§ 23-5-1-2 — Definitions

For the purpose of this chapter:
(a) A "business trust" is an unincorporated business association
which is created by a trust instrument, pursuant to common law or
enabling legislation, under which property is held, managed,
administered, controlled, invested, reinvested, or operated, or business
or professional activities for profit are carried on, by a trustee or
trustees for the benefit and profit of such person or persons as are or
may become the holders of transferable certificates, issued pursuant to
the provisions of the trust instrument, which have either restricted or
unrestricted transferability, evidencing beneficial interests in the trust
estate, including but not limited to a trust of the type known at common
law as a business trust, or Massachusetts trust, or a trust qualifying as
a real estate investment trust under Section 856 of the Internal Revenue
Code or under any similar statute. Such business trust may provide that
the holders of such certificates are entitled to the same limitation of
personal liability extended to stockholders of private corporations for
profit. A business trust shall not be construed to include, and this
chapter shall not apply to, the form of trust known as a land trust, under
which a trustee or trustees holds the legal or equitable title to real
estate, which does not issue transferable certificates of beneficial
interest and which has less than one hundred beneficiaries. Nothing in
the specific exclusion shall be construed to enlarge the operation or
application of this chapter.
(b) A "domestic business trust" is one created under the laws of this
state.
(c) A "foreign business trust" is one created under the laws of a
territory or state other than Indiana.
(d) The "corpus" of any business trust shall consist of its net worth
and shall be equivalent to the capital, paid-in surplus, and accumulated
earnings or earned surplus of a corporation.
Formerly: Acts 1963, c.353, s.2. As amended by P.L.2-1987,
SEC.33.