§ 21-30-5-7 — Proceeds of sale or conveyance; use

Indiana § 21-30-5-7

• Jurisdiction: Indiana
• Title 21: HIGHER EDUCATION
• Art. 30: STATE EDUCATIONAL INSTITUTIONS:
• Ch. 5: Gifts, Bequests, and Devises; Vincennes University

Text

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.
[Pre-2007 Higher Education Recodification Citation:
23-13-18-26 part.]

Legislative History

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