Exclusions
Sec. 2. This chapter does not apply to the following:
(1) A nonvested property interest or a power of appointment
arising out of a nondonative transfer, except a nonvested
property interest or a power of appointment arising out of any
of the following:
(A) A premarital or postmarital agreement.
(B) A separation or divorce settlement.
(C) A spouse's election.
(D) A similar arrangement arising out of a prospective, an
existing, or a previous marital relationship between the
parties.
(E) A contract to make or not to revoke a will or trust.
(F) A contract to exercise or not to exercise a power of
appointment.
(G) A transfer in satisfaction of a duty of support.
(H) A reciprocal transfer.
(2) A fiduciary's power relating to the administration or
management of assets, including the power of a fiduciary to
sell, lease, or mortgage property, and the power of a fiduciary
to determine principal and income.
(3) A power to appoint a fiduciary.
(4) A discretionary power of a trustee to distribute principal
before termination of a trust to a beneficiary having an
indefeasibly vested interest in the income and principal.
(5) A nonvested property interest held by a charity, government,
or governmental agency or subdivision, if the nonvested
property interest is preceded by an interest held by another
charity, government, or governmental agency or subdivision.
(6) A nonvested property interest in or a power of appointment
with respect to a trust or other property arrangement forming
part of a pension, a profit sharing, a stock bonus, a health, a
disability, a death benefit, an income deferral, or other current
or deferred benefit plan for one (1) or more employees,
independent contractors, or their beneficiaries or spouses, to
which contributions are made for the purpose of distributing to
or for the benefit of the participants or their beneficiaries or
spouses the property, income, or principal in the trust or other
property arrangement, except a nonvested property interest or
a power of appointment that is created by an election of a
participant or a beneficiary or spouse.
(7) A property interest, power of appointment, or arrangement
that was not subject to the common law rule against perpetuities
or is excluded by another Indiana statute.
(8) A:
(A) provision for the accumulation of an amount of the
income of a trust estate reasonably necessary for the upkeep,
repair, or proper management of the subject of the estate;
(B) direction in a trust that provides for the allocation wholly
or in part to the principal of the trust of stock dividends or
stock rights derived from shares held in a trust;
(C) provision for a sinking or reserve fund; or
(D) statutory provision directing an accumulation.
As added by P.L.2-2002, SEC.2.
Last modified: May 24, 2006