Indiana Statutes
§ 28-1-12-4 — Profit or commission on sales; necessity of specific authorization; surcharge
Indiana·Art. 1 DEPARTMENT OF FINANCIAL INSTITUTIONS·Ch. 12 Regulation of Bank and Trust Company Fiduciaries
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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Nearby Sections
15
§ 28-1-1-1
Short title§ 28-1-1-2
Application of article§ 28-1-1-3
Definitions§ 28-1-1-3.5
Affiliate relationship§ 28-1-1-3.7
"Emancipated youth"§ 28-1-1-3.9
"Foster youth"§ 28-1-1-4
"Fund"§ 28-1-1-5
References to savings associations§ 28-1-1-6
"Depository financial institution"§ 28-1-1-7
"Qualified youth"§ 28-1-11-11
Safe deposits and escrows