§ 21-30-3-4 — Annuity gifts; conditions

Indiana § 21-30-3-4

• Jurisdiction: Indiana
• Title 21: HIGHER EDUCATION
• Art. 30: STATE EDUCATIONAL INSTITUTIONS:
• Ch. 3: Gifts, Bequests, and Devises; Annuity Gifts; State

Text

(a) Subject to subsection (b), if a 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 the state educational institution:
(1) pay to 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) pay to any person or persons named by the donor or testator
and alive 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) pay to the donor or to any person or persons named by the
donor or testator and alive at the time of the making of the gift,
devise, or bequest, 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.
(b) The annuity must not exceed the actual income of the property
donated, devised, or bequeathed, unless:
(1) a written agreement to pay a greater sum than the annuity is:
(A) executed by the board of trustees of the state educational
institution; and
(B) approved by the governor; and
(2) no part of the annuity is paid out of the funds or income:
(A) granted:
(i) to the board of trustees of the state educational institution
for any of the state educational institutions; and
(ii) by the general assembly; and
(B) derived from taxation.
[Pre-2007 Higher Education Recodification Citation:
20-12-4-2(b).]

Legislative History

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