Indiana § 28-7-1-10.6 Issuing shares in a revocable or irrevocable trust; conditions

Indiana Statutes

§ 28-7-1-10.6 — Issuing shares in a revocable or irrevocable trust; conditions

Indiana § 28-7-1-10.6

Art. 7SPECIALIZED FINANCIAL INSTITUTIONS

Ch. 1Credit Unions

This text of Indiana § 28-7-1-10.6 (Issuing shares in a revocable or irrevocable trust; conditions) 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 § 28-7-1-10.6 (2026).

Text

6. A credit union may issue shares in a revocable or irrevocable trust, subject to the following:

(1)If shares are issued in a revocable trust, at least one (1) of the settlors must be a member of the credit union in the settlor's own right.

(2)If shares are issued in an irrevocable trust, at least one (1):

(A)settlor; or

(B)beneficiary; must be a member of the credit union in the settlor's or the beneficiary's own right.

(3)The name of each beneficiary must be listed for the trust, whether the trust is revocable or irrevocable.

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6. A credit union may issue shares in a
revocable or irrevocable trust, subject to the following:
(1) If shares are issued in a revocable trust, at least one (1) of the
settlors must be a member of the credit union in the settlor's own
right.
(2) If shares are issued in an irrevocable trust, at least one (1):
(A) settlor; or
(B) beneficiary;
must be a member of the credit union in the settlor's or the
beneficiary's own right.
(3) The name of each beneficiary must be listed for the trust,
whether the trust is revocable or irrevocable.