Trust for noncharitable purpose
Sec. 19. (a) Except as provided in section 18 of this chapter, a
trust may be created for a:
(1) noncharitable purpose without a beneficiary; or
(2) noncharitable and valid purpose to be selected by the
trustee.
(b) A trust authorized by this section may be enforced for not
more than twenty-one (21) years.
(c) A trust authorized by this section may be enforced by the
following:
(1) A person appointed in the terms of the trust.
(2) A person appointed by the court, if the terms of the trust do
not appoint a person.
(d) Property of a trust authorized by this section may be applied
only to the trust's intended use, except to the extent the court
determines that the value of the trust property exceeds the amount
required for the trust's intended use.
(e) Except as provided in the terms of the trust, property not
required for the trust's intended use must be distributed to the
following:
(1) The settlor, if the settlor is living.
(2) The settlor's successors in interest, if the settlor is deceased.
As added by P.L.238-2005, SEC.27.
Last modified: May 27, 2006