Sec. 14. (a) As used in this chapter, "trust account" means an account in the name of at least one (1) party as trustee for at least one (1) beneficiary if:
(1) the relationship is established by the form of the account and the deposit agreement with the financial institution; and
(2) there is no subject of the trust other than the sums on deposit in the account.
It is not essential that payment to the beneficiary be mentioned in the deposit agreement.
(b) The term does not include the following:
(1) A regular trust account under a testamentary trust.
(2) A trust agreement that has significance apart from the account.
(3) A fiduciary account arising from a fiduciary relation such as attorney-client.
[Pre-2002 Recodification Citation: 32-4-1.5-1(14).]
As added by P.L.2-2002, SEC.2.
Structure Indiana Code
Article 17. Interests in Property
Chapter 11. Multiple Party Accounts
32-17-11-2. "Beneficiary" Defined
32-17-11-3. "Financial Institution" Defined
32-17-11-4. "Joint Account" Defined
32-17-11-5. "Multiple Party Account" Defined
32-17-11-6. "Net Contribution" Defined
32-17-11-9. "Proof of Death" Defined
32-17-11-12. "Request" Defined
32-17-11-13. "Sums on Deposit" Defined
32-17-11-14. "Trust Account" Defined
32-17-11-15. "Withdrawal" Defined
32-17-11-16. Application of Certain Sections
32-17-11-17. Ownership of Accounts
32-17-11-18. Ownership of Accounts at Death of Party, Original Payee, or Trustee
32-17-11-19. Rights of Survivorship
32-17-11-20. Certain Transfers Not Testamentary
32-17-11-21.1. Liability for Creditor Claims and Statutory Allowances; Applicable Law
32-17-11-22. Payments; Multiple Party Accounts
32-17-11-23. Payments; Joint Accounts
32-17-11-25. Payments; Trust Accounts
32-17-11-26. Payments; Discharge of Financial Institutions From All Claims
32-17-11-27. Right of Financial Institutions to Set Off Against Accounts
32-17-11-28. Provisions in Certain Agreements Nontestamentary; Creditors' Rights
32-17-11-29. Personal Property Owned as Tenants in Common; Exceptions