§ 28-6.1-6-18 — Acting in probate

Indiana § 28-6.1-6-18

• Jurisdiction: Indiana
• Art. 6.1: SAVINGS BANKS
• Ch. 6: General Powers of a Savings Bank

Text

(a) A savings bank may do any of the
following:
(1) Act as the personal representative of the estate of a deceased
individual.
(2) Act as the trustee under the last will and testament of a
deceased individual.
(3) Act under court appointment as personal representative or
trustee under a last will and testament, when the savings bank is
the successor to a corporation appointed in the last will and
testament.
(b) When an individual is appointed with a savings bank as receiver,
guardian, commissioner, trustee, or personal representative, the
individual's appointment may be under the limitation of powers and
upon the terms and conditions of possession and control of the trust
assets by the savings bank, or otherwise. If the individual is required to
give bond or security, the bond or security shall be as:
(1) the individual and the savings bank agree; and
(2) approved by the court or judge making the appointment.
(c) When an individual who is appointed in a fiduciary capacity is
required to give a bond or security for the faithful performance of
duties, the savings bank may guarantee or become surety for the
individual if:
(1) the savings bank takes possession and control of the assets
involved; and
(2) approved by the court having jurisdiction of the fiduciary.

Legislative History

As added by P.L.42-1993, SEC.72.