Indiana Code 36-1-11-14. Gift of tract; reconveyance
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Sec. 14. If a tract was originally transferred to a political subdivision as a gift and public funds have not been expended to improve the property since the original transfer, the disposing agent may convey it back to the original grantor or the grantor’s successors with their consent without consideration upon a determination by the disposing agent that:
(2) the original grantor or the grantor’s successors are eligible to receive the tract under section 16 of this chapter.
(1) the property is surplus; and
Terms Used In Indiana Code 36-1-11-14
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Grantor: The person who establishes a trust and places property into it.
- Property: includes personal and real property. See Indiana Code 1-1-4-5
As added by P.L.331-1985, SEC.3. Amended by P.L.60-1988, SEC.34.