IC 30-1-8
    Chapter 8. Common Trust Funds

IC 30-1-8-1
Definitions
    Sec. 1. The words and phrases used in this chapter shall beconstrued as follows:
    (a) "Fiduciary" shall mean a bank or trust company undertakingto act alone or jointly with others primarily for the benefit of anotherin all matters connected with its undertaking and includes trustee,executor, administrator, personal representative, registrar of stocksand bonds, guardian of estates, assignee, receiver, managing agentand any other similar capacity.
    (b) "Regulations" shall mean the regulations promulgated by theboard of governors of the federal reserve system and the comptrollerof currency in conformity with the federal Internal Revenue Code, assuch regulations now exist or as they may be hereafter amended.
    (c) "Participating interest" shall mean a proportionate undividedinterest in all assets of the common trust fund for the time being,acquired by a fiduciary for cash, or in exchange for other assets.
    (d) Words imputing the masculine gender shall be applied to andinclude all persons and corporations.
(Formerly: Acts 1949, c.70, s.1; Acts 1965, c.409, s.1.) As amendedby Acts 1982, P.L.171, SEC.90.

IC 30-1-8-2
Establishment; conformity with Internal Revenue Code
    Sec. 2. Any Indiana bank or trust company or any national bank,qualified to act as fiduciary in this state, may establish common trustfunds in conformity with the provisions of Section 584 of the InternalRevenue Code, and the regulations promulgated thereunder,pertaining to the collective investment and reinvestment of trustfunds by such banks and companies as fiduciaries or co-fiduciaries,and may lawfully purchase with funds which it holds for investmentas such fiduciary or co-fiduciary participating interests in suchcommon trust funds, if:
        (1) such investment is not prohibited by the instrument orjudgment creating such fiduciary relationship; and
        (2) in any case where it is a co-fiduciary, the bank or trustcompany procures the written consent of its co-fiduciary to suchinvestment. Such consent is hereby authorized.
(Formerly: Acts 1949, c.70, s.2.) As amended by P.L.2-1987, SEC.44.

IC 30-1-8-3
Written plans; rights of participants
    Sec. 3. Each common trust fund administered by such bank shallbe established and maintained in accordance with a written planapproved by a resolution of its board of directors and by competentlegal counsel, which shall contain provisions not inconsistent withsaid regulations as to the manner in which the fund is to be operated,

and define the rights of participants therein.
(Formerly: Acts 1949, c.70, s.3.)

IC 30-1-8-4
Participation; proportionate interest
    Sec. 4. Each fiduciary investment placed in every such commontrust fund shall participate on the basis of a proportionate interest inall of the assets and income of the fund, and may be evidenced inwriting or otherwise at the option of the bank administering the fund,but not in any form which purports to be negotiable or assignable.
(Formerly: Acts 1949, c.70, s.4.)

IC 30-1-8-5
Governing laws and regulations
    Sec. 5. Investment and reinvestment of the money paid into everysuch fund shall be made, retained and disposed of in accordance withthe laws of this state governing trustees, and with said regulations ofthe Board of Governors of the Federal Reserve System.
(Formerly: Acts 1949, c.70, s.5.)

IC 30-1-8-6
Repealed
    (Repealed by P.L.80-1989, SEC.18.)

IC 30-1-8-7
Common trust funds for funds held by other bank, trust company,or affiliate as fiduciary
    Sec. 7. Any:
        (1) Indiana bank or trust company; or
        (2) national bank qualified to act as fiduciary and whoseprincipal place of business is in Indiana;
may establish and maintain one (1) or more common trust funds inaccordance with section 2 of this chapter for the funds held by thebank or trust company or any other bank or trust company, includingan affiliate, in its capacity as administrator, executor, guardian, ortrustee under will or trust agreement.
(Formerly: Acts 1973, P.L.292, SEC.1.) As amended byP.L.280-1987, SEC.4; P.L.238-2005, SEC.16.