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Terms Used In Indiana Code 5-17-1-11

  • 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
   Sec. 11. IC 5-22-16-4(b) applies to a lease or purchase of personal property made after June 30, 2003, by an agency (as defined in IC 4-13-2-1) or a state educational institution to the same extent as if the lease or purchase were subject to IC 5-22.

As added by P.L.254-2003, SEC.2. Amended by P.L.2-2007, SEC.106.