Indiana § 30-4-4-2 Transfers by the trustee to third persons

Indiana Statutes

§ 30-4-4-2 — Transfers by the trustee to third persons

Indiana·Art. 4 TRUST CODE·Ch. 4 Rules Governing the Rights of Third Parties

(Transfers by the Trustee to Third Persons)

(a)If, in transferring an interest in trust property to a third party, the trustee is not committing a breach of trust, the transferee holds the interest free of the trust and incures no liability to the beneficiary.

(b)A third person, to whom an interest in trust property is transferred by the trustee in breach of trust, takes his interest free of the trust if he:

(1)takes for value and without notice of the breach of trust; and

(2)is not taking part in what he knows to be an illegal transaction. Formerly: Acts 1971, P.L.416, SEC.5.

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(Transfers by the Trustee to Third Persons)
(a) If, in transferring an interest in trust property to a third party, the
trustee is not committing a breach of trust, the transferee holds the
interest free of the trust and incures no liability to the beneficiary.
(b) A third person, to whom an interest in trust property is
transferred by the trustee in breach of trust, takes his interest free of the
trust if he:
(1) takes for value and without notice of the breach of trust; and
(2) is not taking part in what he knows to be an illegal transaction.
Formerly: Acts 1971, P.L.416, SEC.5.

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