Indiana Code 20-26-7-6. Property acquired by conditional gift or bequest; annexation
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Terms Used In Indiana Code 20-26-7-6
- Bequest: Property gifted by will.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Devise: To gift property by will.
- Donor: The person who makes a gift.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- Testator: A male person who leaves a will at death.
Sec. 6. A school corporation that acquires any real property by gift, devise, or bequest shall hold, use, and dispose of the real property under the terms and conditions imposed by the donor or testator.
[Pre-2005 Elementary and Secondary Education Recodification Citation: 20-5-20-2.]
As added by P.L.1-2005, SEC.10.