CHAPTER 3. SALE OF REAL ESTATE
IC 21-36-3
Chapter 3. Sale of Real Estate
IC 21-36-3-1
Applicability of chapter
Sec. 1. This chapter applies to the following state educationalinstitutions:
(1) Indiana University.
(2) Purdue University.
(3) Indiana State University.
(4) Ball State University.
As added by P.L.2-2007, SEC.277.
IC 21-36-3-2
Supplemental effect of chapter
Sec. 2. This chapter shall at all times be construed assupplemental to all other statutes providing for the sale of real estateby a state educational institution.
As added by P.L.2-2007, SEC.277.
IC 21-36-3-3
Authority to sell or convey real property
Sec. 3. The board of trustees of a state educational institution maysell and convey any real estate title that is in the name of the:
(1) board of trustees of the state educational institution; or
(2) state of Indiana for the use and benefit of the stateeducational institution;
as provided in this chapter.
As added by P.L.2-2007, SEC.277.
IC 21-36-3-4
Sale or conveyance of property received by gift or bequest
Sec. 4. The board of trustees of a state educational institution maydetermine that any real estate:
(1) that was not acquired by gift or devise; and
(2) for which the title of the real estate is in the name of the:
(A) state educational institution; or
(B) state of Indiana for the use and benefit of the stateeducational institution;
is not needed for any of the purposes of the state educationalinstitution and that it would be advantageous for the state educationalinstitution to give or sell the real estate.
As added by P.L.2-2007, SEC.277.
IC 21-36-3-5
Determination on disposition of property; resolution
Sec. 5. If a determination is made under section 4 of this chapterto dispose of real estate, the board of trustees of the state educationalinstitution shall adopt a resolution and send a copy of the resolution,duly certified, to the governor.As added by P.L.2-2007, SEC.277.
IC 21-36-3-6
Real property value determination by appraisal
Sec. 6. Except as provided in section 7 of this chapter, the valueof the real estate to be sold and conveyed under this chapter shall bedetermined by three (3) disinterested appraisers appointed by thegovernor. Real estate may not be sold or conveyed for less than theappraised value.
As added by P.L.2-2007, SEC.277.
IC 21-36-3-7
Disposition of real property; procedures
Sec. 7. The board of trustees of a state educational institution maygive or sell real estate in the manner provided by this chapter to:
(1) the state;
(2) a state agency; or
(3) a political subdivision;
for any or no consideration, as determined by the board of trustees ofthe state educational institution and the governmental entity to whichthe real estate is transferred.
As added by P.L.2-2007, SEC.277.
IC 21-36-3-8
Sale price
Sec. 8. The price that is agreed on by the purchaser and the boardof trustees under this chapter shall be certified by the board oftrustees of the state educational institution to the treasurer of the stateeducational institution.
As added by P.L.2-2007, SEC.277.
IC 21-36-3-9
Purchase money
Sec. 9. The purchaser or purchasers of real estate that:
(1) has been sold; or
(2) is to be conveyed;
under this chapter shall pay the purchase money to the treasurer ofthe state educational institution selling the real estate for the use andbenefit of the state educational institution.
As added by P.L.2-2007, SEC.277.
IC 21-36-3-10
Issuance of receipt
Sec. 10. The treasurer of the state educational institution shallissue a receipt to the purchaser of real estate being sold or conveyedunder this chapter.
As added by P.L.2-2007, SEC.277.
IC 21-36-3-11
Purchaser of real property; duties Sec. 11. A purchaser of real property under this chapter shallsubmit to the auditor of the state:
(1) the receipt issued from the treasurer of the state educationalinstitution selling real estate under this chapter; and
(2) a request to convey title to real estate in the form of acertified copy of the resolution of the board of trustees of thestate educational institution setting forth the terms andconditions of the sale and conveyance of the real estate.
As added by P.L.2-2007, SEC.277.
IC 21-36-3-12
Presentation of documents; procedures
Sec. 12. Upon presentation of the documents required undersection 11 of this chapter:
(1) the auditor of state shall execute a deed of conveyance to thepurchaser;
(2) the governor shall sign the deed; and
(3) the auditor of state shall officially attest the deed with theseal of the state of Indiana.
As added by P.L.2-2007, SEC.277.
IC 21-36-3-13
Proceeds of sale or conveyance; use
Sec. 13. The proceeds derived from the sale and conveyance ofreal estate under this chapter must be received and kept by the stateeducational institution selling the real estate in a separate and distinctfund.
As added by P.L.2-2007, SEC.277.
IC 21-36-3-14
Authority to reinvest proceeds from the sale of real property
Sec. 14. The board of trustees of a state educational institution,with the approval of the governor, may reinvest and use the proceedsfrom the sale of real estate under this chapter, as the board of trusteesof the state educational institution finds will provide the greatestbenefit to the state educational institution, for the purchase orimprovement, or both, of other real estate acquired or to be acquiredin the name of the:
(1) state educational institution; or
(2) state of Indiana for the use and benefit of the stateeducational institution.
As added by P.L.2-2007, SEC.277.