Indiana Code 16-23-1-46. Sale of real property; trust bids; lease of real and personal property; loans
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Sec. 46. (a) This section applies to the sale of real property by the governing board.
(1) Each beneficiary of the trust.
(b) If real property is sold by acceptance of bids, a bid submitted for the property by a trust (as defined in IC 30-4-1-1(a)) must identify the following:
Terms Used In Indiana Code 16-23-1-46
- 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
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Property: includes personal and real property. See Indiana Code 1-1-4-5
(2) Each settlor empowered to revoke or modify the trust.
(c) The governing board may lease from others real or personal property, with or without an option to purchase, on terms and conditions and for times the board of directors considers reasonable.
(d) The governing board may borrow money and may secure the loan by a pledge of amounts from the cumulative building fund or other security. The loan may be made for a term of up to twenty (20) years.
[Pre-1993 Recodification Citation: 16-12.2-5-25.5.]
As added by P.L.2-1993, SEC.6.