2013 Indiana Code TITLE 28. FINANCIAL INSTITUTIONS ARTICLE 14. CORPORATE FIDUCIARIES CHAPTER 4. REAL ESTATE POWERS OF CORPORATE FIDUCIARIES
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IC 28-14-4
Chapter 4. Real Estate Powers of Corporate Fiduciaries
IC 28-14-4-1
Power to purchase or convey real estate necessary for convenient
transaction of business
Sec. 1. (a) A corporate fiduciary has the power to purchase, hold,
and convey real estate as necessary for the convenient transaction of
its business.
(b) Real property that may be purchased or held for the
convenient transaction of the business of a corporate fiduciary
includes the following:
(1) Real property on which the principal office or a trust office
of the corporate fiduciary is located.
(2) Real property that is the location of facilities supporting the
operations of the corporate fiduciary.
(3) Real property that the board of directors expects, in good
faith, to use as an office or a facility in the future.
As added by P.L.262-1995, SEC.90.
IC 28-14-4-2
Real property held without use for one year
Sec. 2. (a) If real property referred to in section 1(b)(3) of this
chapter is held for one (1) year without being used by the corporate
fiduciary as an office or a facility, the board of directors of the
corporate fiduciary shall state by resolution definite plans for the use
of the real property.
(b) A resolution adopted under this section shall be made
available for inspection by the department.
As added by P.L.262-1995, SEC.90.
IC 28-14-4-3
Real property held without use for more than three years
Sec. 3. Real property referred to in section 1(b)(3) of this chapter
may not be held for more than three (3) years without being used as
a corporate fiduciary office or a facility, unless:
(1) the board of directors by resolution:
(A) reaffirms annually that the corporate fiduciary expects
to use the real property as a corporate fiduciary office or a
facility in the future; and
(B) explains the reason why the real property has not yet
been used as an office or a facility; and
(2) the director determines that:
(A) the continued holding of the real property does not
endanger the safety and soundness of the corporate
fiduciary; and
(B) the corporate fiduciary is holding the real property to use
in the future for one (1) of the purposes set forth in section
1(b)(1) and 1(b)(2) of this chapter.
As added by P.L.262-1995, SEC.90.
IC 28-14-4-4
Real property held without use for more than ten years
Sec. 4. Real property referred to in section 1(b)(3) of this chapter
may not be held for more than ten (10) years without being used as
a corporate fiduciary office or facility unless the director consents in
writing to the continued holding of the real estate by the corporate
fiduciary.
As added by P.L.262-1995, SEC.90.
IC 28-14-4-5
Maximum limit of investment in real estate and buildings
necessary for convenient transaction of business
Sec. 5. The sum that a corporate fiduciary invests in real estate
and buildings used for the convenient transaction of its business shall
not exceed fifty percent (50%) of the capital and surplus of the
corporate fiduciary, exclusive of undivided profits of the corporate
fiduciary, unless the director gives approval in writing to investments
exceeding the limit set forth in this subsection.
As added by P.L.262-1995, SEC.90.
IC 28-14-4-6
Investment in stock of corporation holding real estate and
buildings used by corporate fiduciary
Sec. 6. Investments by a corporate fiduciary under this chapter
may be made in the stock of a corporation that is organized to own
and hold the real property and building occupied and used wholly or
in part by the corporate fiduciary.
As added by P.L.262-1995, SEC.90.
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