IC 29-1-10-6.5 Removal of personal representative following a change in control of a corporate fiduciary
333 words·~2 min read·
/in/title-29-probate/article-1-probate-code/chapter-10-personal-representatives/29-1-10-6-5·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 6.5.
(a)This section does not apply to the removal of a personal representative under section 6 of this chapter.
(b)An interested person may petition the court for the removal of a corporate fiduciary appointed by the court as personal representative if there has been a change in the control of the corporate fiduciary and either of the following applies:
(1)The change in the control of the corporate fiduciary occurred after the date of the execution of the decedent's will but before the decedent's death.
(2)The change in the control of the corporate fiduciary occurred after the corporate fiduciary was appointed and during the administration of the decedent's estate.
(c)A petition described in subsection
(b)must be filed:
(1)not later than thirty
(30)days after an interested person receives notice under IC 29-1-7-7
(c)or IC 29-1-7.5-1.5 , in the case of a change of control described in subsection (b)(1); or
(2)not later than a reasonable time after the change of control, in the case of a change of control described in subsection (b)(2).
(d)The court may remove the corporate fiduciary if the court determines, after a hearing, that the removal is in the best interests of all interested persons. The court may replace the corporate fiduciary with another corporate fiduciary or an individual.
(e)For purposes of this section, a change in control of a corporate fiduciary occurs whenever a person or group of persons acting in concert acquires the beneficial ownership of a total of at least twenty-five percent (25%) of the outstanding voting stock of:
(1)a corporate fiduciary; or
(2)a corporation controlling a corporate fiduciary.
(f)The removal of a corporate fiduciary after letters are duly issued does not invalidate official acts performed before the removal.
(g)If a corporate fiduciary is replaced under this section, the corporate fiduciary is entitled to receive reasonable compensation for services rendered before the removal.
As added by P.L.143-2009, SEC.13. Amended by P.L.6-2010, SEC.8.