§ 30-2-8.6-32 — Claim by third person against custodial trustee

Indiana § 30-2-8.6-32

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

Text

(a) A claim based on:
(1) a contract entered into by a custodial trustee acting in a
fiduciary capacity;
(2) an obligation arising from the ownership or control of
custodial trust property; or
(3) a tort committed in the course of administering the custodial
trust;
may be asserted by a third person against the custodial trust property
by proceeding against the custodial trustee in a fiduciary capacity,
whether or not the custodial trustee or the beneficiary is personally
liable.
(b) A custodial trustee is not personally liable to a third person on
a contract properly entered into in a fiduciary capacity unless the
custodial trustee fails to:
(1) reveal that capacity; or
(2) identify the custodial trust in the contract.
(c) Unless a custodial trustee is personally at fault, a custodial
trustee is not liable to a third person for:
(1) an obligation arising from control of custodial trust property;
or
(2) a tort committed in the course of the administration of the
custodial trust.
(d) A beneficiary is not personally liable to a third person for:
(1) an obligation arising from beneficial ownership of custodial
trust property; or
(2) a tort committed in the course of administration of the
custodial trust;
unless the beneficiary is personally in possession of the custodial trust
property giving rise to the liability or is personally at fault.
(e) Subsections (b) and (c) do not preclude actions or proceedings
to establish liability of the custodial trustee or beneficiary to the extent
the person sued is protected as the insured by liability insurance.

Legislative History

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