Definition of "trust"; relationships excluded from this article;
transferability of employee benefit trust
Sec. 1. (a) A trust is a fiduciary relationship between a person
who, as trustee, holds title to property and another person for whom,
as beneficiary, the title is held.
(b) Subject to IC 30-4-2-8, the same person may be both the
trustee and a beneficiary.
(c) The rules of law contained in this article do not apply to:
(1) trusts created by operation of law;
(2) business trusts (as defined in IC 23-5-1);
(3) security instruments and creditor arrangements;
(4) voting trusts;
(5) religious, educational, and cultural institutions, created in
other than trust form, except with respect to the application of
IC 30-4-5-18 through IC 30-4-5-23 as those sections relate to
the maintenance of federal income tax exemption privileges to
which an institution is entitled;
(6) corporations and other entities governed by IC 23-17, except
with respect to IC 30-4-5-18 through IC 30-4-5-23 as those
sections relate to the maintenance of federal income tax
exemption privileges to which a corporation or other entity is
entitled;
(7) prepaid funeral plans;
(8) trusts for the care and upkeep of cemeteries;
(9) agreements to furnish funeral services; and
(10) trusts created or authorized by statute other than this
article.
(d) IC 30-4-3-2(a) applies to an employee benefit trust that meets
the requirements set forth in IC 30-4-3-2(c). However, no other
provision of this article applies to an employee benefit trust.
(Formerly: Acts 1971, P.L.416, SEC.2; Acts 1972, P.L.11, SEC.12.)
As amended by P.L.287-1987, SEC.1; P.L.41-2000, SEC.1.
Last modified: May 27, 2006