Indiana Code 36-12-10-10. Applicability; title to real property; sale; procedure
(1) under this chapter; and
Terms Used In Indiana Code 36-12-10-10
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
- 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
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- real property: include lands, tenements, and hereditaments. See Indiana Code 1-1-4-5
- Statute: A law passed by a legislature.
(b) This section and not:
(1) IC 36-1-11; or
(2) any other statute;
applies to a sale of real property under this chapter.
(c) The lessor corporation shall hold in fee simple the real property on which the library building or buildings exists or will be constructed.
(d) A municipal corporation or corporations proposing to lease the library building or buildings, either alone or jointly with another municipal corporation that owns the property, may sell the property to the lessor corporation in fee simple.
(e) Before a sale under this section may take place, the governing authority of the municipal corporation shall file a petition with the circuit court of the county in which the municipal corporation is located. The petition must request the appointment of two (2) disinterested appraisers who are:
(1) professionally engaged in making appraisals; and
(2) licensed under IC 25-34.1;
to determine the fair market value of the real property. The two (2) appraisers shall fix the fair market value of the real property and report this amount to the circuit court not later than two (2) weeks from the date of their appointment. The municipal corporation may then sell the real property to the lessor corporation for an amount not less than the amount fixed as the fair market value by the appraisers. If each appraiser determines a different fair market value of the real property, the municipal corporation may sell the real property to the lessor corporation for an amount that is not less than the amount of the lower of the two (2) appraisals. The amount shall be paid in cash upon delivery of the deed by the municipal corporation to the lessor corporation.
[Pre-2005 Elementary and Secondary Education Recodification Citation: 20-14-10-10.]
As added by P.L.1-2005, SEC.49. Amended by P.L.113-2006, SEC.24; P.L.42-2018, SEC.55.