IC 28-14-7.5-3 — Appointment of conservator; bond or security
Chapter 7.5. Conservatorship of Corporate Fiduciaries
Section text
Sec. 3. (a) The department may appoint a conservator for a corporate fiduciary if the department determines that: (1) one (1) or more grounds for the appointment of a receiver under IC 28-1-3.1-2(a) exist with respect to the corporate fiduciary; or (2) the appointment of a conservator is necessary to conserve the assets of the corporate fiduciary for the benefit of: (A) creditors of the corporate fiduciary; (B) the beneficiaries of trusts and other fiduciary accounts administered by the corporate fiduciary; or (C) other persons for whom the corporate fiduciary acts in a fiduciary capacity. (b) A conservator appointed under this section shall give any bond or security that the department considers appropriate. (c) The department may appoint any competent and disinterested person as a conservator under this section.
As added by P.L.10-2006, SEC.78 and P.L.57-2006, SEC.78.
Source: official publisher (2026 edition)