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2017 Indiana Code
TITLE 30. Trusts and Fiduciaries
ARTICLE 4. TRUST CODE
CHAPTER 4. Rules Governing the Rights of Third Parties
30-4-4-2. Transfers by the trustee to third persons
Universal Citation: IN Code § 30-4-4-2 (2017)
IC 30-4-4-2 Transfers by the trustee to third persons
Sec. 2. (Transfers by the Trustee to Third Persons)
(a) If, in transferring an interest in trust property to a third party, the trustee is not committing a breach of trust, the transferee holds the interest free of the trust and incures no liability to the beneficiary.
(b) A third person, to whom an interest in trust property is transferred by the trustee in breach of trust, takes his interest free of the trust if he:
(1) takes for value and without notice of the breach of trust; and
(2) is not taking part in what he knows to be an illegal transaction.
Formerly: Acts 1971, P.L.416, SEC.5.
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