IC 21-30-5
    Chapter 5. Gifts, Bequests, and Devises; Vincennes University

IC 21-30-5-1
Applicability of chapter
    Sec. 1. This chapter applies to the board of trustees of VincennesUniversity.
As added by P.L.2-2007, SEC.271.

IC 21-30-5-2
Board; acceptance of gifts, devises, and bequests
    Sec. 2. The board of trustees may accept gifts, bequests, anddevises of personal and real property:
        (1) for the maintenance, use, or benefit of VincennesUniversity; or
        (2) to be administered for other public charitable purposes, forthe benefit or use of students of Vincennes University.
As added by P.L.2-2007, SEC.271.

IC 21-30-5-3
Board; use of transferred property
    Sec. 3. The board of trustees may receive, accept, hold,administer, and use any property transferred to them by gift, bequest,or devise, with the terms and conditions, and with the obligations,liabilities, and burdens that are imposed on the gift, bequest, ordevise, when, in the judgment of the board of trustees, it is for thebest interest of Vincennes University.
As added by P.L.2-2007, SEC.271.

IC 21-30-5-4
Annuity gifts; conditions
    Sec. 4. When any gift, devise, or bequest is made for the purposeof providing an annuity, the gift, devise, or bequest may be acceptedby the board of trustees on condition that Vincennes University payto:
        (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 upon;
        (2) any person or persons named by the donor or testator, inbeing at the time of the making of the gift, devise, or bequest,for the life or lives of the named person or persons, as may beagreed upon; or
        (3) the donor or to any person or persons named by the donor ortestator and alive at the time of the gift, devise or bequest, orboth, for the life of the donor and the life or lives of the namedperson or persons, either in succession in a designated order ofsurvivorship or in shares, concurrently, as may be agreed upon;
an annuity on the value of the property at the time the gift, devise orbequest is made. The annuity must not exceed the actual income ofthe property donated, devised, or bequeathed, unless a writtenagreement to pay a greater sum than the annuity is executed by the

board of trustees of Vincennes University.
As added by P.L.2-2007, SEC.271.

IC 21-30-5-5
Security of payment of annuities
    Sec. 5. To secure the payment of annuities granted under section4 of this chapter, the property comprised in the gift, devise, orbequest may be pledged by way of mortgage or otherwise to theannuitant or annuitants for the full period of the life of the annuity orannuities. The property pledged is the sole guarantee, and the doneemay not be obligated in any other manner unless by writtenagreement of the donee.
As added by P.L.2-2007, SEC.271.

IC 21-30-5-6
Sale or conveyance of property received by gift or bequest
    Sec. 6. The board of trustees may, if not inconsistent with theterms and conditions of the gift, bequest, or devise:
        (1) sell, convey, or otherwise dispose of real property receivedas a gift, bequest, or devise; and
        (2) invest, reinvest, or use the proceeds derived from the sale,conveyance, or disposition of the real property;
if the board of trustees determines that the action will be of thegreatest benefit to Vincennes University.
As added by P.L.2-2007, SEC.271.

IC 21-30-5-7
Proceeds of sale or conveyance; use
    Sec. 7. All:
        (1) money; or
        (2) other proceeds;
derived from the sale, conveyance, or other disposition of the gift,bequest, or devise of real property must be kept in a separate anddistinct fund. The money or proceeds must be devoted exclusively tothe uses that are designated and prescribed in the gift, bequest, ordevise under the terms of which the property was originally receivedand acquired. If the uses to which property is to be devoted are notspecifically designated or prescribed in a gift, bequest, or devise, theboard of trustees may prescribe the uses to which the proceedsderived from the sale, conveyance, or other disposition of realproperty must be devoted.
As added by P.L.2-2007, SEC.271.

IC 21-30-5-8
Procedure for the sale of real property received as a gift
    Sec. 8. If real property that is received as a gift, bequest, or deviseis sold or is to be conveyed or otherwise disposed of, the purchasershall pay the purchase money for the real property, as agreed, to thetreasurer of Vincennes University, and the purchaser shall take thereceipt of the treasurer. Upon presentation of the receipt of the

treasurer to the board of trustees, the board of trustees shall cause tobe executed a deed of conveyance to the purchases. The deed shallbe signed by the board of trustees.
As added by P.L.2-2007, SEC.271.