§ 30-2-8.6-26 — Multiple beneficiaries

Indiana § 30-2-8.6-26

• Jurisdiction: Indiana
• Art. 2: GENERAL PROVISIONS
• Ch. 8.6: Uniform Custodial Trust Act

Text

(a) Beneficial interests in a custodial trust
created for multiple beneficiaries are considered to be separate
custodial trusts of equal undivided interests for each beneficiary.
Except in a transfer or declaration for use and benefit of husband and
wife, for whom survivorship is presumed, a right of survivorship does
not exist unless the instrument creating the custodial trust specifically
provides for survivorship.
(b) Custodial trust property held under this chapter by the same
custodial trustee for the use and benefit of the same beneficiary may be
administered as a single custodial trust.
(c) A custodial trustee of custodial trust property held for at least
two (2) beneficiaries shall separately account to each beneficiary under
sections 27 and 35 of this chapter for the administration of the
custodial trust.
(d) The custodial trust property or the income from the custodial
trust property may not be subject to:
(1) anticipation;
(2) alienation;
(3) assignment;
(4) pledge;
(5) appointment; or
(6) any other voluntary or involuntary transfer;
before distribution by the custodial trustee. The custodial trustee may
disregard and defeat an attempt to violate the requirements of this
subsection.

Legislative History

As added by P.L.3-2003, SEC.1.