Indiana Code 12-24-18-6. Laws relating to state contracts, leases, and conveyances; applicability; proceeds
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Sec. 6. (a) Except as provided in this chapter, the procedures required by law for the state to:
(2) convey or lease the state’s real property;
(1) enter into contracts affecting the state’s real property; or
Terms Used In Indiana Code 12-24-18-6
- Contract: A legal written agreement that becomes binding when signed.
- 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
- real property: include lands, tenements, and hereditaments. See Indiana Code 1-1-4-5
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
apply to a contract, conveyance, or lease under this chapter.
(b) Notwithstanding any other law, if the state sells or leases real property under this chapter, the proceeds from that sale or lease are reappropriated to the state institution.
(c) The proceeds from the sale or lease of real property under this chapter may not reduce the amount of state appropriations otherwise available to the state institution.
As added by P.L.147-1993, SEC.1. Amended by P.L.120-1996, SEC.2.