Indiana § 36-1-11-4.1 Sale or transfer of real property, including provision for leaseback;
notice; bids

Indiana Statutes

§ 36-1-11-4.1 — Sale or transfer of real property, including provision for leaseback; notice; bids

Indiana § 36-1-11-4.1

Title 36LOCAL GOVERNMENT

Art. 1GENERAL PROVISIONS

Ch. 11Disposal of Real or Personal Property

This text of Indiana § 36-1-11-4.1 (Sale or transfer of real property, including provision for leaseback; notice; bids) 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 § 36-1-11-4.1 (2026).

Text

1.

(a)This section applies to a disposing agent who wants to sell or transfer real property, and as a condition of sale, includes a provision for a leaseback or leaseback with option to repurchase.

(b)The disposing agent shall publish notice in accordance with IC 5-3-1 setting forth the terms and conditions of the sale. The notice must state the following:

(1)Bids will be received beginning on a specific date.

(2)The sale will continue from day to day for a period determined by the disposing agent of not more than sixty (60) days.

(3)The property may not be sold or transferred to a person who is ineligible under section 16 of this chapter.

(4)A bid submitted by a trust (as defined in IC 30-4-1-1(a)) must identify each:

(A)beneficiary of the trust; and

(B)settlor empowered to revoke

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1. (a) This section applies to a disposing agent
who wants to sell or transfer real property, and as a condition of sale,
includes a provision for a leaseback or leaseback with option to
repurchase.
(b) The disposing agent shall publish notice in accordance with IC 5-3-1 setting forth the terms and conditions of the sale. The notice must
state the following:
(1) Bids will be received beginning on a specific date.
(2) The sale will continue from day to day for a period determined
by the disposing agent of not more than sixty (60) days.
(3) The property may not be sold or transferred to a person who
is ineligible under section 16 of this chapter.
(4) A bid submitted by a trust (as defined in IC 30-4-1-1(a)) must
identify each:
(A) beneficiary of the trust; and
(B) settlor empowered to revoke or modify the trust.
(c) A bid must be open to public inspection.
(d) After the period for receiving bids has expired, a disposing agent
may sell the property to the highest and best eligible bidder. The
highest and best eligible bidder must have complied with any
requirement under subsection (b)(4).
(e) IC 36-1-10 does not apply to this section.
As added by Acts 1982, P.L.208, SEC.4. Amended by
P.L.60-1988, SEC.26; P.L.336-1989(ss), SEC.46.