§ 30-5-5-10 — Fiduciary transactions

Indiana § 30-5-5-10

• Jurisdiction: Indiana
• Art. 5: POWERS OF ATTORNEY
• Ch. 5: Powers

Text

(a) Language conferring general authority
with respect to fiduciary transactions means the principal authorizes the
attorney in fact to do the following if the principal has the authority to
delegate:
(1) Apply for and procure, in the name of the principal, letters of
administration, letters testamentary, letters of guardianship, or any
other type of judicial or administrative authority to act as a
fiduciary.
(2) Represent and act for the principal in all ways and in all
matters affecting a fund with respect to which the principal is a
fiduciary.
(3) Initiate, participate in, and oppose a proceeding, judicial or
otherwise, for the removal, substitution, or surcharge of a
fiduciary, conserve, invest, or disburse anything received for the
purposes of the fund for which it is received, and reimburse the
attorney in fact for expenditures properly made by the attorney in
fact in the execution of powers conferred on the attorney in fact.
(4) Agree and contract in any manner and on any terms with a
person the attorney in fact selects to accomplish a purpose
permitted under this section and perform, rescind, reform, release,
or modify an agreement or contract made by or on behalf of the
principal.
(5) Execute, acknowledge, verify, seal, file, and deliver a consent,
a designation, a pleading, a notice, a demand, an election, a
conveyance, a release, an assignment, a pledge, a check, a waiver,
an admission of service, a notice of appearance, or other
instrument the attorney in fact considers useful to accomplish a
purpose permitted under this section.
(6) Hire, discharge, and compensate an attorney, accountant,
expert witness, or other assistant when the attorney in fact
considers the action to be desirable for the proper execution by
the attorney in fact of a power described in this section and keep
needed records.
(7) Perform any other acts with respect to a fund of which the
principal is a fiduciary.
(b) The powers described in this section are exercisable equally with
respect to a fund of which the principal is a fiduciary at the time of the
giving of the power of attorney or becomes a fiduciary after that time,
whether located in Indiana or in another jurisdiction.
(c) As used in this section, "fiduciary" means a trustee, personal
representative, guardian, attorney in fact, custodian, escrow agent, or
person similarly authorized to act primarily for the benefit of another
person.
(d) As used in this section, "fund" means any asset, including real
or personal property, in which a principal has an interest as a fiduciary.
(e) The powers granted in this section apply:
(1) to a fund existing at the time the power of attorney is
executed;
(2) to a fund created after the power of attorney is executed; and
(3) whether or not the fund is located in Indiana.

Legislative History

As added by P.L.149-1991, SEC.2. Amended by P.L.51-2014, SEC.27.