Indiana Business Trust Act

The act governs business trusts — unincorporated entities in which trustees hold and manage property for the benefit of beneficial owners — covering their formation, internal governance, and dissolution. A trust comes into existence upon the filing of a certificate of trust with the secretary of state, and thereafter the trust's governing instrument is the controlling source of the powers, duties, and liabilities of trustees, officers, and beneficial owners, including how each may act by consent or proxy rather than by meeting, how contributions and distributions work, and how the trust is dissolved and wound up. It also treats beneficial interests as freely transferable personal property representing an undivided share of trust property, shields trust property from the personal creditors of both trustees and beneficial owners, allows a trust to be organized in separate series, and sets out registered agent, service of process, and court jurisdiction rules for trusts and those who deal with them.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.