Section 30-4-3-27 - Cy pres doctrine(a) If property is given to a trust for a benevolent public purpose and the property is to be applied to a particular charitable purpose, and it is or becomes impossible, impracticable, wasteful, or illegal to carry out the particular purpose, and if the settlor manifested a more general intention to devote the property to charitable purposes, the trust need not fail, but the court may direct the application of the property to some charitable purpose which falls within the general charitable intention of the settlor.(b) The terms of a charitable trust that would result in the distribution of the trust property to a noncharitable beneficiary prevails over the power of the court under subsection (a) to apply the cy pres doctrine to modify or terminate the trust only if, when the provision takes effect:(1) the trust property is to revert to the settlor and the settlor is still alive; or(2) less than twenty-one (21) years have elapsed since the trust was created.(c) A living heir of the settlor or a living beneficiary named in the original trust agreement may present evidence to the court of:(1) the heir's or beneficiary's opinion of the settlor's intent; and(2) the heir's or beneficiary's wishes; regarding the property given in trust.
(Formerly: Acts1971 , P.L. 416, SEC.4.) As amended by P.L. 41-2000, SEC.3; P.L. 238-2005, SEC.37.