CHAPTER 5. GIFTS, BEQUESTS, AND DEVISES; VINCENNES UNIVERSITY
IC 21-30-5
Chapter 5. Gifts, Bequests, and Devises; Vincennes University
IC 21-30-5-1
Applicability of chapter
Sec. 1. This chapter applies to the board of trustees of Vincennes
University.
As added by P.L.2-2007, SEC.271.
IC 21-30-5-2
Board; acceptance of gifts, devises, and bequests
Sec. 2. The board of trustees may accept gifts, bequests, and
devises of personal and real property:
(1) for the maintenance, use, or benefit of Vincennes
University; or
(2) to be administered for other public charitable purposes, for
the benefit or use of students of Vincennes University.
As added by P.L.2-2007, SEC.271.
IC 21-30-5-3
Board; use of transferred property
Sec. 3. The board of trustees may receive, accept, hold,
administer, and use any property transferred to them by gift, bequest,
or devise, with the terms and conditions, and with the obligations,
liabilities, and burdens that are imposed on the gift, bequest, or
devise, when, in the judgment of the board of trustees, it is for the
best interest of Vincennes University.
As added by P.L.2-2007, SEC.271.
IC 21-30-5-4
Annuity gifts; conditions
Sec. 4. When any gift, devise, or bequest is made for the purpose
of providing an annuity, the gift, devise, or bequest may be accepted
by the board of trustees on condition that Vincennes University pay
to:
(1) the donor, for the life of the donor, or for a term of years not
beyond the lifetime of the donor, as may be agreed upon;
(2) any person or persons named by the donor or testator, in
being at the time of the making of the gift, devise, or bequest,
for the life or lives of the named person or persons, as may be
agreed upon; or
(3) the donor or to any person or persons named by the donor or
testator and alive at the time of the gift, devise or bequest, or
both, for the life of the donor and the life or lives of the named
person or persons, either in succession in a designated order of
survivorship or in shares, concurrently, as may be agreed upon;
an annuity on the value of the property at the time the gift, devise or
bequest is made. The annuity must not exceed the actual income of
the property donated, devised, or bequeathed, unless a written
agreement to pay a greater sum than the annuity is executed by the
board of trustees of Vincennes University.
As added by P.L.2-2007, SEC.271.
IC 21-30-5-5
Security of payment of annuities
Sec. 5. To secure the payment of annuities granted under section
4 of this chapter, the property comprised in the gift, devise, or
bequest may be pledged by way of mortgage or otherwise to the
annuitant or annuitants for the full period of the life of the annuity or
annuities. The property pledged is the sole guarantee, and the donee
may not be obligated in any other manner unless by written
agreement of the donee.
As added by P.L.2-2007, SEC.271.
IC 21-30-5-6
Sale or conveyance of property received by gift or bequest
Sec. 6. The board of trustees may, if not inconsistent with the
terms and conditions of the gift, bequest, or devise:
(1) sell, convey, or otherwise dispose of real property received
as a gift, bequest, or devise; and
(2) invest, reinvest, or use the proceeds derived from the sale,
conveyance, or disposition of the real property;
if the board of trustees determines that the action will be of the
greatest benefit to Vincennes University.
As added by P.L.2-2007, SEC.271.
IC 21-30-5-7
Proceeds of sale or conveyance; use
Sec. 7. All:
(1) money; or
(2) other proceeds;
derived from the sale, conveyance, or other disposition of the gift,
bequest, or devise of real property must be kept in a separate and
distinct fund. The money or proceeds must be devoted exclusively to
the uses that are designated and prescribed in the gift, bequest, or
devise under the terms of which the property was originally received
and acquired. If the uses to which property is to be devoted are not
specifically designated or prescribed in a gift, bequest, or devise, the
board of trustees may prescribe the uses to which the proceeds
derived from the sale, conveyance, or other disposition of real
property must be devoted.
As added by P.L.2-2007, SEC.271.
IC 21-30-5-8
Procedure for the sale of real property received as a gift
Sec. 8. If real property that is received as a gift, bequest, or devise
is sold or is to be conveyed or otherwise disposed of, the purchaser
shall pay the purchase money for the real property, as agreed, to the
treasurer of Vincennes University, and the purchaser shall take the
receipt of the treasurer. Upon presentation of the receipt of the
treasurer to the board of trustees, the board of trustees shall cause to
be executed a deed of conveyance to the purchases. The deed shall
be signed by the board of trustees.
As added by P.L.2-2007, SEC.271.