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Indiana Code Title 30. Trusts and Fiduciaries § 30-4-3-29.5

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

Sec. 29.5.  (a) Except as provided in subsection (b) and unless the trust instrument provides otherwise, a corporate trustee that acquires a trust as a result of a change in control may not:

(1) decline to accept the trust property;

(2) resign as trustee;  or

(3) otherwise refuse to administer the trust;

based upon the amount of property or funds held in the trust estate.

(b) A court may, at the court's discretion, allow a trustee described in subsection (a) to resign if:

(1) the trustee petitions the court;  and

(2) the court determines that the trustee's resignation will be in the best interests of all the beneficiaries of the trust.

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Cite this article: FindLaw.com - Indiana Code Title 30. Trusts and Fiduciaries § 30-4-3-29.5 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-30-trusts-and-fiduciaries/in-code-sect-30-4-3-29-5/

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