Indiana Code 21-30-2-3. Determination of gift value
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Terms Used In Indiana Code 21-30-2-3
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Property: includes personal and real property. See Indiana Code 1-1-4-5
Sec. 3. The value of the property comprised in the gift shall be determined by three (3) disinterested appraisers appointed by the governor, and a gift may not be accepted by any institution named in section 1 of this chapter or by the state itself unless it is approved by the governor.
[Pre-2007 Higher Education Recodification Citation: 4-24-2-3.]
As added by P.L.2-2007, SEC.271.