Indiana Statutes
§ 30-4-10-52 — Second-trust instrument; noncompliant provision; corrective action for exercise of decanting power on a noncompliant provision
(a)If exercise of the decanting power would
be effective under this chapter except that the second-trust instrument
in part does not comply with this chapter, the exercise of the power is
effective and the following rules apply with respect to the principal of
the second trust attributable to the exercise of the power:
(1)A provision in the second-trust instrument that is not
permitted under this chapter is void to the extent necessary to
comply with this chapter.
(2)A provision required by this chapter to be in the second-trust
instrument that is not contained in the instrument is deemed to be
included in the instrument to the extent necessary to comply with
this chapter.
(b)If a trustee or other fiduciary of a second trust determines that
subsection (a) applies to a prior exercise of
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Indiana § 30-4-10-52 (Second-trust instrument; noncompliant provision; corrective action for exercise of decanting power on a noncompliant provision) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
As added by P.L.161-2022, SEC.3.
Nearby Sections
15
§ 30-1-2-1
Stocks; bonds; securities§ 30-1-2-2
Securities not listed; terms§ 30-1-4-1
Eligible investments§ 30-1-5-1
Securities; insurance§ 30-1-6-3
Bidding; report; hearing; endorsement§ 30-1-6-5
Acts conclusive; disaffirmance denied§ 30-1-7-2
Petition to execute options; prospectus§ 30-1-7-3
Hearing; order of court§ 30-1-7-4
Binding and conclusive; disaffirmance§ 30-1-8-1
Definitions