Indiana Code 21-30-2-2. Annuity gifts; conditions
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Sec. 2. If the gift is for the purpose of providing an annuity, the gift may be accepted by any state educational institution or by the state upon condition that the state educational institution or the state shall pay to:
(2) any person or persons named by the donor and living at the time of the gift, for the life of the person or persons or for a term of years not beyond the lifetime of the person or persons, as may be agreed;
(1) 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
Terms Used In Indiana Code 21-30-2-2
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Donor: The person who makes a gift.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Property: includes personal and real property. See Indiana Code 1-1-4-5
an annuity on the value of the property at the time the gift is made. The annuity must not exceed the actual income from the property donated.
[Pre-2007 Higher Education Recodification Citation: 4-24-2-2.]
As added by P.L.2-2007, SEC.271.