Indiana § 30-2-8.6-27 Custodial trustee's powers and duties

Indiana Statutes

§ 30-2-8.6-27 — Custodial trustee's powers and duties

Indiana § 30-2-8.6-27

Art. 2GENERAL PROVISIONS

Ch. 8.6Uniform Custodial Trust Act

This text of Indiana § 30-2-8.6-27 (Custodial trustee's powers and duties) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 30-2-8.6-27 (2026).

Text

(a)If appropriate, a custodial trustee shall register or record the instrument vesting title to custodial trust property.

(b)If the beneficiary is not incapacitated, a custodial trustee shall follow the directions of the beneficiary in the management, control, investment, or retention of the custodial trust property. In the absence of effective contrary direction by the beneficiary while not incapacitated, the custodial trustee shall observe the standard of care that would be observed by a prudent person dealing with property of another and is not limited by any other law restricting investments by fiduciaries. However, a custodial trustee, in the custodial trustee's discretion, may retain any custodial trust property received from the transferor. If a custodial trustee has a special ski

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(a) If appropriate, a custodial trustee shall
register or record the instrument vesting title to custodial trust property.
(b) If the beneficiary is not incapacitated, a custodial trustee shall
follow the directions of the beneficiary in the management, control,
investment, or retention of the custodial trust property. In the absence
of effective contrary direction by the beneficiary while not
incapacitated, the custodial trustee shall observe the standard of care
that would be observed by a prudent person dealing with property of
another and is not limited by any other law restricting investments by
fiduciaries. However, a custodial trustee, in the custodial trustee's
discretion, may retain any custodial trust property received from the
transferor. If a custodial trustee has a special skill or expertise or is
named custodial trustee on the basis of representation of a special skill
or expertise, the custodial trustee shall use that skill or expertise.
(c) Subject to subsection (b), a custodial trustee shall take control
of and collect, hold, manage, invest, and reinvest custodial trust
property.
(d) A custodial trustee at all times shall keep custodial trust property
of which the custodial trustee has control separate from all other
property in a manner sufficient to identify it clearly as custodial trust
property of the beneficiary. Custodial trust property, the title to which
is subject to recordation, is so identified if an appropriate instrument
identifying the property is recorded, and custodial trust property subject
to registration is identified if it is registered, or held in an account in
the name of the custodial trustee, designated in substance: "as custodial
trustee for _______________ (name of beneficiary) under the Indiana
uniform custodial trust act".
(e) A custodial trustee shall keep records of all transactions with
respect to custodial trust property, including information necessary for
the preparation of tax returns, and shall make the records and
information available at reasonable times to the beneficiary or legal
representative of the beneficiary.
(f) The exercise of a durable power of attorney for an incapacitated
beneficiary is not effective to terminate or direct the administration or
distribution of a custodial trust.