Indiana § 28-1-12-4 Profit or commission on sales; necessity of specific authorization;
surcharge

Indiana Statutes

§ 28-1-12-4 — Profit or commission on sales; necessity of specific authorization; surcharge

Indiana § 28-1-12-4

Art. 1DEPARTMENT OF FINANCIAL INSTITUTIONS

Ch. 12Regulation of Bank and Trust Company Fiduciaries

This text of Indiana § 28-1-12-4 (Profit or commission on sales; necessity of specific authorization; surcharge) 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 § 28-1-12-4 (2026).

Text

No profit or commission, other than interest at
the legal rate upon a loan or advancement, shall be taken or received
by any bank or trust company or corporate fiduciary, directly or
indirectly, out of any sale or purchase to or from any estate,
guardianship, or trust of any kind of which it is the fiduciary, unless
specifically authorized by agreement with the creator of the trust, or the
court having jurisdiction thereof; and upon violation of this section
such bank or trust company or corporate fiduciary shall be surcharged
any profit so taken or received, and an amount equal thereto, in
addition, and may be summarily removed as such fiduciary by the court
having jurisdiction.
Formerly: Acts 1933, c.40, s.189. As amended by P.L.262-1995,
SEC.31.

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No profit or commission, other than interest at
the legal rate upon a loan or advancement, shall be taken or received
by any bank or trust company or corporate fiduciary, directly or
indirectly, out of any sale or purchase to or from any estate,
guardianship, or trust of any kind of which it is the fiduciary, unless
specifically authorized by agreement with the creator of the trust, or the
court having jurisdiction thereof; and upon violation of this section
such bank or trust company or corporate fiduciary shall be surcharged
any profit so taken or received, and an amount equal thereto, in
addition, and may be summarily removed as such fiduciary by the court
having jurisdiction.
Formerly: Acts 1933, c.40, s.189. As amended by P.L.262-1995,
SEC.31.