2013 Indiana Code
TITLE 21. HIGHER EDUCATION
ARTICLE 30. STATE EDUCATIONAL INSTITUTIONS: DONATIONS; GIFTS, BEQUESTS, AND DEVISES
CHAPTER 3. GIFTS, BEQUESTS, AND DEVISES; ANNUITY GIFTS; STATE EDUCATIONAL INSTITUTIONS OTHER THAN IVY TECH COMMUNITY COLLEGE AND VINCENNES UNIVERSITY
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IC 21-30-3
Chapter 3. Gifts, Bequests, and Devises; Annuity Gifts; State
Educational Institutions Other Than Ivy Tech Community
College and Vincennes University
IC 21-30-3-1
Applicability of chapter
Sec. 1. This chapter applies to the boards of trustees of the
following state educational institutions:
(1) Indiana University.
(2) Purdue University.
(3) Indiana State University.
(4) University of Southern Indiana.
(5) Ball State University.
As added by P.L.2-2007, SEC.271.
IC 21-30-3-2
Board; acceptance of gifts, devises, and bequests
Sec. 2. The board of trustees of a state educational institution may
accept gifts, bequests, and devises of personal and real property:
(1) for the maintenance, use, or benefit of the state educational
institution; or
(2) to be administered for other public, charitable purposes for
the benefit or use of students of any state educational
institution.
As added by P.L.2-2007, SEC.271.
IC 21-30-3-3
Board; use of transferred property
Sec. 3. The board of trustees of a state educational institution may
receive, accept, hold, administer, and use any property transferred to
the board of trustees by gift, bequest, or devise, with the terms,
conditions, obligations, liabilities, and burdens imposed on the gift,
bequest, or devise, if, in the judgment of the board of trustees, it is
for the best interest of the educational institution receiving the gift,
bequest, or devise.
As added by P.L.2-2007, SEC.271.
IC 21-30-3-4
Annuity gifts; conditions
Sec. 4. (a) Subject to subsection (b), if a gift, devise, or bequest
is made for the purpose of providing an annuity, the gift, devise, or
bequest may be accepted by the board of trustees on condition that
the state educational institution:
(1) pay to the donor, for the life of the donor or for a term of
years not beyond the lifetime of the donor, as may be agreed
upon;
(2) pay to any person or persons named by the donor or testator
and alive at the time of the making of the gift, devise, or
bequest, for the life or lives of the named person or persons, as
may be agreed upon; or
(3) pay to the donor or to any person or persons named by the
donor or testator and alive at the time of the making of the gift,
devise, or bequest, for the life of the donor and the life or lives
of the named person or persons, either in succession in a
designated order of survivorship or in shares, concurrently, as
may be agreed upon;
an annuity on the value of the property at the time the gift, devise, or
bequest is made.
(b) The annuity must not exceed the actual income of the property
donated, devised, or bequeathed, unless:
(1) a written agreement to pay a greater sum than the annuity is:
(A) executed by the board of trustees of the state educational
institution; and
(B) approved by the governor; and
(2) no part of the annuity is paid out of the funds or income:
(A) granted:
(i) to the board of trustees of the state educational
institution for any of the state educational institutions; and
(ii) by the general assembly; and
(B) derived from taxation.
As added by P.L.2-2007, SEC.271.
IC 21-30-3-5
Security of payment of annuities
Sec. 5. (a) To secure the payment of annuities, granted under this
chapter, the property comprised in the gift, devise, or bequest may be
pledged by way of mortgage or otherwise to the annuitant or
annuitants for the full period of the life of the annuity or annuities.
(b) Property pledged under subsection (a) is the sole guarantee,
and the donee shall not be obligated in any other manner unless by
written agreement of the donee approved by the governor as provided
in section 4 of this chapter.
As added by P.L.2-2007, SEC.271.
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