IC 30-1-8-1 Definitions
Sec. 1. The words and phrases used in this chapter shall be
construed as follows:
(a) "Fiduciary" shall mean a bank or trust company undertaking
to act alone or jointly with others primarily for the benefit of another
in all matters connected with its undertaking and includes trustee,
executor, administrator, personal representative, registrar of stocks
and bonds, guardian of estates, assignee, receiver, managing agent
and any other similar capacity.
(b) "Regulations" shall mean the regulations promulgated by the
board of governors of the federal reserve system and the comptroller
of currency in conformity with the federal Internal Revenue Code, as
such regulations now exist or as they may be hereafter amended.
(c) "Participating interest" shall mean a proportionate undivided
interest 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 and
include all persons and corporations. (Formerly: Acts 1949, c.70, s.1; Acts 1965, c.409, s.1.) As amended
by 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 trust
funds in conformity with the provisions of Section 584 of the Internal
Revenue Code, and the regulations promulgated thereunder,
pertaining to the collective investment and reinvestment of trust
funds by such banks and companies as fiduciaries or co-fiduciaries,
and may lawfully purchase with funds which it holds for investment
as such fiduciary or co-fiduciary participating interests in such
common trust funds, if:
(1) such investment is not prohibited by the instrument or
judgment creating such fiduciary relationship; and
(2) in any case where it is a co-fiduciary, the bank or trust
company procures the written consent of its co-fiduciary to such
investment. 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 shall
be established and maintained in accordance with a written plan
approved by a resolution of its board of directors and by competent
legal counsel, which shall contain provisions not inconsistent with
said 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 common
trust fund shall participate on the basis of a proportionate interest in
all of the assets and income of the fund, and may be evidenced in
writing 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 every
such fund shall be made, retained and disposed of in accordance with
the laws of this state governing trustees, and with said regulations of
the 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 whose
principal place of business is in Indiana;
may establish and maintain one (1) or more common trust funds in
accordance with section 2 of this chapter for the funds held by the
bank or trust company or any other bank or trust company, including
an affiliate, in its capacity as administrator, executor, guardian, or
trustee under will or trust agreement. (Formerly: Acts 1973, P.L.292, SEC.1.) As amended by
P.L.280-1987, SEC.4; P.L.238-2005, SEC.16.
IC 30-1-8-1 Definitions
Sec. 1. The words and phrases used in this chapter shall be
construed as follows:
(a) "Fiduciary" shall mean a bank or trust company undertaking
to act alone or jointly with others primarily for the benefit of another
in all matters connected with its undertaking and includes trustee,
executor, administrator, personal representative, registrar of stocks
and bonds, guardian of estates, assignee, receiver, managing agent
and any other similar capacity.
(b) "Regulations" shall mean the regulations promulgated by the
board of governors of the federal reserve system and the comptroller
of currency in conformity with the federal Internal Revenue Code, as
such regulations now exist or as they may be hereafter amended.
(c) "Participating interest" shall mean a proportionate undivided
interest 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 and
include all persons and corporations. (Formerly: Acts 1949, c.70, s.1; Acts 1965, c.409, s.1.) As amended
by 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 trust
funds in conformity with the provisions of Section 584 of the Internal
Revenue Code, and the regulations promulgated thereunder,
pertaining to the collective investment and reinvestment of trust
funds by such banks and companies as fiduciaries or co-fiduciaries,
and may lawfully purchase with funds which it holds for investment
as such fiduciary or co-fiduciary participating interests in such
common trust funds, if:
(1) such investment is not prohibited by the instrument or
judgment creating such fiduciary relationship; and
(2) in any case where it is a co-fiduciary, the bank or trust
company procures the written consent of its co-fiduciary to such
investment. 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 shall
be established and maintained in accordance with a written plan
approved by a resolution of its board of directors and by competent
legal counsel, which shall contain provisions not inconsistent with
said 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 common
trust fund shall participate on the basis of a proportionate interest in
all of the assets and income of the fund, and may be evidenced in
writing 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 every
such fund shall be made, retained and disposed of in accordance with
the laws of this state governing trustees, and with said regulations of
the 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 whose
principal place of business is in Indiana;
may establish and maintain one (1) or more common trust funds in
accordance with section 2 of this chapter for the funds held by the
bank or trust company or any other bank or trust company, including
an affiliate, in its capacity as administrator, executor, guardian, or
trustee under will or trust agreement. (Formerly: Acts 1973, P.L.292, SEC.1.) As amended by
P.L.280-1987, SEC.4; P.L.238-2005, SEC.16.
IC 30-1-8-1 Definitions
Sec. 1. The words and phrases used in this chapter shall be
construed as follows:
(a) "Fiduciary" shall mean a bank or trust company undertaking
to act alone or jointly with others primarily for the benefit of another
in all matters connected with its undertaking and includes trustee,
executor, administrator, personal representative, registrar of stocks
and bonds, guardian of estates, assignee, receiver, managing agent
and any other similar capacity.
(b) "Regulations" shall mean the regulations promulgated by the
board of governors of the federal reserve system and the comptroller
of currency in conformity with the federal Internal Revenue Code, as
such regulations now exist or as they may be hereafter amended.
(c) "Participating interest" shall mean a proportionate undivided
interest 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 and
include all persons and corporations. (Formerly: Acts 1949, c.70, s.1; Acts 1965, c.409, s.1.) As amended
by 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 trust
funds in conformity with the provisions of Section 584 of the Internal
Revenue Code, and the regulations promulgated thereunder,
pertaining to the collective investment and reinvestment of trust
funds by such banks and companies as fiduciaries or co-fiduciaries,
and may lawfully purchase with funds which it holds for investment
as such fiduciary or co-fiduciary participating interests in such
common trust funds, if:
(1) such investment is not prohibited by the instrument or
judgment creating such fiduciary relationship; and
(2) in any case where it is a co-fiduciary, the bank or trust
company procures the written consent of its co-fiduciary to such
investment. 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 shall
be established and maintained in accordance with a written plan
approved by a resolution of its board of directors and by competent
legal counsel, which shall contain provisions not inconsistent with
said 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 common
trust fund shall participate on the basis of a proportionate interest in
all of the assets and income of the fund, and may be evidenced in
writing 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 every
such fund shall be made, retained and disposed of in accordance with
the laws of this state governing trustees, and with said regulations of
the 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 whose
principal place of business is in Indiana;
may establish and maintain one (1) or more common trust funds in
accordance with section 2 of this chapter for the funds held by the
bank or trust company or any other bank or trust company, including
an affiliate, in its capacity as administrator, executor, guardian, or
trustee under will or trust agreement. (Formerly: Acts 1973, P.L.292, SEC.1.) As amended by
P.L.280-1987, SEC.4; P.L.238-2005, SEC.16.
