(Assignment of Beneficiary's Interest)
- (a) If the terms of the trust give the trustee the power to sell the trust property upon direction by the beneficiary or other person or to sell it after a stipulated period of time in the absence of a direction as provided in 30-4-2-13, the beneficiary may treat his interest as personal property and may assign it to any person notwithstanding the provisions of 30-4-2-7(c).
(b) The trustee will be bound by an assignment made under subsection (a) of this section only after he receives written notice of it.
Formerly: Acts 1971, P.L.416, SEC.3.