Sec. 2. (Transfers by the Trustee to Third Persons)
(a) If, in transferring an interest in trust property to a third party, the trustee is not committing a breach of trust, the transferee holds the interest free of the trust and incures no liability to the beneficiary.
(b) A third person, to whom an interest in trust property is transferred by the trustee in breach of trust, takes his interest free of the trust if he:
(1) takes for value and without notice of the breach of trust; and
(2) is not taking part in what he knows to be an illegal transaction.
Formerly: Acts 1971, P.L.416, SEC.5.
Structure Indiana Code
Title 30. Trusts and Fiduciaries
Chapter 4. Rules Governing the Rights of Third Parties
30-4-4-1. Presumption of Trustee's Authority
30-4-4-2. Transfers by the Trustee to Third Persons
30-4-4-3. Judgment Lien Against the Trustee or Beneficiary
30-4-4-4. Disclosure of Information Concerning Beneficiaries
30-4-4-5. Certification of Trust; Contents; Liability of Person Relying on Certification of Trust