§ 30-4-2-19 — Trust for noncharitable purpose

(a) Except as provided in section 18 of this
chapter, a trust may be created for a:
(1) noncharitable purpose without a beneficiary; or
(2) noncharitable and valid purpose to be selected by the trustee.
(b) A trust authorized by this section may be enforced for not more
than twenty-one (21) years.
(c) A trust authorized by this section may be enforced by the
following:
(1) A person appointed in the terms of the trust.
(2) A person appointed by the court, if the terms of the trust do
not appoint a person.
(d) Property of a trust authorized by this section may be applied only
to the trust's intended use, except to the extent the court determines that
the value of the trust property exceeds the amount required for the
trust's intended use.
(e) Except as provided in the terms of the trust, property not
required for the trust's intended use must be distributed to the
following:
(1) The settlor, if the settlor is living.
(2) The settlor's successors in interest, if the settlor is deceased.

Legislative History

As added by P.L.238-2005, SEC.27.