Indiana § 30-4-8-16 Rights of a lender; notice of transfer of assets

Indiana Statutes

§ 30-4-8-16 — Rights of a lender; notice of transfer of assets

Indiana·Art. 4 TRUST CODE·Ch. 8 Legacy Trusts

(a)Nothing in this chapter shall be construed to prohibit a lender from enforcing its rights in property identified in section 1(b) of this chapter and, to the extent necessary, naming the legacy trust or trustee of the trust as a defendant to the action or proceeding.

(b)If an asset described in section 1(b)(1) of this chapter is transferred to a legacy trust or trustee of a legacy trust, the transferor of that asset must send written notice of the transfer to the pertinent lender within fifteen (15) days after that transfer. The transferor must send the notice by certified mail, return receipt requested, to the registered agent for the lender. If there is no registered agent for the lender, the transferor must send notice to one (1) of the following:

(1)The last known address of the l

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(a) Nothing in this chapter shall be construed
to prohibit a lender from enforcing its rights in property identified in
section 1(b) of this chapter and, to the extent necessary, naming the
legacy trust or trustee of the trust as a defendant to the action or
proceeding.
(b) If an asset described in section 1(b)(1) of this chapter is
transferred to a legacy trust or trustee of a legacy trust, the transferor
of that asset must send written notice of the transfer to the pertinent
lender within fifteen (15) days after that transfer. The transferor must
send the notice by certified mail, return receipt requested, to the
registered agent for the lender. If there is no registered agent for the
lender, the transferor must send notice to one (1) of the following:
(1) The last known address of the lender.
(2) The last address specified by the lender for mailing payments
on the obligations.
(3) The address specified by the lender for general inquiries by
customers.
The notice must include the name of the transferor, a description of the
asset transferred, the name of the trustee, and the date that the transfer
was completed. Upon request, the transferor or trustee shall provide the
lender with a certification of the trust under IC 30-4-4-5, the names and
addresses of the qualified beneficiaries of the trust, and copies of the
pages from the trust instrument that identify the current trustee and
describe the trustee's administrative powers and duties.
(c) Nothing in this chapter shall be construed to authorize any
disposition that is prohibited by the terms of any agreements, notes,
guaranties, mortgages, indentures, instruments, undertakings, or other
documents. Any provisions that prohibit such transfer or disposition
shall be binding and shall make this chapter inapplicable, so long as
any indebtedness remains outstanding in connection with such
agreements, notes, guaranties, mortgages, indentures, instruments,
undertakings, or other similar documents.
(d) In the event of a conflict between this section and any other
provision of this chapter, this section shall control.

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