§ 30-1-5-1 — Securities; insurance

Indiana § 30-1-5-1

• Jurisdiction: Indiana
• Art. 1: SALES OF SECURITIES AND INVESTMENTS BY
• Ch. 5: Other Investments by Fiduciaries

Text

Every executor, administrator, guardian, trustee,
receiver or other fiduciary shall have the power, in such capacity, to
invest in the following:
(1) Obligations issued pursuant to the provisions of the Federal
Home Loan Bank Act (12 U.S.C. 1421 et seq.), as in effect on
December 31, 1990, and in obligations issued by the FSLIC
Resolution Fund.
(2) Life, endowment, or annuity contracts of legal reserve life
insurance companies duly licensed by the insurance
commissioner for the state of Indiana to transact business within
the state. The purchase of contracts authorized by this subdivision
shall be limited, however, to executors or the successors to their
powers when specifically authorized by will, to guardians on
authorization of the court having probate jurisdiction over the
guardianship, and to trustees. Such contracts may be issued on the
life or lives of a protected person or persons, a beneficiary or
beneficiaries of a trust fund, or according to the terms of a will, or
upon the life or lives of persons in whom the protected person or
beneficiary has an insurable interest. Life or endowment or
annuity contracts may be purchased by trustees in the absence of
an express prohibition against such purchase contained in the
instrument creating the trust. The trustee may expend trust income
and principal to pay annual premiums for contracts authorized by
this subsection subject to limitations that are:
(A) imposed by the court having probate jurisdiction over the
trust; or
(B) expressly authorized in the trust instrument.
In the absence of express provision in the trust instrument to the
contrary, the trustee, as trustee, shall possess all the incidents of
ownership in contracts so issued and the trustee as trustee, or the
beneficiary or beneficiaries of the trust shall be the beneficiary or
beneficiaries of such contracts.
(3) Obligations of the federal government, or any federal agency
or instrumentality, whenever a governing instrument or order
directs, requires, authorizes, or permits investment in such
obligations, either directly or in the form of securities of, or other
interests in, any open end management type investment company
or investment trust registered under the provisions of the
Investment Company Act of 1940 (15 U.S.C. 80a et seq.), as in
effect on December 31, 1990. However, the portfolio of the
investment company or investment trust must be limited to
obligations of the federal government or any federal agency or
instrumentality, and to repurchase agreements fully collateralized
by such obligations to which obligations the investment company
or investment trust takes delivery either directly or through an
authorized custodian.
Formerly: Acts 1941, c.149, s.1; Acts 1943, c.250, s.1; Acts
1969, c.160, s.1. As amended by P.L.280-1987, SEC.3; P.L.33-1989,
SEC.84; P.L.8-1991, SEC.33; P.L.252-2001, SEC.29.