§ 32-17-14-3 — Definitions

Indiana § 32-17-14-3

• Jurisdiction: Indiana
• Title 32: PROPERTY
• Art. 17: INTERESTS IN PROPERTY
• Ch. 14: Transfer on Death Property Act

Text

The following definitions apply throughout
this chapter:
(1) "Beneficiary" means a person designated or entitled to receive
property because of another person's death under a transfer on
death transfer.
(2) "Beneficiary designation" means a written instrument other
than a will or trust that designates the beneficiary of a transfer on
death transfer.
(3) "Governing instrument" refers to a written instrument agreed
to by an owner that establishes the terms and conditions of an
ownership in beneficiary form.
(4) "Intangible personal property" means incorporeal property,
such as money, deposits, credits, shares of stock, bonds, notes,
other evidences of indebtedness, and other evidences of property
interests.
(5) "Joint owners" refers to persons who hold property as joint
tenants with a right of survivorship. However, the term does not
include a husband and wife who hold property as tenants by the
entirety.
(6) "LDPS" means an abbreviation of lineal descendants per
stirpes, which may be used in a beneficiary designation to
designate a substitute beneficiary as provided in section 22 of this
chapter.
(7) "Owner", except as provided in subdivision (14), refers to a
person or persons who have a right to designate the beneficiary of
a transfer on death transfer.
(8) "Ownership in beneficiary form" means holding property
under a registration in beneficiary form or other written
instrument that:
(A) names the owner of the property;
(B) directs ownership of the property to be transferred upon the
death of the owner to the designated beneficiary; and
(C) designates the beneficiary.
(9) "Person" means an individual, a sole proprietorship, a
partnership, an association, a fiduciary, a trustee, a corporation,
a limited liability company, or any other business entity.
(10) "Proof of death" means a death certificate or a record or
report that is prima facie proof or evidence of an individual's
death.
(11) "Property" means any present or future interest in real
property, intangible personal property, or tangible personal
property. The term includes:
(A) a right to direct or receive payment of a debt;
(B) a right to direct or receive payment of money or other
benefits due under a contract, account agreement, deposit
agreement, employment contract, or trust or by operation of
law;
(C) a right to receive performance remaining due under a
contract;
(D) a right to receive payment under a promissory note or a
debt maintained in a written account record;
(E) rights under a certificated or uncertificated security;
(F) rights under an instrument evidencing ownership of
property issued by a governmental agency; and
(G) rights under a document of title (as defined in IC 26-1-1-201).
(12) "Registration in beneficiary form" means titling of an
account record, certificate, or other written instrument that:
(A) provides evidence of ownership of property in the name of
the owner;
(B) directs ownership of the property to be transferred upon the
death of the owner to the designated beneficiary; and
(C) designates the beneficiary.
(13) "Security" means a share, participation, or other interest in
property, in a business, or in an obligation of an enterprise or
other issuer. The term includes a certificated security, an
uncertificated security, and a security account.
(14) "The death of the owner" or "the owner's death" refers to the
death of the individual upon whose death the transfer on death
transfer occurs.
(15) "Tangible personal property" means corporeal personal
property, such as goods, wares, and merchandise.
(16) "Transfer on death deed" means a deed that conveys an
interest in real property to a grantee by beneficiary designation.
(17) "Transfer on death transfer" refers to a transfer of property
that takes effect upon the death of the owner under a beneficiary
designation made under this chapter.
(18) "Transferring entity" means a person who:
(A) owes a debt or is obligated to pay money or benefits;
(B) renders contract performance;
(C) delivers or conveys property; or
(D) changes the record of ownership of property on the books,
records, and accounts of an enterprise or on a certificate or
document of title that evidences property rights.
The term includes a governmental agency, business entity, or
transfer agent that issues certificates of ownership or title to
property and a person acting as a custodial agent for an owner's
property. However, the term does not include a governmental
office charged with endorsing, entering, or recording the transfer
of real property in the public records.

Legislative History

As added by P.L.143-2009, SEC.41. Amended by P.L.6-2010, SEC.26; P.L.36-2011, SEC.12; P.L.81-2015, SEC.24; P.L.231-2019, SEC.43.