Provisions in certain agreements nontestamentary; creditors'
rights
Sec. 28. (a) Any of the following provisions in an insurance
policy, contract of employment, bond, mortgage, promissory note,
deposit agreement, pension plan, trust agreement, conveyance, or any
other written instrument effective as a contract, gift, conveyance, or
trust is considered to be nontestamentary, and this title and IC 29 do
not invalidate the instrument or any provision:
(1) That money or other benefits due to, controlled, or owned
by a decedent before the person's death shall be paid after the
person's death to a person designated by the decedent in either
the instrument or a separate writing, including a will, executed
at the same time as the instrument or subsequently.
(2) That any money due or to become due under the instrument
shall cease to be payable in event of the death of the promisee
or the promisor before payment or demand.
(3) That any property that is the subject of the instrument shall
pass to a person designated by the decedent in either the
instrument or a separate writing, including a will, executed at
the same time as the instrument or subsequently.
(b) This section does not limit the rights of creditors under other
Indiana laws.
As added by P.L.2-2002, SEC.2.
Last modified: May 24, 2006