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

Indiana Statutes

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

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

(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 insuranc

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(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.

Indiana § 30-2-13-11 ("Trustee" or "escrow agent, acting as a fiduciary") — published by Counsel Stack Legal Research, free access to 12M+ legal documents.