Indiana Code 12-11-14-13. Accepting of gifts and property by authority
(1) as trustees for the maintenance, use, or benefit of the authority, the qualified ABLE program, or the endowment fund; or
Terms Used In Indiana Code 12-11-14-13
- ABLE account: refers to an achieving a better life experience (ABLE) account established by an eligible individual that:
Indiana Code 12-11-14-1
- authority: refers to the achieving a better life experience (ABLE) authority created by section 9 of this chapter. See Indiana Code 12-11-14-2
- Bequest: Property gifted by will.
- board: refers to the ABLE board of the authority established by section 10 of this chapter. See Indiana Code 12-11-14-3
- Devise: To gift property by will.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Judgment: means all final orders, decrees, and determinations in an action and all orders upon which executions may issue. See Indiana Code 1-1-4-5
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- qualified ABLE program: refers to the achieving a better life experience (ABLE) program established under this chapter under which a person may make contributions for a taxable year for the benefit of an eligible individual to an ABLE account to meet the qualified disability expenses of the designated beneficiary in compliance with Section 529A of the Internal Revenue Code. See Indiana Code 12-11-14-7
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- real property: include lands, tenements, and hereditaments. See Indiana Code 1-1-4-5
(b) The authority may receive, accept, hold, administer, and use any property transferred to the authority by gift, bequest, donation, or devise in accordance with the terms, conditions, obligations, liabilities, and burdens imposed on the gift, bequest, donation, or devise if, in the judgment of the board, the action is in the best interest of the authority, the qualified ABLE program, the endowment fund, ABLE account owners, ABLE account contributors, or ABLE account beneficiaries, as applicable.
(c) The authority may, if not inconsistent with the terms and conditions of a gift of real property:
(1) sell, convey, or otherwise dispose of the real property; and
(2) invest, reinvest, or use the proceeds as, in the judgment of the board, is of the greatest benefit to the authority, the qualified ABLE program, the endowment fund, ABLE account beneficiaries, and ABLE account owners.
As added by P.L.12-2016, SEC.8.