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2017 Indiana Code
TITLE 20. Education
ARTICLE 26. SCHOOL CORPORATIONS: GENERAL ADMINISTRATIVE PROVISIONS
CHAPTER 7. Property and Eminent Domain
20-26-7-45. Legalization of certain school corporation actions in acquiring property under deed with reverter clause; school corporation rights in case of reversion
Universal Citation: IN Code § 20-26-7-45 (2017)
IC 20-26-7-45 Legalization of certain school corporation actions in acquiring property under deed with reverter clause; school corporation rights in case of reversion
Sec. 45. (a) The actions of a school corporation taken before January 1, 1993, in acquiring any interest in real estate or a real estate improvement under a deed that contains a reverter clause that limits the use of the property by the school corporation are legalized.
(b) If a reversion occurs under a deed described in subsection (a), the school corporation is entitled to the improvements or the fair market value of the improvements made to the property by the school corporation.
As added by P.L.220-2011, SEC.329.
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