Indiana Code 14-17-3-5. Lease or purchase of land by person from whom land acquired
Current as of: 2024 | Check for updates
|
Other versions
Sec. 5. (a) This section applies if the department:
(A) this chapter; or
(1) acquired land under:
Terms Used In Indiana Code 14-17-3-5
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
(B) IC 14-3-1-19 (before its repeal);
after September 1, 1983; and
(2) decides to lease or sell the land for use in a manner identical or similar to that for which the land was used before the acquisition.
(b) The person from whom the department acquired the land may, at the person’s option, lease or purchase the land under the same conditions that the land will be leased or sold by the department if the person does not exercise the option.
[Pre-1995 Recodification Citation: 14-3-1-19.5.]
As added by P.L.1-1995, SEC.10.