IC 4-24-2
    Chapter 2. Gifts; Acceptance and Return of Annuity to DonorAuthorized

IC 4-24-2-1
Gifts; bequests and devises
    Sec. 1. Any state charitable or benevolent institution or the stateof Indiana may:
        (1) receive gifts, bequests, and devises of real or personalproperty, or both, for:
            (A) the aid or maintenance of any institution; or
            (B) state parks or other state purposes; 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.
(Formerly: Acts 1917, c.20, s.1.) As amended by P.L.2-2007, SEC.58.

IC 4-24-2-2
Annuities
    Sec. 2. When the gift is for the purpose of providing an annuity,the same may be accepted by any such institution or by the stateitself upon condition that the institution or the state, as the case maybe, shall 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 agreed, or shallpay to any person or persons named by the donor, in being at the timeof the gift, for the life of such person or persons or for a term ofyears not beyond the lifetime of such person or persons, as may beagreed, an annuity on the value of the property at the time the gift ismade, as hereinafter provided, but such annuity shall in no caseexceed the actual income from the property donated.
(Formerly: Acts 1917, c.20, s.2; Acts 1923, c.127, s.1.)

IC 4-24-2-3
Appraisal of property
    Sec. 3. The value of the property comprised in the gift shall bedetermined by three (3) disinterested appraisers appointed by thegovernor of the state, and no gift shall be accepted by any institutionnamed in section one or by the state itself unless it be approved bythe governor.
(Formerly: Acts 1917, c.20, s.3.)

IC 4-24-2-4
Pledges of annuity property
    Sec. 4. For the purpose of securing the payment of annuities, theproperty comprised in the gift may be pledged, by way of mortgageor otherwise, to the annuitant or annuitants for the full period of thelife of the annuity or annuities, but the property pledged shall be thesole guarantee and the state shall not be obligated in any manner bysuch mortgage or other obligation.
(Formerly: Acts 1917, c.20, s.4.)
IC 4-24-2-5
Taxation of annuities
    Sec. 5. All annuities provided for herein shall be free of alltaxation for any or all purposes within the state of Indiana.
(Formerly: Acts 1917, c.20, s.5.)

IC 4-24-2-6
Unacceptable gifts
    Sec. 6. An institution may not be the recipient of a gift, whetheron the payment of an annuity or otherwise, that pledges theinstitution to perform any acts other than acts that the institution isauthorized by law to perform.
(Formerly: Acts 1917, c.20, s.6.) As amended by P.L.2-2007, SEC.59.

IC 4-24-2-7
Money gifts
    Sec. 7. All gifts of money, and all money realized from real andpersonal property, made under this chapter, to permanently endowany institution described in section 1 of this chapter shall be taken incharge by the state, as a trust, and managed in all respects the sameas the common school fund of the state is managed. The proceedsarising from a permanent endowment made under this chapter shallbe paid to the institution being endowed for the purposes provided bythe terms of the gift.
(Formerly: Acts 1917, c.20, s.7.) As amended by P.L.5-1984,SEC.185; P.L.2-2007, SEC.60.

IC 4-24-2-8
Repealed
    (Repealed by P.L.1-1989, SEC.75.)