The following definitions apply throughout this chapter:

1. (1) "Charitable organization" means any entity that is:

   1. (A) recognized as tax exempt under Section 501(c)(3) of the Internal Revenue Code; and
   2. (B) organized under IC 23-17-3 .

2. (2) "Deceased" means a person who has:

   1. (A) died; and
   2. (B) designated a charitable organization as the beneficiary of an individual retirement account, retirement account, brokerage transfer on death account, annuity, or life insurance policy.

3. (3) "Financial institution" means any:

   1. (A) bank;
   2. (B) trust company;
   3. (C) corporate fiduciary;
   4. (D) savings association;
   5. (E) credit union;
   6. (F) savings bank;
   7. (G) bank of discount and deposit;
   8. (H) industrial loan and investment company; or

   9. (I) investment company;

      organized or reorganized under Indiana law, the law of another state (as defined in IC 28-2-17-19 ), or United States law.

As added by P.L.220-2025, SEC.2.