Sec. 1. (a) Except as otherwise provided in subsection (b), a trustee who invests and manages trust assets owes a duty to the beneficiaries of the trust to comply with the prudent investor rule set forth in this chapter.
(b) The prudent investor rule, a default rule, may be expanded, restricted, eliminated, or otherwise altered by the provisions of a trust. A trustee is not liable to a beneficiary to the extent that the trustee acted in reasonable reliance on the provision of the trust.
(c) This chapter applies to a trustee or escrow agent, acting as fiduciary, of:
(1) a perpetual care fund established under IC 23-14-48-2;
(2) a prepaid funeral plan or funeral trust established under IC 30-2-9;
(3) a funeral trust established under IC 30-2-10; or
(4) a trust or escrow account created from payments of funeral, burial services, or merchandise in advance of need, as described in IC 30-2-13.
As added by P.L.137-1999, SEC.3. Amended by P.L.61-2008, SEC.14; P.L.33-2019, SEC.14.
Structure Indiana Code
Title 30. Trusts and Fiduciaries
Chapter 3.5. Indiana Uniform Prudent Investor Act
30-4-3.5-1. Compliance With Prudent Investor Rule
30-4-3.5-2. Prudent Investor Rule
30-4-3.5-3. Diversification of Investments
30-4-3.5-4. Review of Trust Assets
30-4-3.5-5. Trust Managed in Interest of Beneficiaries
30-4-3.5-6. Impartial Management
30-4-3.5-8. Determination of Compliance With Prudent Investor Rule
30-4-3.5-9. Delegation of Functions by Trustee
30-4-3.5-10. Authorization of Investments or Strategies
30-4-3.5-11. Applicability of Chapter