§ 32-18-1-3 — Trustee; duties on execution of assignment; bond

Indiana § 32-18-1-3

• Jurisdiction: Indiana
• Title 32: PROPERTY
• Art. 18: INTERESTS OF CREDITORS IN PROPERTY
• Ch. 1: Assignment of Real and Personal Property for the Benefit

Text

(a) Not later than fifteen (15) days after the
execution of the assignment, the trustee shall file a copy of the
assignment and schedule in the office of the clerk of the circuit court
of the county in which the debtor resides. The trustee shall state under
oath, before execution of the trust:
(1) that the trustee will faithfully execute the trust, and the
property assigned has been actually delivered into the trustee's
possession for the uses declared in the assignment; and
(2) what the probable value of the assigned property is.
(b) The trustee shall, at the time the assignment and schedule is filed
under subsection (a), file with the clerk a written undertaking to the
state with at least one (1) sufficient surety. The bond to be approved by
the clerk:
(1) must be in a sum double the amount of the value of the
property assigned; and
(2) conditioned for the faithful discharge of the duties of the
trustee's trust.
The bond must be for the use of a person injured by the action of the
trustee.
[Pre-2002 Recodification Citation: 32-12-1-3.]

Legislative History

As added by P.L.2-2002, SEC.3.