Indiana Code 21-30-5-6. Sale or conveyance of property received by gift or bequest
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Sec. 6. The board of trustees may, if not inconsistent with the terms and conditions of the gift, bequest, or devise:
(2) invest, reinvest, or use the proceeds derived from the sale, conveyance, or disposition of the real property;
(1) sell, convey, or otherwise dispose of real property received as a gift, bequest, or devise; and
Terms Used In Indiana Code 21-30-5-6
- Bequest: Property gifted by will.
- 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.
- Property: includes personal and real property. See Indiana Code 1-1-4-5
if the board of trustees determines that the action will be of the greatest benefit to Vincennes University.
[Pre-2007 Higher Education Recodification Citation: 23-13-18-26 part.]
As added by P.L.2-2007, SEC.271.