§ 30-4-3-22 — Remedies of the beneficiary against the trustee

Indiana § 30-4-3-22

• Jurisdiction: Indiana
• Art. 4: TRUST CODE
• Ch. 3: Rules Governing the Rights, Powers, Duties, Liabilities,

Text

(Remedies of the Beneficiary against the
Trustee)
(a) A beneficiary of a trust may maintain an action:
(1) to compel the trustee to perform his duties;
(2) to enjoin the trustee from committing an act which may be a
breach of trust;
(3) to compel the trustee to redress a breach of trust; or
(4) to remove a trustee for cause and to appoint a successor trustee.
(b) If the trustee acquires property and wrongfully holds it outside
the trust, a beneficiary is entitled at his option to either:
(1) require the property to be transferred to the trust or
(2) impose an equitable lien upon it to secure his claim for damages
for breach of trust.
(c) If the trustee commingles the trust funds or property with his
own funds or property or converts the trust fund or property into
another form which is wrongfully held outside the trust:
(1) if the fund or property can be traced and identified, the
beneficiary is entitled to restoration of the fund or property to the trust;
or
(2) if the fund or property cannot be traced and identified,
(A) In a case of commingling of funds or property, the beneficiary
is entitled to a lien against the trustee's individual property from the
date and in the amount of the fund or the value of the property at the
time of the commingling.
(B) In a case of conversion of property, the beneficiary is entitled to
a lien against the trustee's individual property from the date and
according to the value of the property at the time of the conversion.
(d) If the trustee is also a beneficiary, the other beneficiaries will be
entitled to a charge against the trustee's beneficial interest to secure
their claims against him for a breach of trust.
(e) If a beneficiary successfully maintains an action under
subsection (a) of this section or is entitled to a judgment under
subsections (b), (c), or (d) of this section, he is entitled to a judgment
for reasonable attorney's fees.
Formerly: Acts 1971, P.L.416, SEC.4.