§ 21-30-2-2 — Annuity gifts; conditions

Indiana § 21-30-2-2

• Jurisdiction: Indiana
• Title 21: HIGHER EDUCATION
• Art. 30: STATE EDUCATIONAL INSTITUTIONS:
• Ch. 2: Gift Annuities; Restrictions on Gifts; Gifts for a

Text

If the gift is for the purpose of providing an
annuity, the gift may be accepted by any state educational institution or
by the state upon condition that the state educational institution or the
state shall 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; or
(2) any person or persons named by the donor and living at the
time of the gift, for the life of the person or persons or for a term
of years not beyond the lifetime of the person or persons, as may
be agreed;
an annuity on the value of the property at the time the gift is made. The
annuity must not exceed the actual income from the property donated.
[Pre-2007 Higher Education Recodification Citation:
4-24-2-2.]

Legislative History

As added by P.L.2-2007, SEC.271.