Sec. 4. (a) Before July 1, 1985, the ISU board shall transfer all property and other assets, regardless of whether the assets are real, personal, tangible, or intangible, located on the regional campus.

     (b) Before July 1, 1985, the university board shall accept the transfer of assets described in subsection (a) and assume the liabilities described in section 5 of this chapter.

Terms Used In Indiana Code 21-24-2.1-4

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
  • ISU board: means the Indiana State University board of trustees. See Indiana Code 21-24-2.1-1
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Property: includes personal and real property. See Indiana Code 1-1-4-5
  • regional campus: means Indiana State University - Regional Campus Evansville, a regional campus managed by the ISU board in Vanderburgh County, Indiana. See Indiana Code 21-24-2.1-2
  • university board: means the University of Southern Indiana board of trustees established by P. See Indiana Code 21-24-2.1-3
     (c) The university board and the ISU board shall enter into one (1) or more agreements that implement this chapter and that do not conflict with P.L.218-1985. The agreements must:

(1) list or otherwise describe all assets to be transferred to the university board under subsection (a);

(2) delineate the means of the transfers described in subsection (a), either by deed, bill of sale, or other appropriate conveyance;

(3) delineate the required timing for each transfer described in subsection (a);

(4) list or otherwise describe all obligations to be assumed by the university and the means and procedures for providing for payment and satisfaction of each obligation by the university;

(5) provide for the joint use contracts described in section 5(d) of this chapter;

(6) provide for indemnification of the ISU board by the university board, as necessary or appropriate, in regard to any liabilities of the ISU board assumed by the university board; and

(7) provide for any other matters that are necessary and consistent with P.L.218-1985.

As added by P.L.220-2011, SEC.356.

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