Indiana Code 21-31-5-3. Lease; criteria

Sec. 3. A lease described in this chapter:

(1) must be for consideration;

Ask a legal question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}

(2) must be for a period not in excess of thirty (30) years; and

(3) may contain other terms determined by the board of trustees of the state educational institution.

[Pre-2007 Higher Education Recodification Citation: 20-12-10-1 part.]

As added by P.L.2-2007, SEC.272.