Sec. 4. No profit or commission, other than interest at the legal rate upon a loan or advancement, shall be taken or received by any bank or trust company or corporate fiduciary, directly or indirectly, out of any sale or purchase to or from any estate, guardianship, or trust of any kind of which it is the fiduciary, unless specifically authorized by agreement with the creator of the trust, or the court having jurisdiction thereof; and upon violation of this section such bank or trust company or corporate fiduciary shall be surcharged any profit so taken or received, and an amount equal thereto, in addition, and may be summarily removed as such fiduciary by the court having jurisdiction.
Formerly: Acts 1933, c.40, s.189. As amended by P.L.262-1995, SEC.31.
Structure Indiana Code
Title 28. Financial Institutions
Article 1. Department of Financial Institutions
Chapter 12. Regulation of Bank and Trust Company Fiduciaries
28-1-12-1. Authority to Serve as Fiduciary
28-1-12-2. Control by Court; Accounts, Statements, and Reports
28-1-12-4. Profit or Commission on Sales; Necessity of Specific Authorization; Surcharge