Indiana § 30-4-1-4 - Application of article to preexisting trusts; application of amendments to preexisting trusts

§ 30-4-1-4. Application of article to preexisting trusts; application of amendments to preexisting trusts

Sec. 4. (a) Except as provided elsewhere in this article, the rules of law contained in this article shall apply to all trusts created prior to September 2, 1971, unless to do so would:

(1) adversely affect a right given to any beneficiary;

(2) give a right to any beneficiary which the beneficiary was not intended to have when the trust was created;

(3) impose a duty or liability on any person which was not intended to be imposed when the trust was created; or

(4) relieve any person from any duty or liability imposed by the terms of the trust or under prior law.

(b) Except as provided elsewhere in this article, an amendment to the rules of law contained in this article applies to all trusts created prior to the effective date of the applicable amendment unless to do so would:

(1) adversely affect a right given to any beneficiary;

(2) give a right to any beneficiary that the beneficiary was not intended to have when the trust was created;

(3) impose a duty or liability on any person that was not intended to be imposed when the trust was created; or

(4) relieve any person from any duty or liability imposed by the terms of the trust or under prior law.

Formerly: Acts 1971, P.L.416, SEC.2. As amended by Acts 1982, P.L.171, SEC.117; P.L.149-2012, SEC.11.