Indiana Code 16-20-6-2. Form of gift; conversion into cash; separate account for proceeds
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Sec. 2. (a) The gifts, devises, and bequests accepted under this chapter may be in the form of cash or real, personal, or mixed property that, in accordance with the terms of a gift, devise, or bequest, may be converted into cash by the county executive or city fiscal body as follows:
(2) If personal property, by sale at private sale through the office of auditor, clerk, or clerk-treasurer, upon two (2) weeks publication of notice.
(1) If real property, by sale as county and city real property may be sold.
Terms Used In Indiana Code 16-20-6-2
- Bequest: Property gifted by will.
- Clerk: means the clerk of the court or a person authorized to perform the clerk's duties. See Indiana Code 1-1-4-5
- 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.
- Population: has the meaning set forth in Indiana Code 1-1-4-5
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- 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 sale may be continued from day to day and shall be approved by the county executive or city fiscal body before the execution of a bill of sale. The auditor, clerk, or clerk-treasurer may execute bills of sale.
(c) Revenues realized from the gifts, devises, and bequests must be kept in a separate account for the purposes specified in this chapter. However, the account may not be permitted to exceed one dollar and fifty cents ($1.50) per capita of the population of the county or city.
[Pre-1993 Recodification Citation: 16-1-5.1-2.]
As added by P.L.2-1993, SEC.3.