Indiana Code 23-14-65-23. Acceptance and receipt of real and personal property
(1) through gift, legacy, or bequest; and
Terms Used In Indiana Code 23-14-65-23
- Bequest: Property gifted by will.
- cemetery board: means :
Indiana Code 23-14-65-1
- 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.
- Legacy: A gift of property made by will.
- municipality: means a city or town. See Indiana Code 23-14-65-4
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- Testator: A male person who leaves a will at death.
for use concerning the operation, maintenance, and preservation of cemeteries or a part of a cemetery.
(b) The property received under subsection (a) is exempt from all taxation.
(c) If:
(1) a cemetery board receives money under subsection (a); and
(2) the money is not required currently to carry out the purpose or trusts upon which the money was received;
the cemetery board shall invest the money in accordance with IC 5-13-9. For investment purposes under this subsection, the cemetery board shall give preference to the purchase of bonds or securities issued and negotiated by the municipality.
(d) A cemetery board shall use the income from securities purchased under subsection (c) to carry out the trusts upon which the gift was made.
As added by P.L.52-1997, SEC.39.