Indiana Code 20-26-7-7. Unconditional devise or bequest
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Terms Used In Indiana Code 20-26-7-7
- Bequest: Property gifted by will.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Devise: To gift property by will.
- 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.
- Testator: A male person who leaves a will at death.
Sec. 7. If a common school corporation has acquired or acquires any personal property or real estate by gift, devise, or bequest concerning which the donor or testator, at the time of making the gift, bequest, or devise, does not include conditions or directions concerning the gift, bequest, or devise inconsistent with this section, the principal of the gifts, devises, and bequests is inviolate, but the interest, rents, incomes, issues, and profits thereof may be expended by the school corporation.
[Pre-2005 Elementary and Secondary Education Recodification Citation: 20-5-20-3.]
As added by P.L.1-2005, SEC.10. Amended by P.L.233-2015, SEC.109.