§ 30-4-1-1 — Definition of "trust"; relationships excluded from this article; transferability of employee benefit trust

Indiana § 30-4-1-1

• Jurisdiction: Indiana
• Art. 4: TRUST CODE
• Ch. 1: General Provisions

Text

(a) A trust is a fiduciary relationship between a
person who, as trustee, holds title to property and another person for
whom, as beneficiary, the title is held.
(b) Subject to IC 30-4-2-8, the same person may be both the trustee
and a beneficiary.
(c) The rules of law contained in this article do not apply to:
(1) trusts created by operation of law;
(2) business trusts (as defined in IC 23-5-1);
(3) security instruments and creditor arrangements;
(4) voting trusts;
(5) religious, educational, and cultural institutions, created in
other than trust form, except with respect to the application of IC 30-4-5-18 through IC 30-4-5-23 as those sections relate to the
maintenance of federal income tax exemption privileges to which
an institution is entitled;
(6) corporations and other entities governed by IC 23-17, except
with respect to IC 30-4-5-18 through IC 30-4-5-23 as those
sections relate to the maintenance of federal income tax
exemption privileges to which a corporation or other entity is
entitled;
(7) except as provided in this article for trusts for a benevolent
public purpose and as provided in the Indiana uniform prudent
investor act (IC 30-4-3.5):
(A) prepaid funeral plans;
(B) trusts for the care and upkeep of cemeteries; and
(C) agreements to furnish funeral services; and
(8) trusts created or authorized by statute other than this article.
(d) IC 30-4-3-2(a) applies to an employee benefit trust that meets
the requirements set forth in IC 30-4-3-2(c). However, no other
provision of this article applies to an employee benefit trust.
Formerly: Acts 1971, P.L.416, SEC.2; Acts 1972, P.L.11,
SEC.12. As amended by P.L.287-1987, SEC.1; P.L.41-2000, SEC.1;
P.L.61-2008, SEC.12.