Sec. 2. Whenever surplus real property or personal property is disposed of by acceptance of bids, a bid submitted by a trust must identify each:

(1) beneficiary of the trust; and

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Terms Used In Indiana Code 21-36-2-2

  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
(2) settlor empowered to revoke or modify the trust.

[Pre-2007 Higher Education Recodification Citation: 20-12-5-5(b) part.]

As added by P.L.2-2007, SEC.277.