Indiana Code > Title 21 > Article 31 > Chapter 4 – Leases
Current as of: 2024 | Check for updates
|
Other versions
| § 21-31-4-1 | Application of section; leases |
| § 21-31-4-2 | Application of section; term of leases |
| § 21-31-4-3 | Application of section; tax exemption |
Terms Used In Indiana Code > Title 21 > Article 31 > Chapter 4 - Leases
- 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.
- 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
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Property: includes personal and real property. See Indiana Code 1-1-4-5