CHAPTER 5. PARTITION INVESTMENT LIMITATIONS

IC 32-17-5
    Chapter 5. Partition Investment Limitations

IC 32-17-5-1
Application of chapter
    Sec. 1. This chapter applies to a person that is entitled to:
        (1) an estate in real estate for life or years;
        (2) an estate tail;
        (3) a fee simple;
        (4) a conditional, base, or qualified fee;
        (5) a particular, limited, or conditional estate in real estate; or
        (6) an interest in personal property;
and any other person is entitled to a vested or contingent remainder,an executory devise, or any other vested or contingent interest in thesame real estate or personal property.
As added by P.L.2-2002, SEC.2.

IC 32-17-5-2
Decree selling, exchanging, or leasing property
    Sec. 2. On application of a party in interest described in section1 of this chapter, the circuit court may, if all the parties are:
        (1) parties to the proceedings and before the court; or
        (2) properly served with notice as in other civil actions;
decree a sale, exchange, or lease of the real estate, or sale orexchange of the personal property, if the court considers a sale,exchange, or lease to be advantageous to the parties concerned.
As added by P.L.2-2002, SEC.2.

IC 32-17-5-3
Investment of proceeds
    Sec. 3. If the court decrees a sale, exchange, or lease under section2 of this chapter, the court shall direct the investment of the proceedsof the:
        (1) sale;
        (2) terms of the instrument of exchange or lease; or
        (3) limitations of the reversion and rents and income;
so as to inure as by the original grant, devise, or condition to the useof the same parties who would be entitled to the property sold orleased or the income of the personal property.
As added by P.L.2-2002, SEC.2.

IC 32-17-5-4
Effect of decree
    Sec. 4. If all persons in being are parties who would be entitled tothe property sold or leased or the income of the personal property ifthe contingency had happened at the date of the commencement ofthe proceedings, a decree under section 2 of this chapter is bindingon any person that claims an interest in the real estate or personalproperty:
        (1) under any party to the decree;        (2) under any person from whom a party to the decree claims;or
        (3) from, under, or by the original:
            (A) deed;
            (B) will; or
            (C) instrument;
by which the particular, limited, or conditional estate withremainders or executory devisees was created.
As added by P.L.2-2002, SEC.2.

IC 32-17-5-5
Jurisdiction; guardian ad litem
    Sec. 5. (a) The circuit court:
        (1) of the county in which a will, deed, or instrument:
            (A) is probated or recorded; and
            (B) under or from which a party claims or derives the party'sinterest in the real or personal property that is the subject ofthe will, deed, or instrument; or
        (2) that has jurisdiction of a trust from which the property isderived;
has jurisdiction to hear and determine the rights of the parties underthis chapter. Proceedings under this chapter are commenced bycomplaint as in other civil actions.
    (b) For an infant defendant who is a member of the class forwhom property that is the subject of a proceeding under this chapteris held:
        (1) in reversion;
        (2) in remainder; or
        (3) upon condition;
the court shall appoint a special guardian ad litem who is not relatedto any of the parties interested in the property. The living membersstand for and represent the whole class, and the parties stand for andrepresent the full title and whole interest in the property.
As added by P.L.2-2002, SEC.2.

IC 32-17-5-6
Personal property; investment in securities
    Sec. 6. If the proceeds under section 3 of this chapter are investedin personal property, the court may, in the court's decree, directadditional investment:
        (1) in securities; and
        (2) upon terms and conditions;
that the court considers to be in the best interests of the parties.
As added by P.L.2-2002, SEC.2.