§ 28-14-3-18 — Receipt of property upon deposit for safekeeping or in escrow

Indiana § 28-14-3-18

• Jurisdiction: Indiana
• Art. 14: CORPORATE FIDUCIARIES
• Ch. 3: Powers and Duties

Text

(a) A corporate fiduciary has the power to:
(1) receive, upon terms and conditions prescribed by the corporate
fiduciary not inconsistent with the provisions of this section, upon
deposit for safekeeping, or in escrow:
(A) money;
(B) bonds;
(C) mortgages;
(D) jewelry;
(E) plate;
(F) stock;
(G) securities and valuable papers of any kind; and
(H) other personal property; and
(2) rent or lease receptacles for the safe deposit of personal
property.
(b) Neither a corporate fiduciary nor any of the assets of the
corporate fiduciary are liable for:
(1) the value of property received by the corporate fiduciary under
this section; or
(2) damages for the loss, theft, or misappropriation of the
property.
(c) A corporate fiduciary may procure and carry a policy or policies
of insurance for the benefit of the owners of property received by the
corporate fiduciary under this section.

Legislative History

As added by P.L.262-1995, SEC.90.