Terms Used In Indiana Code > Title 32 > Article 17 - Interests in Property

• account: means a contract of deposit of funds between a depositor and a financial institution. See Indiana Code 32-17-11-1
• Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
• beneficiary: means a person named in a trust account as one for whom a party to the account is named as trustee. See Indiana Code 32-17-11-2
• claimant: means the surviving spouse or a surviving child, to the extent that statutory allowances are affected, or a person who has filed a timely claim in a deceased transferor's probate estate under IC 29-1-14, and is entitled to enforce the claim against a transferee of a nonprobate transfer. See Indiana Code 32-17-13-2
• Contingent beneficiary: Receiver of property or benefits if the first named beneficiary fails to receive any or all of the property or benefits in question before his (her) death.
• Continuance: Putting off of a hearing ot trial until a later time.
• Decedent: A deceased person.
• Devise: To gift property by will.
• Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
• Executor: A male person named in a will to carry out the decedent
• Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
• financial institution: means any organization authorized to do business in Indiana under IC 28 or federal law relating to financial institutions. See Indiana Code 32-17-11-3
• Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• grantor: means every person by whom an estate or interest in land is:

  Indiana Code 32-17-1-1

• 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.
• Inter vivos: Transfer of property from one living person to another living person.
• Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.
• issuer: means any issuer of obligations that is referred to in IC 5-1-1-1(b). See Indiana Code 5-1-14-1.2
• Joint tenancy: A form of property ownership in which two or more parties hold an undivided interest in the same property that was conveyed under the same instrument at the same time. A joint tenant can sell his (her) interest but not dispose of it by will. Upon the death of a joint tenant, his (her) undivided interest is distributed among the surviving joint tenants.
• Legacy: A gift of property made by will.
• Life estate: A property interest limited in duration to the life of the individual holding the interest (life tenant).
• Lineal descendant: Direct descendant of the same ancestors.
• minor: means a person less than eighteen (18) years of age. See Indiana Code 1-1-4-5
• Mortgagee: The person to whom property is mortgaged and who has loaned the money.
• multiple party account: means any of the following types of accounts:

  Indiana Code 32-17-11-5

• nonprobate transfer: means a valid transfer, effective at death, by a transferor:

  Indiana Code 32-17-13-1

• nonprobate transferee: means a person who acquires an interest in property by a nonprobate transfer. See Indiana Code 32-17-13-2
• obligations: has the meaning set forth in IC 5-1-3-1(2). See Indiana Code 5-1-14-1.5
• party: means a person who, by the terms of the account, has a present right, subject to request, to payment from a multiple party account. See Indiana Code 32-17-11-7
• Per stirpes: The legal means by which the children of a decedent, upon the death of an ancestor at a level above that of the decedent, receive by right of representation the share of the ancestor
• Population: has the meaning set forth in Indiana Code 1-1-4-5
• Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
• proof of death: includes a death certificate, an affidavit of death, or a record or report that is prima facie proof of death under IC 29-2-6, IC 29-2-7 (before its repeal), or IC 29-2-14. See Indiana Code 32-17-11-9
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• real property: include lands, tenements, and hereditaments. See Indiana Code 1-1-4-5
• 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.
• Remainderman: One entitled to the remainder of an estate after a particular reserved right or interest, such as a life tenancy, has expired.
• request: means :

  Indiana Code 32-17-11-12

• Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
• sums on deposit: means the balance payable on a multiple party account, including interest, dividends, and any deposit life insurance proceeds added to the account by reason of the death of a party. See Indiana Code 32-17-11-13
• Tenancy in common: A type of property ownership in which two or more individuals have an undivided interest in property. At the death of one tenant in common, his (her) fractional percentage of ownership in the property passes to the decedent
• Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. ^{Source: OCC}
• trust account: means an account in the name of at least one (1) party as trustee for at least one (1) beneficiary if:

  Indiana Code 32-17-11-14

• withdrawal: includes payment to a third person pursuant to a check or other directive of a party. See Indiana Code 32-17-11-15