IC 21-30-3
    Chapter 3. Gifts, Bequests, and Devises; Annuity Gifts; StateEducational Institutions Other Than Ivy Tech Community Collegeand Vincennes University

IC 21-30-3-1
Applicability of chapter
    Sec. 1. This chapter applies to the boards of trustees of thefollowing state educational institutions:
        (1) Indiana University.
        (2) Purdue University.
        (3) Indiana State University.
        (4) University of Southern Indiana.
        (5) Ball State University.
As added by P.L.2-2007, SEC.271.

IC 21-30-3-2
Board; acceptance of gifts, devises, and bequests
    Sec. 2. The board of trustees of a state educational institution mayaccept gifts, bequests, and devises of personal and real property:
        (1) for the maintenance, use, or benefit of the state educationalinstitution; or
        (2) to be administered for other public, charitable purposes forthe benefit or use of students of any state educationalinstitution.
As added by P.L.2-2007, SEC.271.

IC 21-30-3-3
Board; use of transferred property
    Sec. 3. The board of trustees of a state educational institution mayreceive, accept, hold, administer, and use any property transferred tothe board of trustees by gift, bequest, or devise, with the terms,conditions, obligations, liabilities, and burdens imposed on the gift,bequest, or devise, if, in the judgment of the board of trustees, it isfor the best interest of the educational institution receiving the gift,bequest, or devise.
As added by P.L.2-2007, SEC.271.

IC 21-30-3-4
Annuity gifts; conditions
    Sec. 4. (a) Subject to subsection (b), if a gift, devise, or bequestis made for the purpose of providing an annuity, the gift, devise, orbequest may be accepted by the board of trustees on condition thatthe state educational institution:
        (1) pay to the donor, for the life of the donor or for a term ofyears not beyond the lifetime of the donor, as may be agreedupon;
        (2) pay to any person or persons named by the donor or testatorand alive at the time of the making of the gift, devise, orbequest, for the life or lives of the named person or persons, as

may be agreed upon; or
        (3) pay to the donor or to any person or persons named by thedonor or testator and alive at the time of the making of the gift,devise, or bequest, for the life of the donor and the life or livesof the named person or persons, either in succession in adesignated order of survivorship or in shares, concurrently, asmay be agreed upon;
an annuity on the value of the property at the time the gift, devise, orbequest is made.
    (b) The annuity must not exceed the actual income of the propertydonated, devised, or bequeathed, unless:
        (1) a written agreement to pay a greater sum than the annuity is:
            (A) executed by the board of trustees of the state educationalinstitution; and
            (B) approved by the governor; and
        (2) no part of the annuity is paid out of the funds or income:
            (A) granted:
                (i) to the board of trustees of the state educationalinstitution for any of the state educational institutions; and
                (ii) by the general assembly; and
            (B) derived from taxation.
As added by P.L.2-2007, SEC.271.

IC 21-30-3-5
Security of payment of annuities
    Sec. 5. (a) To secure the payment of annuities, granted under thischapter, the property comprised in the gift, devise, or bequest may bepledged by way of mortgage or otherwise to the annuitant orannuitants for the full period of the life of the annuity or annuities.
    (b) Property pledged under subsection (a) is the sole guarantee,and the donee shall not be obligated in any other manner unless bywritten agreement of the donee approved by the governor as providedin section 4 of this chapter.
As added by P.L.2-2007, SEC.271.