Terms Used In Indiana Code 4-13-1.7-6

  • Contract: A legal written agreement that becomes binding when signed.
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • 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
   Sec. 6. As used in this chapter, “transfer” includes the sale, conditional sale, lease with option to purchase, lease, contract for use, grant, or gift.

As added by P.L.49-1997, SEC.11.