Securities; insurance
Sec. 1. Every executor, administrator, guardian, trustee, receiver
or other fiduciary shall have the power, in such capacity, to invest in
the following:
(1) Obligations issued pursuant to the provisions of the Federal
Home Loan Bank Act (12 U.S.C. 1421 et seq.), as in effect on
December 31, 1990, and in obligations issued by the FSLIC
Resolution Fund.
(2) Life, endowment, or annuity contracts of legal reserve life
insurance companies duly licensed by the insurance
commissioner for the state of Indiana to transact business within
the state. The purchase of contracts authorized by this
subdivision shall be limited, however, to executors or the
successors to their powers when specifically authorized by will,
to guardians on authorization of the court having probate
jurisdiction over the guardianship, and to trustees. Such
contracts may be issued on the life or lives of a protected person
or persons, a beneficiary or beneficiaries of a trust fund, or
according to the terms of a will, or upon the life or lives of
persons in whom the protected person or beneficiary has an
insurable interest. Life or endowment or annuity contracts may
be purchased by trustees in the absence of an express
prohibition against such purchase contained in the instrument
creating the trust. The trustee may expend trust income and
principal to pay annual premiums for contracts authorized by
this subsection subject to limitations that are:
(A) imposed by the court having probate jurisdiction over
the trust; or
(B) expressly authorized in the trust instrument.
In the absence of express provision in the trust instrument to the
contrary, the trustee, as trustee, shall possess all the incidents of
ownership in contracts so issued and the trustee as trustee, or
the beneficiary or beneficiaries of the trust shall be the
beneficiary or beneficiaries of such contracts.
(3) Obligations of the federal government, or any federal
agency or instrumentality, whenever a governing instrument or
order directs, requires, authorizes, or permits investment in such
obligations, either directly or in the form of securities of, or
other interests in, any open end management type investment
company or investment trust registered under the provisions of
the Investment Company Act of 1940 (15 U.S.C. 80a et seq.),
as in effect on December 31, 1990. However, the portfolio of
the investment company or investment trust must be limited to
obligations of the federal government or any federal agency or
instrumentality, and to repurchase agreements fully
collateralized by such obligations to which obligations the
investment company or investment trust takes delivery either
directly or through an authorized custodian.
(Formerly: Acts 1941, c.149, s.1; Acts 1943, c.250, s.1; Acts 1969,
c.160, s.1.) As amended by P.L.280-1987, SEC.3; P.L.33-1989,
SEC.84; P.L.8-1991, SEC.33; P.L.252-2001, SEC.29.
Last modified: May 27, 2006