§ 21-30-5-4 — Annuity gifts; conditions

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.
[Pre-2007 Higher Education Recodification Citation:
23-13-18-25(b).]

Legislative History

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