§ 30-4-3-27 — Cy pres doctrine

Indiana § 30-4-3-27

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

Text

(a) If property is given to a trust for a
benevolent public purpose and the property is to be applied to a
particular charitable purpose, and it is or becomes impossible,
impracticable, wasteful, or illegal to carry out the particular purpose,
and if the settlor manifested a more general intention to devote the
property to charitable purposes, the trust need not fail, but the court
may direct the application of the property to some charitable purpose
which falls within the general charitable intention of the settlor.
(b) The terms of a charitable trust that would result in the
distribution of the trust property to a noncharitable beneficiary prevails
over the power of the court under subsection (a) to apply the cy pres
doctrine to modify or terminate the trust only if, when the provision
takes effect:
(1) the trust property is to revert to the settlor and the settlor is
still alive; or
(2) less than twenty-one (21) years have elapsed since the trust
was created.
(c) A living heir of the settlor or a living beneficiary named in the
original trust agreement may present evidence to the court of:
(1) the heir's or beneficiary's opinion of the settlor's intent; and
(2) the heir's or beneficiary's wishes;
regarding the property given in trust.
Formerly: Acts 1971, P.L.416, SEC.4. As amended by
P.L.41-2000, SEC.3; P.L.238-2005, SEC.37.