Sec. 20.1. (a) The department may receive and administer a gift, devise, or bequest of personal property, including the income from real property, that is:

(1) to or for the benefit of a home or an institution in which formerly abused or neglected children are cared for under the supervision of the department; or

Terms Used In Indiana Code 31-25-2-20.1

  • Bequest: Property gifted by will.
  • department: refers to the department of child services established by IC 31-25-1-1. See Indiana Code 31-25-2-1
  • 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
(2) for the benefit of children who are committed to the care or supervision of the department.

     (b) The department may invest or reinvest money received under this section in the same types of securities in which life insurance companies are authorized by law to invest the money of the life insurance companies.

     (c) The following shall be kept in the child trust clearance account established under section 20.2 of this chapter and may not be commingled with any other fund or account or with money received from taxation:

(1) All money received by the department under this section.

(2) All money, proceeds, or income realized from real property or other investments.

     (d) Subject to the approval of the director, money described in subsection (c)(1) or (c)(2) may be expended by the department in any manner consistent with the purposes of the child trust clearance account and with the intention of the donor.

As added by P.L.146-2008, SEC.567.

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