§ 28-1-12-1 — Authority to serve as fiduciary

Indiana § 28-1-12-1

• Jurisdiction: Indiana
• Art. 1: DEPARTMENT OF FINANCIAL INSTITUTIONS
• Ch. 12: Regulation of Bank and Trust Company Fiduciaries

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(a) Any court or officer thereof having
jurisdiction to grant letters of guardianship, to appoint a trustee,
guardian, receiver, or committee of the estate of any person, to appoint
a committee or trustee or a receiver in insolvency or bankruptcy
proceedings, or in any other proceeding or action, under state or federal
law, or to make any other fiduciary appointment contemplated and
provided for in IC 28-1-11, may appoint any bank or trust company
qualified under subsection (b) as such fiduciary. However, the bank or
trust company is not required to accept the appointment.
(b) A bank or trust company is qualified to act as a fiduciary under
subsection (a) if the bank or trust company is:
(1) organized under the provisions of IC 28;
(2) a national bank authorized to act as a fiduciary and that bank
either:
(A) has its principal place of business in Indiana; or
(B) has its principal place of business in a state or territory of
the United States, including the District of Columbia, that
grants authority to serve in similar fiduciary capacities to banks
and trust companies organized and doing business under the
laws of Indiana; or
(3) organized and doing trust company business under the laws of
a state or territory described in subdivision (2)(B).
(c) This section shall be construed to permit a bank or trust company
that is organized and doing business under the laws of any state,
territory, or district other than Indiana, including a national bank or
national trust company doing business in any other state, to establish
in Indiana, subject to the approval of the department, a place of
business or agency for the conduct of business as a fiduciary if the law
of the state, territory, or district in which the bank or trust company is
located would allow an Indiana bank or trust company to establish a
place of business or agency in that state, territory, or district for the
conduct of business as a fiduciary.
Formerly: Acts 1933, c.40, s.183. As amended by Acts 1980,
P.L.175, SEC.1; P.L.42-1993, SEC.29; P.L.122-1994, SEC.79.