(a) Every college and university is authorized and empowered to sell or convey any lot, plot or tract of land that has been acquired through purchase, gift, devise or by any other means; provided, that:

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Terms Used In Tennessee Code 49-8-111

  • Appraisal: A determination of property value.
  • 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.
  • Property: includes both personal and real property. See Tennessee Code 1-3-105
  • State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
(1) The land is unsuitable for use by the college or university at present or in the future, or not needed by the college or university;
(2) The state building commission approves of the sale or conveyance; and
(3) The college or university obtains a certified appraisal of the land from a recognized real estate appraiser in the locality of the college or university. The state building commission may require a second appraisal to be completed by a qualified appraiser, wholly disconnected from the first appraiser, prior to the disposal of the property.
(b) The receipts from the sale or conveyance shall be deposited in the capital outlay fund of the selling college or university.
(c) Subsections (a) and (b) do not apply to the University of Tennessee system.
(d)

(1) The board of regents is authorized to sell, upon approval of the state building commission, property which has been acquired for use by the central office of the board. The proceeds from the sale may be used as the board determines; provided, that the use shall be for purposes that are long term and nonrecurring in nature and that are otherwise permitted by law.
(2) Funds shall only be expended pursuant to this subsection (d) if the expenditure is approved by the education committee of the senate and the education administration committee of the house of representatives.
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