Indiana § 28-15-2-1.5 Profit or commission on sales or purchases; necessity of specific
authorization; surcharge

Indiana Statutes

§ 28-15-2-1.5 — Profit or commission on sales or purchases; necessity of specific authorization; surcharge

Indiana § 28-15-2-1.5

Art. 15SAVINGS ASSOCIATIONS

Ch. 2Powers of Savings Associations

This text of Indiana § 28-15-2-1.5 (Profit or commission on sales or purchases; 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 § 28-15-2-1.5 (2026).

Text

5.

(a)Except for interest at the legal rate on a loan or advancement, a savings association may not, directly or indirectly, receive a profit or commission from the sale to or purchase from an estate, a guardianship, or a trust of which the savings association is the fiduciary unless the profit or commission is authorized by agreement with the creator of the trust or a court with jurisdiction over the estate, guardianship, or trust.

(b)A savings association that receives a profit or commission in violation of subsection (a) shall be surcharged an amount equal to the profit or commission. In addition, a court with jurisdiction over the estate, guardianship, or trust may remove the savings association as the fiduciary.

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5. (a) Except for interest at the legal rate on
a loan or advancement, a savings association may not, directly or
indirectly, receive a profit or commission from the sale to or purchase
from an estate, a guardianship, or a trust of which the savings
association is the fiduciary unless the profit or commission is
authorized by agreement with the creator of the trust or a court with
jurisdiction over the estate, guardianship, or trust.
(b) A savings association that receives a profit or commission in
violation of subsection (a) shall be surcharged an amount equal to the
profit or commission. In addition, a court with jurisdiction over the
estate, guardianship, or trust may remove the savings association as the
fiduciary.