§ 30-2-13-11 — "Trustee" or "escrow agent, acting as a fiduciary"

Indiana § 30-2-13-11

• Jurisdiction: Indiana
• Art. 2: GENERAL PROVISIONS
• Ch. 13: Payment of Funeral, Burial Services, or Merchandise in

Text

(a) As used in this chapter, "trustee" or
"escrow agent, acting as a fiduciary", means a:
(1) bank;
(2) trust company;
(3) savings association; or
(4) credit union;
that maintains an office in Indiana and is qualified under state or
federal law to serve as a trustee or escrow agent, acting as a fiduciary.
(b) For a contract using a life insurance policy as consideration, the
term also includes a life insurance company or other entity that
establishes a trust for the purposes of holding and administering life
insurance policies issued by an insurance company to fund contracts
under this chapter. Notwithstanding any other law to the contrary, a life
insurance company or other entity acting as a trustee shall comply with
this chapter.
(c) For a contract using a previously issued life insurance policy as
consideration, the seller is considered to be a qualified trustee if
ownership is irrevocably assigned to the seller in conjunction with an
assignment of death benefits.

Legislative History

As added by P.L.200-1991, SEC.1. Amended by P.L.241-1995, SEC.5; P.L.79-1998, SEC.94; P.L.114-1999, SEC.6.