1. (a) As used in this chapter, "trust account" means an account in the name of at least one (1) party as trustee for at least one (1) beneficiary if:

   1. (1) the relationship is established by the form of the account and the deposit agreement with the financial institution; and

   2. (2) there is no subject of the trust other than the sums on deposit in the account.

      It is not essential that payment to the beneficiary be mentioned in the deposit agreement.

2. (b) The term does not include the following:

   1. (1) A regular trust account under a testamentary trust.
   2. (2) A trust agreement that has significance apart from the account.

   3. (3) A fiduciary account arising from a fiduciary relation such as attorney-client.

      [Pre-2002 Recodification Citation: 32-4-1.5-1(14).]

As added by P.L.2-2002, SEC.2.