Sec. 15. If a tract was originally transferred to a political subdivision as a gift by a not-for-profit corporation or organization, 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:

(1) the property is surplus; and

Terms Used In Indiana Code 36-1-11-15

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • 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
(2) the original grantor or the grantor’s successors are eligible to receive the tract under section 16 of this chapter.

As added by P.L.330-1985, SEC.5. Amended by P.L.60-1988, SEC.35.

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