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IC 28-2-7
Chapter 7. Fiduciary Bonds
IC 28-2-7-1
General exemption from requirement for bond
Sec. 1. Any bank, trust company, or corporate fiduciary organized
under the laws of the state of Indiana or of the United States of
America and operating a bank, trust company, or corporate fiduciary
which is located within the state of Indiana, which is acting on
December 12, 1945, or which may act, after December 12, 1945, in
a fiduciary capacity in any estate, trust, receivership, action, matter,
or proceeding pending on or after December 12, 1945, in any court
created by the Constitution or the laws of the state of Indiana, shall
not, while so acting, except as provided in section 2 of this chapter,
be required to file in said court any bond conditioned:
(1) for the full performance of its duties;
(2) to account for the funds or property which may come into its
possession; or
(3) for any other purpose whatsoever.
(Formerly: Acts 1945, c.248, s.1.) As amended by P.L.263-1985,
SEC.119; P.L.262-1995, SEC.52.
IC 28-2-7-2
Order for bond at initiation of proceedings; notice to show cause
Sec. 2. The court in which said estate, trust, receivership, action,
matter, or proceeding is pending may, at the time it is filed or
instituted, refuse to permit said fiduciary to take advantage and have
the benefits of section 1 of this chapter or may, at any time during the
pendency thereof, cause a written notice to be served upon said
fiduciary to show cause why an order should not be entered,
requiring it to file the bond or bonds which it would be or have been
required to file but for the provisions of section 1 of this chapter, and
it shall be stated in said notice the date upon which a hearing thereon
shall be held.
(Formerly: Acts 1945, c.248, s.2.) As amended by P.L.263-1985,
SEC.120.
IC 28-2-7-3
Order after hearing
Sec. 3. After said hearing shall have been held, the court shall
enter an order either:
(1) permitting said fiduciary to continue to act as such, in
accordance with the provisions of section 1 of this chapter; or
(2) requiring it to file, within the time fixed by the court, the
bond or bonds it would be or have been required to file but for
the provisions of section 1 of this chapter.
(Formerly: Acts 1945, c.248, s.3.) As amended by P.L.263-1985,
SEC.121.
IC 28-2-7-4
Failure to file bond; vacating order appointing institution as
fiduciary
Sec. 4. If any bond, which is ordered filed in accordance with the
provisions of section 3 of this chapter, is not filed within the time so
fixed by the court, the order appointing said fiduciary or permitting
it to act as such in said estate, trust, receivership, action, matter, or
proceeding shall be deemed to be vacated and set aside.
(Formerly: Acts 1945, c.248, s.4.) As amended by P.L.263-1985,
SEC.122.
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