Skip to main content
Find a Lawyer

Indiana Code Title 28. Financial Institutions § 28-14-1-8

Current as of January 02, 2024 | Updated by Findlaw Staff

Sec. 8. (a) Engaging in “the trust business” means:

(1) acting as a fiduciary for hire as one's primary business purpose;  or

(2) holding oneself out to the public as being willing to act as a fiduciary for hire as one's primary business purpose.

(b) Notwithstanding subsection (a), the following persons are not engaged in the trust business with respect to fiduciary services customarily performed by the following persons for compensation as traditionally incident to their regular business activities:

(1) Accountants.

(2) Attorneys.

(3) Banks.

(4) Credit unions.

(5) Industrial loan companies.

(6) Insurance brokers.

(7) Insurance companies.

(8) Investment advisers.

(9) National trust companies organized under the laws of the United States.

(10) Real estate brokers and sales agents.

(11) Savings and loan associations.

(12) Savings banks.

(13) Securities brokers and dealers.

(14) Real estate title insurance companies.

(15) Real estate escrow companies.

(16) Persons acting in a fiduciary capacity in activities relating to:

(A) a business organization in which the person is an officer or an employee;  or

(B) an estate where the person is designated as a fiduciary by a will or a court order.

(17) Third-party administrators hired by trustees of split-interest charitable trusts, private foundations, charitable pooled income funds, charitable gift annuities, employee benefit plans, or retirement plans.

(c) Notwithstanding subsection (a), any individual or any organization described in Section 501  [FN1] of the Internal Revenue Code is not engaged in the trust business for the purposes of this article.

(d) The department may determine that a person not specifically provided for under subsection (b) or (c) is not engaged in the trust business for the purposes of this article.

1  26 U.S.C.A. § 501
Previous Part of Code Next Part of Code
Back to Chapter List

Cite this article: FindLaw.com - Indiana Code Title 28. Financial Institutions § 28-14-1-8 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-28-financial-institutions/in-code-sect-28-14-1-8/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

Was this helpful?

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About The Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to Find an Attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

Copied to clipboard