to exercise general trust powers. See Indiana Code 30-2-8.6-17
• Trustee: A person or institution holding and administering property in trust.
• trustee: includes an original, additional, or successor trustee, whether or not appointed or confirmed by a court. See Indiana Code 30-2-14-13
• trustee: refers to the:

  Indiana Code 30-2-15-5

• 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
• unitrust amount: means an amount computed as a percentage of the fair market value of the trust as set forth in this chapter. See Indiana Code 30-2-15-6
• unitrust rate: means the percentage of the fair market value of the trust that is determined under section 15 of this chapter and used to calculate the unitrust amount. See Indiana Code 30-2-15-7
• Verified: when applied to pleadings, means supported by oath or affirmation in writing. See Indiana Code 1-1-4-5
• year: means a calendar year. See Indiana Code 30-2-15-8
• Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5