Indiana § 23-14-53-2 Duties upon receipt of deposit or legacy of money

Indiana Statutes

§ 23-14-53-2 — Duties upon receipt of deposit or legacy of money

Indiana § 23-14-53-2

Title 23BUSINESS AND OTHER ASSOCIATIONS

Art. 14CEMETERY ASSOCIATIONS

Ch. 53Bequests for Care

This text of Indiana § 23-14-53-2 (Duties upon receipt of deposit or legacy of money) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 23-14-53-2 (2026).

Text

(a)A church, corporation, or association that receives a deposit or legacy of money to be held in trust under section 1 of this chapter shall:

(1)adopt rules concerning the investment and safekeeping of any deposit or bequest; and

(2)designate a financial institution as the depository of the funds.

(b)The depository designated under subsection (a) must:

(1)agree upon the rate of interest it will pay on the funds; and

(2)pay interest on the funds to the church, corporation, or association:

(A)on a basis agreed upon by the depository and the church, corporation, or association; but

(B)not less frequently than quarterly; for the purpose of taking care of the particular lot or lots, monument, vault, or gravestone for which the money was given or donated.

(c)The money on deposit in the

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(a) A church, corporation, or association that
receives a deposit or legacy of money to be held in trust under section
1 of this chapter shall:
(1) adopt rules concerning the investment and safekeeping of any
deposit or bequest; and
(2) designate a financial institution as the depository of the funds.
(b) The depository designated under subsection (a) must:
(1) agree upon the rate of interest it will pay on the funds; and
(2) pay interest on the funds to the church, corporation, or
association:
(A) on a basis agreed upon by the depository and the church,
corporation, or association; but
(B) not less frequently than quarterly;
for the purpose of taking care of the particular lot or lots, monument,
vault, or gravestone for which the money was given or donated.
(c) The money on deposit in the depository under this section shall
not be used for any purpose other than taking care of the particular lot
or lots, monument, vault, or gravestone, and only the interest earned on
the deposit or legacy may be used.
(d) The:
(1) deposit or legacy placed on deposit; and
(2) interest earned on the deposited funds;
are exempt from taxation under IC 6. However, this chapter does not
repeal or modify IC 23-14-65.