§ 30-4-3-31 — Judicial modification of trusts for benevolent public purpose and certain transfers not in trust; federal compliance

(a) This section is enacted for the purpose of
confirming the power of Indiana courts to modify trusts for a
benevolent public purpose, and transfers not in trust as described in
Section 170(f)(3)(A) of the Internal Revenue Code, to effect
compliance with Sections 170, 664, 2055, 2106, and 2522 of the
Internal Revenue Code so that these trusts and transfers may obtain the
income tax exemption afforded by Section 664 of the Internal Revenue
Code and donors or other contributors of gifts or contributions to these
trusts and transfers may secure the income, estate, and gift tax
charitable deductions granted by Sections 170, 2055, 2106, and 2522
of the Internal Revenue Code.
(b) Upon petition, any court of general or probate jurisdiction in
Indiana may, in its discretion, modify the instrument of an inter vivos
or testamentary trust for a benevolent public purpose, or transfer not in
trust as described in Section 170(f)(3)(A) of the Internal Revenue
Code, so that the trust or transfer complies with and conforms to the
provisions of Sections 170, 664, 2055, 2106, and 2522 of the Internal
Revenue Code and regulations thereunder from the date of the trust's
or transfer's creation, if consent to the modification is given by:
(1) all beneficiaries of the trust or transfer; and
(2) the settlor of the trust or transfer if the settlor is living at the
date of modification.
Formerly: Acts 1973, P.L.294, SEC.1. As amended by Acts
1977, P.L.301, SEC.1; Acts 1982, P.L.180, SEC.1; P.L.2-1987,
SEC.46; P.L.41-2000, SEC.4.