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2017 Indiana Code
TITLE 30. Trusts and Fiduciaries
ARTICLE 4. TRUST CODE
CHAPTER 3. Rules Governing the Rights, Powers, Duties, Liabilities, and Remedies of the Parties to a Trust
30-4-3-29.5. Corporate trustee that acquires trust due to change in control
Universal Citation: IN Code § 30-4-3-29.5 (2017)
IC 30-4-3-29.5 Corporate trustee that acquires trust due to change in control
Sec. 29.5. (a) Except as provided in subsection (b) and unless the trust instrument provides otherwise, a corporate trustee that acquires a trust as a result of a change in control may not:
(1) decline to accept the trust property;
(2) resign as trustee; or
(3) otherwise refuse to administer the trust;
based upon the amount of property or funds held in the trust estate.
(b) A court may, at the court's discretion, allow a trustee described in subsection (a) to resign if:
(1) the trustee petitions the court; and
(2) the court determines that the trustee's resignation will be in the best interests of all the beneficiaries of the trust.
As added by P.L.199-1996, SEC.2.
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