§ 29-1-10-6.5 — Removal of personal representative following a change in control of a corporate fiduciary

Indiana § 29-1-10-6.5

• Jurisdiction: Indiana
• Art. 1: PROBATE CODE
• Ch. 10: Personal Representatives

Text

5. (a) This section does not apply to the
removal of a personal representative under section 6 of this chapter.
(b) An interested person may petition the court for the removal of
a corporate fiduciary appointed by the court as personal representative
if there has been a change in the control of the corporate fiduciary and
either of the following applies:
(1) The change in the control of the corporate fiduciary occurred
after the date of the execution of the decedent's will but before the
decedent's death.
(2) The change in the control of the corporate fiduciary occurred
after the corporate fiduciary was appointed and during the
administration of the decedent's estate.
(c) A petition described in subsection (b) must be filed:
(1) not later than thirty (30) days after an interested person
receives notice under IC 29-1-7-7(c) or IC 29-1-7.5-1.5, in the
case of a change of control described in subsection (b)(1); or
(2) not later than a reasonable time after the change of control, in
the case of a change of control described in subsection (b)(2).
(d) The court may remove the corporate fiduciary if the court
determines, after a hearing, that the removal is in the best interests of
all interested persons. The court may replace the corporate fiduciary
with another corporate fiduciary or an individual.
(e) For purposes of this section, a change in control of a corporate
fiduciary occurs whenever a person or group of persons acting in
concert acquires the beneficial ownership of a total of at least
twenty-five percent (25%) of the outstanding voting stock of:
(1) a corporate fiduciary; or
(2) a corporation controlling a corporate fiduciary.
(f) The removal of a corporate fiduciary after letters are duly issued
does not invalidate official acts performed before the removal.
(g) If a corporate fiduciary is replaced under this section, the
corporate fiduciary is entitled to receive reasonable compensation for
services rendered before the removal.

Legislative History

As added by P.L.143-2009, SEC.13. Amended by P.L.6-2010, SEC.8.