2017 Indiana Code
TITLE 30. Trusts and Fiduciaries
ARTICLE 2. GENERAL PROVISIONS
CHAPTER 13. Payment of Funeral, Burial Services, or Merchandise in Advance of Need
30-2-13-14. Conversion of trust or escrow agreement; change in method of funding; new or successor trustee or escrow agent
Sec. 14. (a) A trust or an escrow agreement created under:
(1) IC 23-14-49-1;
(2) IC 30-2-9; or
(3) IC 30-2-10;
may not be converted to a trust or an escrow agreement required by section 12 or 12.5 of this chapter.
(b) A contract that has been funded with cash may not subsequently be changed to be funded with an insurance policy.
(c) A contract that has been funded with an insurance policy may not subsequently be changed to be funded with cash.
(d) Unless a transaction occurs under section 15(a)(4) of this chapter or the provisions of the contract permit otherwise, a new or successor trustee or escrow agent may not qualify and serve as trustee or escrow agent without the written consent of the purchaser and the seller designated to provide services or merchandise subject to a contract under this chapter.
As added by P.L.200-1991, SEC.1. Amended by P.L.241-1995, SEC.9; P.L.52-1997, SEC.53; P.L.114-1999, SEC.11.
