Acting without court approval
Sec. 10. (a) Unless expressly prohibited in the governing trust
instrument, and if the trustee would not be prohibited from
exercising the power to adjust under IC 30-2-14-15(a) because at
least one (1) of the provisions of IC 30-2-14-15(c)(3) through
IC 30-2-14-15(c)(7) would be applicable, a trustee may, without the
approval of the court having jurisdiction of the trust, take an action
set forth in section 9 of this chapter if:
(1) the trustee sends written notice of the trustee's proposed
action to:
(A) the settlor of the trust, if the settlor is living; and
(B) the trust beneficiaries described in IC 30-2-14-16(b); and
(2) no person who receives a written notice under subdivision
(1) objects to the proposed action.
(b) To the extent applicable, the notice must:
(1) state the trustee's intent to release the power to adjust under
IC 30-2-14-15 and to convert the trust to a total return unitrust;
and
(2) describe how the unitrust will operate and any decisions
made by the trustee under this chapter.
In the notice, the trustee shall also specify an effective date of the
conversion, reconversion, or change in the unitrust rate.
(c) A person who receives notice under subsection (a) of a
trustee's proposed action may object to the proposed action by
delivering a written objection to the trustee not later than sixty (60)
days after receiving the notice.
As added by P.L.3-2003, SEC.2.
Last modified: May 27, 2006