Indiana Code 21-30-2-1. Power to accept gifts
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Sec. 1. Any state educational institution or the state of Indiana may:
(2) agree to return to the donor or to any living person named by the donor and living at the time of the gift, an annuity under the provisions and safeguards provided in this chapter.
(1) receive gifts, bequests, and devises of real or personal property, or both, for the aid or maintenance of any state educational institution; and
Terms Used In Indiana Code 21-30-2-1
- 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.
[Pre-2007 Higher Education Recodification Citation: 4-24-2-1 part.]
As added by P.L.2-2007, SEC.271.