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2019 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
21-30-3-5. Security of payment of annuities
Universal Citation: IN Code § 21-30-3-5 (2019)
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.
[Pre-2007 Higher Education Recodification Citation: 20-12-4-3.]
As added by P.L.2-2007, SEC.271.
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