Indiana § 36-12-10-10 Applicability; title to real property; sale; procedure

Indiana Statutes

§ 36-12-10-10 — Applicability; title to real property; sale; procedure

Indiana·Title 36 LOCAL GOVERNMENT·Art. 12 LIBRARIES·Ch. 10 Leasing of Library Property

(a)This section applies only to a sale of real property:

(1)under this chapter; and

(2)by a municipal corporation that operates and maintains library facilities.

(b)This section and not:

(1)IC 36-1-11; or

(2)any other statute; applies to a sale of real property under this chapter.

(c)The lessor corporation shall hold in fee simple the real property on which the library building or buildings exists or will be constructed.

(d)A municipal corporation or corporations proposing to lease the library building or buildings, either alone or jointly with another municipal corporation that owns the property, may sell the property to the lessor corporation in fee simple.

(e)Before a sale under this section may take place, the governing authority of the municipal corporation shall file a petit

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(a) This section applies only to a sale of
real property:
(1) under this chapter; and
(2) by a municipal corporation that operates and maintains library
facilities.
(b) This section and not:
(1) IC 36-1-11; or
(2) any other statute;
applies to a sale of real property under this chapter.
(c) The lessor corporation shall hold in fee simple the real property
on which the library building or buildings exists or will be constructed.
(d) A municipal corporation or corporations proposing to lease the
library building or buildings, either alone or jointly with another
municipal corporation that owns the property, may sell the property to
the lessor corporation in fee simple.
(e) Before a sale under this section may take place, the governing
authority of the municipal corporation shall file a petition with the
circuit court of the county in which the municipal corporation is
located. The petition must request the appointment of two (2)
disinterested appraisers who are:
(1) professionally engaged in making appraisals; and
(2) licensed under IC 25-34.1;
to determine the fair market value of the real property. The two (2)
appraisers shall fix the fair market value of the real property and report
this amount to the circuit court not later than two (2) weeks from the
date of their appointment. The municipal corporation may then sell the
real property to the lessor corporation for an amount not less than the
amount fixed as the fair market value by the appraisers. If each
appraiser determines a different fair market value of the real property,
the municipal corporation may sell the real property to the lessor
corporation for an amount that is not less than the amount of the lower
of the two (2) appraisals. The amount shall be paid in cash upon
delivery of the deed by the municipal corporation to the lessor
corporation.
[Pre-2005 Elementary and Secondary Education
Recodification Citation: 20-14-10-10.]

Indiana § 36-12-10-10 (Applicability; title to real property; sale; procedure) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.