§ 32-17-11-7 — "Party" defined

Indiana § 32-17-11-7

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

Text

(a) As used in this chapter, "party" means a
person who, by the terms of the account, has a present right, subject to
request, to payment from a multiple party account. A beneficiary of a
trust account is a party only after the account becomes payable to the
payee or beneficiary by reason of the payee's or beneficiary's surviving
the original payee or trustee.
(b) Unless the context otherwise requires, the term includes a
guardian, conservator, personal representative, or assignee, including
an attaching creditor, of a party. The term also includes a person
identified as a trustee of an account for another whether or not a
beneficiary is named.
(c) The term does not include:
(1) any named beneficiary unless the beneficiary has a present
right of withdrawal; or
(2) a person who is merely authorized to make a request as the
agent of another.
[Pre-2002 Recodification Citation: 32-4-1.5-1(7).]

Legislative History

As added by P.L.2-2002, SEC.2. Amended by P.L.143-2009, SEC.34.