Indiana Code 36-1-11-2. Definitions
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Sec. 2. The following definitions apply throughout this chapter:
(2) “Disposing agent” means the board or officer of a political subdivision or agency having the power to award contracts for which public notice is required, with respect to property of the political subdivision or agency.
(1) “Disposal” means sale, exchange, transfer, or lease of property.
Terms Used In Indiana Code 36-1-11-2
- 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.
- Fiduciary: A trustee, executor, or administrator.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Property: includes personal and real property. See Indiana Code 1-1-4-5
(3) “Key number” has the meaning set forth in IC 6-1.1-1-8.5.
(4) “Operating agreement” has the meaning set forth in IC 5-23-2-7.
(5) “Person” means any association, corporation, limited liability company, fiduciary, individual, joint venture, partnership, sole proprietorship, or any other legal entity.
(6) “Property” means all fixtures and real property to be included in a disposal.
(7) “Tract” has the meaning set forth in IC 6-1.1-1-22.5.
[Pre-Local Government Recodification Citations: 17-2-47-8 part; 17-4-15-1 part; 18-4-5-6 part; 19-6-2-38 part.]
As added by Acts 1981, P.L.57, SEC.37. Amended by P.L.60-1988, SEC.23; P.L.82-1995, SEC.8; P.L.49-1997, SEC.70.