Indiana Code 16-24-1-14. Bids, proposals, or quotations submitted by trusts; requirements
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Sec. 14. If a board of managers disposes of real property or awards a contract for the procurement of property by acceptance of bids, proposals, or quotations, a bid, proposal, or quotation submitted by a trust (as defined in IC 30-4-1-1(a)) must identify the following:
(2) The settlor empowered to revoke or modify the trust.
(1) The beneficiary of the trust.
Terms Used In Indiana Code 16-24-1-14
- 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
[Pre-1993 Recodification Citation: 16-11-1-4(c).]
As added by P.L.2-1993, SEC.7.