Ind. Code § 28-1-12-4
This is the official text of Ind. Code § 28-1-12-4, part of Indiana’s Code — part of the compiled statutory law of Indiana, published by the state as "Code." Browse the sections below, each linked to its official government source.
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Profit or commission on sales; necessity of specific authorization; surcharge
Official statutory text
Sec. 4. No profit or commission, other than interest at the legal rate upon a loan or advancement, shall be taken or received by any bank or trust company or corporate fiduciary, directly or indirectly, out of any sale or purchase to or from any estate, guardianship, or trust of any kind of which it is the fiduciary, unless specifically authorized by agreement with the creator of the trust, or the court having jurisdiction thereof; and upon violation of this section such bank or trust company or corporate fiduciary shall be surcharged any profit so taken or received, and an amount equal thereto, in addition, and may be summarily removed as such fiduciary by the court having jurisdiction.
Formerly: Acts 1933, c.40, s.189. As amended by P.L.262-1995, SEC.31.
Formerly: Acts 1933, c.40, s.189. As amended by P.L.262-1995, SEC.31.
Status: in_force · Read it on the official government site
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