IC 21-30-2
    Chapter 2. Gift Annuities; Restrictions on Gifts; Gifts for aPermanent Endowment

IC 21-30-2-1
Power to accept gifts
    Sec. 1. Any state educational institution or the state of Indianamay:
        (1) receive gifts, bequests, and devises of real or personalproperty, or both, for the aid or maintenance of any stateeducational institution; and
        (2) agree to return to the donor or to any living person named bythe donor and living at the time of the gift, an annuity under theprovisions and safeguards provided in this chapter.
As added by P.L.2-2007, SEC.271.

IC 21-30-2-2
Annuity gifts; conditions
    Sec. 2. If the gift is for the purpose of providing an annuity, thegift may be accepted by any state educational institution or by thestate upon condition that the state educational institution or the stateshall pay to:
        (1) the donor, for the life of the donor or for a term of years notbeyond the lifetime of the donor, as may be agreed; or
        (2) any person or persons named by the donor and living at thetime of the gift, for the life of the person or persons or for aterm of years not beyond the lifetime of the person or persons,as may be agreed;
an annuity on the value of the property at the time the gift is made.The annuity must not exceed the actual income from the propertydonated.
As added by P.L.2-2007, SEC.271.

IC 21-30-2-3
Determination of gift value
    Sec. 3. The value of the property comprised in the gift shall bedetermined by three (3) disinterested appraisers appointed by thegovernor, and a gift may not be accepted by any institution named insection 1 of this chapter or by the state itself unless it is approved bythe governor.
As added by P.L.2-2007, SEC.271.

IC 21-30-2-4
Security of payment of annuities
    Sec. 4. To secure the payment of annuities, the propertycomprised in the gift may be pledged, by way of mortgage orotherwise, to the annuitant or annuitants for the full period of the lifeof the annuity or annuities. The property pledged is the soleguarantee and the state shall not be obligated by the mortgage orother obligation.As added by P.L.2-2007, SEC.271.

IC 21-30-2-5
Tax exemption
    Sec. 5. All annuities provided in connection with a gift are free ofall taxation within Indiana.
As added by P.L.2-2007, SEC.271.

IC 21-30-2-6
Restrictions on acceptance of gifts
    Sec. 6. A state educational institution may not receive a gift,whether on the payment of an annuity or otherwise, that pledges thestate educational institution to engage in a course of instruction, orperform an act other than a course of instruction or act that the stateeducational institution is permitted by law to engage in or perform.
As added by P.L.2-2007, SEC.271.

IC 21-30-2-7
Trusts; management
    Sec. 7. All gifts of money, and all money realized from real andpersonal property made under this chapter to permanently endow:
        (1) a state educational institution; or
        (2) a chair of learning or department in a state educationalinstitution;
shall be taken in charge by the state of Indiana, as a trust, andmanaged in all respects the same as the common school fund of thestate is managed, and the proceeds arising therefrom shall be paid tothe state educational institution being endowed for the purposesprovided by the terms of the gift.
As added by P.L.2-2007, SEC.271.