Indiana Code 5-1.3-3-6. Property transactions involving a rail project; authorization
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Terms Used In Indiana Code 5-1.3-3-6
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- 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
- Property: includes personal and real property. See Indiana Code 1-1-4-5
Sec. 6. The IFA, the NWIRDA, or the NICTD may acquire by purchase, whenever the IFA, the NWIRDA, or the NICTD considers a purchase expedient, or lease as lessee, any land, rights-of-way, property, rights, easements, or other legal or equitable interests as the IFA, the NWIRDA, or the NICTD considers necessary or convenient for the construction and operation of any rail project. A purchase or lease under this section shall be made upon the terms and at the price agreed upon between the purchaser or lessee, the IFA, and the property owner. The purchaser shall take title to the property, unless the purchaser is the IFA, in which case the IFA shall take title to the property in the name of the state.
As added by P.L.189-2018, SEC.26.