IC 4-24-2
Chapter 2. Gifts; Acceptance and Return of Annuity to Donor
Authorized
IC 4-24-2-1 Gifts; bequests and devises
Sec. 1. Any state charitable or benevolent institution or the state
of Indiana may:
(1) receive gifts, bequests, and devises of real or personal
property, 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 by
the donor and living at the time of the gift, an annuity under the
provisions 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 state
itself upon condition that the institution or the state, as the case may
be, shall pay to the donor, for the life of the donor, or for a term of
years not beyond the lifetime of the donor, as may be agreed, or shall
pay to any person or persons named by the donor, in being at the time
of the gift, for the life of such person or persons or for a term of
years not beyond the lifetime of such person or persons, as may be
agreed, an annuity on the value of the property at the time the gift is
made, as hereinafter provided, but such annuity shall in no case
exceed 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 be
determined by three (3) disinterested appraisers appointed by the
governor of the state, and no gift shall be accepted by any institution
named in section one or by the state itself unless it be approved by
the 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, the
property comprised in the gift may be pledged, by way of mortgage
or otherwise, to the annuitant or annuitants for the full period of the
life of the annuity or annuities, but the property pledged shall be the
sole guarantee and the state shall not be obligated in any manner by
such 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 all
taxation 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, whether
on the payment of an annuity or otherwise, that pledges the
institution to perform any acts other than acts that the institution is
authorized 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 and
personal property, made under this chapter, to permanently endow
any institution described in section 1 of this chapter shall be taken in
charge by the state, as a trust, and managed in all respects the same
as the common school fund of the state is managed. The proceeds
arising from a permanent endowment made under this chapter shall
be paid to the institution being endowed for the purposes provided by
the 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.)
IC 4-24-2
Chapter 2. Gifts; Acceptance and Return of Annuity to Donor
Authorized
IC 4-24-2-1 Gifts; bequests and devises
Sec. 1. Any state charitable or benevolent institution or the state
of Indiana may:
(1) receive gifts, bequests, and devises of real or personal
property, 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 by
the donor and living at the time of the gift, an annuity under the
provisions 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 state
itself upon condition that the institution or the state, as the case may
be, shall pay to the donor, for the life of the donor, or for a term of
years not beyond the lifetime of the donor, as may be agreed, or shall
pay to any person or persons named by the donor, in being at the time
of the gift, for the life of such person or persons or for a term of
years not beyond the lifetime of such person or persons, as may be
agreed, an annuity on the value of the property at the time the gift is
made, as hereinafter provided, but such annuity shall in no case
exceed 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 be
determined by three (3) disinterested appraisers appointed by the
governor of the state, and no gift shall be accepted by any institution
named in section one or by the state itself unless it be approved by
the 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, the
property comprised in the gift may be pledged, by way of mortgage
or otherwise, to the annuitant or annuitants for the full period of the
life of the annuity or annuities, but the property pledged shall be the
sole guarantee and the state shall not be obligated in any manner by
such 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 all
taxation 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, whether
on the payment of an annuity or otherwise, that pledges the
institution to perform any acts other than acts that the institution is
authorized 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 and
personal property, made under this chapter, to permanently endow
any institution described in section 1 of this chapter shall be taken in
charge by the state, as a trust, and managed in all respects the same
as the common school fund of the state is managed. The proceeds
arising from a permanent endowment made under this chapter shall
be paid to the institution being endowed for the purposes provided by
the 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.)
IC 4-24-2
Chapter 2. Gifts; Acceptance and Return of Annuity to Donor
Authorized
IC 4-24-2-1 Gifts; bequests and devises
Sec. 1. Any state charitable or benevolent institution or the state
of Indiana may:
(1) receive gifts, bequests, and devises of real or personal
property, 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 by
the donor and living at the time of the gift, an annuity under the
provisions 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 state
itself upon condition that the institution or the state, as the case may
be, shall pay to the donor, for the life of the donor, or for a term of
years not beyond the lifetime of the donor, as may be agreed, or shall
pay to any person or persons named by the donor, in being at the time
of the gift, for the life of such person or persons or for a term of
years not beyond the lifetime of such person or persons, as may be
agreed, an annuity on the value of the property at the time the gift is
made, as hereinafter provided, but such annuity shall in no case
exceed 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 be
determined by three (3) disinterested appraisers appointed by the
governor of the state, and no gift shall be accepted by any institution
named in section one or by the state itself unless it be approved by
the 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, the
property comprised in the gift may be pledged, by way of mortgage
or otherwise, to the annuitant or annuitants for the full period of the
life of the annuity or annuities, but the property pledged shall be the
sole guarantee and the state shall not be obligated in any manner by
such 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 all
taxation 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, whether
on the payment of an annuity or otherwise, that pledges the
institution to perform any acts other than acts that the institution is
authorized 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 and
personal property, made under this chapter, to permanently endow
any institution described in section 1 of this chapter shall be taken in
charge by the state, as a trust, and managed in all respects the same
as the common school fund of the state is managed. The proceeds
arising from a permanent endowment made under this chapter shall
be paid to the institution being endowed for the purposes provided by
the 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.)
