Indiana Code 36-12-3-5. Real or personal property; acquisition; disposal
(1) acquire real or personal property by purchase, devise, lease, condemnation, or otherwise; and
Terms Used In Indiana Code 36-12-3-5
- 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.
- 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
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Personal property: All property that is not real property.
- Personal property: includes goods, chattels, evidences of debt, and things in action. See Indiana Code 1-1-4-5
- Property: includes personal and real property. See Indiana Code 1-1-4-5
(b) The library board may:
(1) sell;
(2) exchange; or
(3) otherwise dispose of;
real and personal property no longer needed for library purposes in accordance with IC 36-1-11 and IC 5-22.
(c) The library board may transfer personal property no longer needed for library purposes for no compensation or a nominal fee to an Indiana nonprofit library organization that is:
(1) tax exempt; and
(2) organized and operated for the exclusive benefit of the library disposing of the property;
without complying with IC 36-1-11 or IC 5-22.
(d) The library board may:
(1) accept gifts of real or personal property; and
(2) hold, mortgage, lease, or sell the property as directed by the terms of the grant, gift, bequest, or devise;
when the action is in the interest of the public library.
[Pre-2005 Elementary and Secondary Education Recodification Citation: 20-14-3-4.]
As added by P.L.1-2005, SEC.49. Amended by P.L.84-2012, SEC.23.