§ 30-4-3-5 — Conflict of interest in exercise of powers

(a) If the duty of the trustee in the exercise of
any power conflicts with the trustee's individual interest or the trustee's
interest as trustee of another trust, the power may be exercised only
under one (1) of the following circumstances:
(1) The trustee receives court authorization to exercise the power
with notice to interested persons as the court may direct.
(2) The trustee gives notice of the proposed action in accordance
with IC 30-2-14-16 and:
(A) the trustee receives the written authorization of all
interested persons to the proposed action within the period
specified in the notice of the proposed action; or
(B) a beneficiary objects to the proposed action within the
period specified in the notice of the proposed action, but the
trustee receives court authorization to exercise the power.
(3) The exercise of the power is specifically authorized by the
terms of the trust.
(b) For purposes of this section, the interest of an affiliate of the
trustee will be deemed to be the interest of the trustee.
Formerly: Acts 1971, P.L.416, SEC.4. As amended by
P.L.61-2006, SEC.7.