Sec. 23. (a) This section applies to the award of a contract under this chapter for the procurement of property by acceptance of bids, proposals, or quotations.

     (b) A bid, proposal, or quotation submitted by a trust (as defined in IC 30-4-1-1(a)) must identify each:

Terms Used In Indiana Code 16-23-1-23

  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Contract: A legal written agreement that becomes binding when signed.
  • Property: includes personal and real property. See Indiana Code 1-1-4-5
(1) beneficiary of the trust; and

(2) settlor empowered to revoke or modify the trust.

[Pre-1993 Recodification Citation: 16-12.2-5-14.5.]

As added by P.L.2-1993, SEC.6.

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