Indiana Code 21-34-3-4. Authority to acquire or improve real and personal property
(1) acquire, under this article or any other applicable law, by:
Terms Used In Indiana Code 21-34-3-4
- 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.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- 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
- Property: includes personal and real property. See Indiana Code 1-1-4-5
(B) lease or sublease for a period not exceeding forty (40) years that the board of trustees approves;
(C) condemnation;
(D) trade or exchange;
(E) gift, devise, or bequest; or
(F) other means; and
(2) improve;
real property (improved or unimproved) and personal property that the board of trustees determines necessary for the purposes set forth in subsection (b) on the terms and conditions and subject to the liens and encumbrances that the board of trustees approves.
(b) Any action may be taken under subsection (a) that the board of trustees of the state educational institution considers necessary for:
(1) carrying on the educational research, the public service programs, or the statutory responsibilities of the state educational institution and the various divisions of the state educational institution under the jurisdiction of the board of trustees; or
(2) managing, operating, or servicing the state educational institution.
[Pre-2007 Higher Education Recodification Citation: 20-12-6-2(a).]
As added by P.L.2-2007, SEC.275.