Sec. 1. (a) A trust is a fiduciary relationship between a person who, as trustee, holds title to property and another person for whom, as beneficiary, the title is held.
(b) Subject to IC 30-4-2-8, the same person may be both the trustee and a beneficiary.
(c) The rules of law contained in this article do not apply to:
(1) trusts created by operation of law;
(2) business trusts (as defined in IC 23-5-1);
(3) security instruments and creditor arrangements;
(4) voting trusts;
(5) religious, educational, and cultural institutions, created in other than trust form, except with respect to the application of IC 30-4-5-18 through IC 30-4-5-23 as those sections relate to the maintenance of federal income tax exemption privileges to which an institution is entitled;
(6) corporations and other entities governed by IC 23-17, except with respect to IC 30-4-5-18 through IC 30-4-5-23 as those sections relate to the maintenance of federal income tax exemption privileges to which a corporation or other entity is entitled;
(7) except as provided in this article for trusts for a benevolent public purpose and as provided in the Indiana uniform prudent investor act (IC 30-4-3.5):
(A) prepaid funeral plans;
(B) trusts for the care and upkeep of cemeteries; and
(C) agreements to furnish funeral services; and
(8) trusts created or authorized by statute other than this article.
(d) IC 30-4-3-2(a) applies to an employee benefit trust that meets the requirements set forth in IC 30-4-3-2(c). However, no other provision of this article applies to an employee benefit trust.
Formerly: Acts 1971, P.L.416, SEC.2; Acts 1972, P.L.11, SEC.12. As amended by P.L.287-1987, SEC.1; P.L.41-2000, SEC.1; P.L.61-2008, SEC.12.