Sec. 6. As used in this chapter, "income interest" means the right of an income beneficiary to receive all or part of net income, whether the terms of the trust require it to be distributed or authorize it to be distributed in the trustee's discretion.
Ind. Code § 30-2-14-6
"Income interest" defined
Applied in 2 court decisions — leading case Marshall & Ilsley Trust Co., N.A. v. Woodward (2006)
Most recently applied in Stephanie A. Schrage v. In the Matter of the Seberger Living Trust u/t/d April 27, 2009 (March 2016)
As added by P.L.84-2002, SEC.2.
Official source: Indiana General Assembly. Reproduced from public-domain Indiana statutes; confirm against the official source for the current text. Not legal advice.