IC 21-30-6
    Chapter 6. Disposition of Gifts, Bequests, and Devises of RealProperty

IC 21-30-6-1
Sale or conveyance of property received by gift or bequest
    Sec. 1. The board of trustees of a state educational institution thatreceives a gift, bequest, or devise of real property may, if notinconsistent with the terms and conditions of the gift, bequest, ordevise:
        (1) sell, convey, or otherwise dispose of the real property; 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 the state educational institution.
As added by P.L.2-2007, SEC.271.

IC 21-30-6-2
Proceeds of sale or conveyance; use
    Sec. 2. (a) A state educational institution shall keep all money orother proceeds derived from the sale, conveyance, or otherdisposition of real property received as a gift, bequest, or devise ina separate and distinct fund that is devoted exclusively to the usesdesignated in the gift, bequest, or devise.
    (b) If the uses to which the real property may be devoted are notspecifically designated or prescribed in a gift, bequest, or devise ofreal property, the board of trustees of the state educational institutionmay determine how to use the proceeds derived from the sale,conveyance, or disposition of the real property.
As added by P.L.2-2007, SEC.271. Amended by P.L.3-2008,SEC.138.

IC 21-30-6-3
Appraisal of property to be sold
    Sec. 3. (a) If the board of trustees of a state educational institutiondecides to sell, convey, or dispose of real property received as a gift,bequest, or devise, the board of trustees shall adopt a resolution tothat effect.
    (b) If the value of the real property, as determined by anindependent appraisal procured by the board of trustees, is less thanfive hundred thousand dollars ($500,000), no further authorizationis required before the board of trustees may dispose of the realproperty.
    (c) If the board of trustees determines by appraisal or otherwisethat the value of the real property is five hundred thousand dollars($500,000) or more, the following apply:
        (1) The value of the real property comprised in and constitutingthe gift, bequest, or devise shall be determined by three (3)disinterested appraisers appointed by the governor.
        (2) The real property may not be sold, conveyed, or otherwise

disposed of for less than the appraised value of the realproperty.
        (3) The sale, conveyance, or disposition must be approved bythe governor.
As added by P.L.2-2007, SEC.271.

IC 21-30-6-4
Delegation of authority to officer of institution
    Sec. 4. Subject to section 3 of this chapter, the board of trusteesof a state educational institution may delegate to an officer of thestate educational institution the authority to do the following:
        (1) Execute a contract for sale of real property upon terms andconditions approved by the board of trustees.
        (2) Execute and deliver a deed of conveyance for the realproperty.
        (3) Collect the purchase price for the real property.
As added by P.L.2-2007, SEC.271.