Indiana Code 5-22-3-5. Offers submitted by trusts
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Sec. 5. (a) This section applies whenever a trust submits an offer to a governmental body to do either of the following:
(2) Purchase surplus property from the governmental body under this article.
(1) Enter into a contract with the governmental body.
Terms Used In Indiana Code 5-22-3-5
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Contract: A legal written agreement that becomes binding when signed.
- Property: includes personal and real property. See Indiana Code 1-1-4-5
(b) As used in this section, “trust” has the meaning set forth in IC 30-4-1-1(a).
(c) An offer submitted by a trust must identify all of the following:
(1) Each beneficiary of the trust.
(2) Each settlor empowered to revoke or modify the trust.
As added by P.L.49-1997, SEC.1.