§ 28-1-9-7 — Trust and fiduciary property; disposition

If, at the time of liquidation such corporation
shall hold any property, real or personal, in trust for any individual or
corporation under or by virtue of any trust instrument, the agent shall
convey, assign, and deliver such property to the successor trustee
named in the trust instrument under which such property is held, or if
no successor trustee be named in the trust instrument, to such
individual or to a bank or trust company or corporate fiduciary that is
qualified to exercise trust powers as may be designated in writing by
the beneficiaries of such trust, or if no such designation is made after
written notice to the beneficiaries, or if the beneficiaries are otherwise
incompetent to designate a successor trustee, then to such individual or
to such bank or trust company or corporate fiduciary that is qualified
to exercise trust powers as may be appointed by the circuit, probate, or
other court having jurisdiction of trusts in the county where the
principal office of such corporation is located. No person eighteen (18)
years of age or older shall be deemed incompetent by virtue of the
person's age to name a successor trustee. If any such corporation, at the
time of liquidation, shall be acting as administrator, executor, guardian,
receiver or in any other fiduciary capacity under the appointment of any
court, the agent shall convey, assign, and deliver all of the property of
such trust and all of such trust business, to such individual or to such
bank or trust company or corporate fiduciary that is qualified to execute
trusts, as may be appointed by the court having jurisdiction of such
trust, upon the order and direction of such court.
Formerly: Acts 1933, c.40, s.148; Acts 1973, P.L.280, SEC.2.
As amended by P.L.262-1995, SEC.28; P.L.136-2018,
SEC.206.