Indiana § 20-47-5-2 Property interest in lease; annexing school corporation; termination of
obligations of annexed school corporation

Indiana Statutes

§ 20-47-5-2 — Property interest in lease; annexing school corporation; termination of obligations of annexed school corporation

Indiana § 20-47-5-2

Title 20EDUCATION

Art. 47RELATED ENTITIES; HOLDING COMPANIES;

Ch. 5Payment of Rent by Annexed School Corporation

This text of Indiana § 20-47-5-2 (Property interest in lease; annexing school corporation; termination of obligations of annexed school corporation) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 20-47-5-2 (2026).

Text

If a building or buildings that have been leased under IC 20-47-2 are located in the territory annexed or acquired, as described in section 1 of this chapter:

(1)the school corporation acquiring the territory:

(A)shall pay the full amount of the lease rental payments due after the territory is annexed or acquired in accordance with the terms of the lease; and

(B)succeeds to and possesses all the rights and is subject to the obligations of the lessee under the lease, including the right of occupancy and use of the building; and

(2)all rights and obligations of the lessee school corporation named in the lease terminate. [Pre-2006 Recodification Citation: 21-5-10-2.]

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If a building or buildings that have been leased
under IC 20-47-2 are located in the territory annexed or acquired, as
described in section 1 of this chapter:
(1) the school corporation acquiring the territory:
(A) shall pay the full amount of the lease rental payments due
after the territory is annexed or acquired in accordance with the
terms of the lease; and
(B) succeeds to and possesses all the rights and is subject to the
obligations of the lessee under the lease, including the right of
occupancy and use of the building; and
(2) all rights and obligations of the lessee school corporation
named in the lease terminate.
[Pre-2006 Recodification Citation: 21-5-10-2.]