IC 21-30-6
Chapter 6. Disposition of Gifts, Bequests, and Devises of Real
Property
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 that
receives a gift, bequest, or devise of real property may, if not
inconsistent with the terms and conditions of the gift, bequest, or
devise:
(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 the
greatest 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 or
other proceeds derived from the sale, conveyance, or other
disposition of real property received as a gift, bequest, or devise in
a separate and distinct fund that is devoted exclusively to the uses
designated in the gift, bequest, or devise.
(b) If the uses to which the real property may be devoted are not
specifically designated or prescribed in a gift, bequest, or devise of
real property, the board of trustees of the state educational institution
may 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 institution
decides to sell, convey, or dispose of real property received as a gift,
bequest, or devise, the board of trustees shall adopt a resolution to
that effect.
(b) If the value of the real property, as determined by an
independent appraisal procured by the board of trustees, is less than
five hundred thousand dollars ($500,000), no further authorization
is required before the board of trustees may dispose of the real
property.
(c) If the board of trustees determines by appraisal or otherwise
that 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 constituting
the 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 real
property.
(3) The sale, conveyance, or disposition must be approved by
the 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 trustees
of a state educational institution may delegate to an officer of the
state educational institution the authority to do the following:
(1) Execute a contract for sale of real property upon terms and
conditions approved by the board of trustees.
(2) Execute and deliver a deed of conveyance for the real
property.
(3) Collect the purchase price for the real property. As added by P.L.2-2007, SEC.271.
IC 21-30-6
Chapter 6. Disposition of Gifts, Bequests, and Devises of Real
Property
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 that
receives a gift, bequest, or devise of real property may, if not
inconsistent with the terms and conditions of the gift, bequest, or
devise:
(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 the
greatest 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 or
other proceeds derived from the sale, conveyance, or other
disposition of real property received as a gift, bequest, or devise in
a separate and distinct fund that is devoted exclusively to the uses
designated in the gift, bequest, or devise.
(b) If the uses to which the real property may be devoted are not
specifically designated or prescribed in a gift, bequest, or devise of
real property, the board of trustees of the state educational institution
may 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 institution
decides to sell, convey, or dispose of real property received as a gift,
bequest, or devise, the board of trustees shall adopt a resolution to
that effect.
(b) If the value of the real property, as determined by an
independent appraisal procured by the board of trustees, is less than
five hundred thousand dollars ($500,000), no further authorization
is required before the board of trustees may dispose of the real
property.
(c) If the board of trustees determines by appraisal or otherwise
that 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 constituting
the 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 real
property.
(3) The sale, conveyance, or disposition must be approved by
the 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 trustees
of a state educational institution may delegate to an officer of the
state educational institution the authority to do the following:
(1) Execute a contract for sale of real property upon terms and
conditions approved by the board of trustees.
(2) Execute and deliver a deed of conveyance for the real
property.
(3) Collect the purchase price for the real property. As added by P.L.2-2007, SEC.271.
IC 21-30-6
Chapter 6. Disposition of Gifts, Bequests, and Devises of Real
Property
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 that
receives a gift, bequest, or devise of real property may, if not
inconsistent with the terms and conditions of the gift, bequest, or
devise:
(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 the
greatest 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 or
other proceeds derived from the sale, conveyance, or other
disposition of real property received as a gift, bequest, or devise in
a separate and distinct fund that is devoted exclusively to the uses
designated in the gift, bequest, or devise.
(b) If the uses to which the real property may be devoted are not
specifically designated or prescribed in a gift, bequest, or devise of
real property, the board of trustees of the state educational institution
may 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 institution
decides to sell, convey, or dispose of real property received as a gift,
bequest, or devise, the board of trustees shall adopt a resolution to
that effect.
(b) If the value of the real property, as determined by an
independent appraisal procured by the board of trustees, is less than
five hundred thousand dollars ($500,000), no further authorization
is required before the board of trustees may dispose of the real
property.
(c) If the board of trustees determines by appraisal or otherwise
that 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 constituting
the 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 real
property.
(3) The sale, conveyance, or disposition must be approved by
the 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 trustees
of a state educational institution may delegate to an officer of the
state educational institution the authority to do the following:
(1) Execute a contract for sale of real property upon terms and
conditions approved by the board of trustees.
(2) Execute and deliver a deed of conveyance for the real
property.
(3) Collect the purchase price for the real property. As added by P.L.2-2007, SEC.271.
