"Trust account" defined
Sec. 14. (a) As used in this chapter, "trust account" means an
account in the name of at least one (1) party as trustee for at least one
(1) beneficiary if:
(1) the relationship is established by the form of the account
and the deposit agreement with the financial institution; and
(2) there is no subject of the trust other than the sums on deposit
in the account.
It is not essential that payment to the beneficiary be mentioned in the
deposit agreement.
(b) The term does not include the following:
(1) A regular trust account under a testamentary trust.
(2) A trust agreement that has significance apart from the
account.
(3) A fiduciary account arising from a fiduciary relation such as
attorney-client.
As added by P.L.2-2002, SEC.2.
Last modified: May 24, 2006