Indiana § 32-38-3-1 Trustee considered insured owner; conditions

Indiana Statutes

§ 32-38-3-1 — Trustee considered insured owner; conditions

Indiana·Title 32 PROPERTY·Art. 38 TITLE INSURANCE AND TRANSFERS TO·Ch. 3 Transfers to Certain Trusts

Notwithstanding any other law, the trustee of a trust is considered to be the insured owner under a policy or commitment that insures or proposes to insure an interest in real property that is transferred to the trust if:

(1)the transferee of the interest in real property is the trustee of the trust, the trust was established by the named insured owner, and the transferor is the named insured owner;

(2)the named insured owner reserves the right to amend or revoke the trust during the named insured owner's lifetime;

(3)the named insured owner is a natural person; and

(4)the transfer of the interest in real property is made by the named insured owner personally or by:

(A)the named insured owner's attorney in fact;

(B)the named insured owner's guardian or other similar person in a guard

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Notwithstanding any other law, the trustee of
a trust is considered to be the insured owner under a policy or
commitment that insures or proposes to insure an interest in real
property that is transferred to the trust if:
(1) the transferee of the interest in real property is the trustee of
the trust, the trust was established by the named insured owner,
and the transferor is the named insured owner;
(2) the named insured owner reserves the right to amend or
revoke the trust during the named insured owner's lifetime;
(3) the named insured owner is a natural person; and
(4) the transfer of the interest in real property is made by the
named insured owner personally or by:
(A) the named insured owner's attorney in fact;
(B) the named insured owner's guardian or other similar person
in a guardianship or protective proceeding in which the named
insured owner is an incapacitated or a protected person; or
(C) the personal representative of the deceased named insured
owner's estate under the terms and conditions of the named
insured owner's last will and testament;
even if the named insured owner transfers the interest in real property
to the trustee described in this section after the effective date of the
policy or commitment.

Indiana § 32-38-3-1 (Trustee considered insured owner; conditions) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.