Indiana § 32-17-13-9 Release of obligor or trustee from liability for transfer of assets to
nonprobate transferee

Indiana Statutes

§ 32-17-13-9 — Release of obligor or trustee from liability for transfer of assets to nonprobate transferee

Indiana·Title 32 PROPERTY·Art. 17 INTERESTS IN PROPERTY·Ch. 13 Liability of Nonprobate Transferees for Creditor Claims

Unless written notice asserting that a deceased transferor's probate estate is insufficient to pay allowed claims and statutory allowances has been received from the deceased transferor's personal representative, the following rules apply:

(1)Payment or delivery of assets by a financial institution, registrar, or another obligor to a nonprobate transferee under the terms of the governing instrument controlling the transfer releases the obligor from all claims for amounts paid or assets delivered.

(2)A trustee receiving or controlling a nonprobate transfer is released from liability under this section on any assets distributed to the trust's beneficiaries. Each beneficiary, to the extent of the distribution received, becomes liable for the amount of the trustee's liability attributable to

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Unless written notice asserting that a
deceased transferor's probate estate is insufficient to pay allowed
claims and statutory allowances has been received from the deceased
transferor's personal representative, the following rules apply:
(1) Payment or delivery of assets by a financial institution,
registrar, or another obligor to a nonprobate transferee under the
terms of the governing instrument controlling the transfer releases
the obligor from all claims for amounts paid or assets delivered.
(2) A trustee receiving or controlling a nonprobate transfer is
released from liability under this section on any assets distributed
to the trust's beneficiaries. Each beneficiary, to the extent of the
distribution received, becomes liable for the amount of the
trustee's liability attributable to that asset imposed by sections 2
and 3 of this chapter.

Indiana § 32-17-13-9 (Release of obligor or trustee from liability for transfer of assets to nonprobate transferee) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.