§ 32-17-11-28 — Provisions in certain agreements nontestamentary; creditors' rights

Indiana § 32-17-11-28

• Jurisdiction: Indiana
• Title 32: PROPERTY
• Art. 17: INTERESTS IN PROPERTY
• Ch. 11: Multiple Party Accounts

Text

(a) Any of the following provisions in an
insurance policy, contract of employment, bond, mortgage, promissory
note, deposit agreement, pension plan, trust agreement, conveyance, or
any other written instrument effective as a contract, gift, conveyance,
or trust is considered to be nontestamentary, and this title and IC 29 do
not invalidate the instrument or any provision:
(1) That money or other benefits due to, controlled, or owned by
a decedent before the person's death shall be paid after the
person's death to a person designated by the decedent in either the
instrument or a separate writing, including a will, executed at the
same time as the instrument or subsequently.
(2) That any money due or to become due under the instrument
shall cease to be payable in event of the death of the promisee or
the promisor before payment or demand.
(3) That any property that is the subject of the instrument shall
pass to a person designated by the decedent in either the
instrument or a separate writing, including a will, executed at the
same time as the instrument or subsequently.
(b) This section does not limit the rights of creditors under other
Indiana laws.
[Pre-2002 Recodification Citation: 32-4-1.5-14.]

Legislative History

As added by P.L.2-2002, SEC.2.