Indiana § 6-1.1-10-34 Contracts relating to certain exempt property; unenforceability

Indiana Statutes

§ 6-1.1-10-34 — Contracts relating to certain exempt property; unenforceability

Indiana·Art. 1.1 PROPERTY TAXES·Ch. 10 Exemptions

(a)A contract is not valid or enforceable in any court of this state if:

(1)the contract is related to tangible property which is given, devised, or bequeathed to an educational, literary, scientific, religious, or charitable institution;

(2)the contract provides that the institution shall pay any income or proceeds received for the tangible property to the donor, or other person designated by the donor, for life or for a determinate period of time; and

(3)the contract does not provide that all property taxes that the donor would have paid if the donor had retained title to the property shall be paid by:

(A)the donor;

(B)the person, if any, designated by the donor to receive the income or proceeds; or

(C)the institution.

(b)Tangible property transferred in the manner described in s

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(a) A contract is not valid or enforceable in
any court of this state if:
(1) the contract is related to tangible property which is given,
devised, or bequeathed to an educational, literary, scientific,
religious, or charitable institution;
(2) the contract provides that the institution shall pay any income
or proceeds received for the tangible property to the donor, or
other person designated by the donor, for life or for a determinate
period of time; and
(3) the contract does not provide that all property taxes that the
donor would have paid if the donor had retained title to the
property shall be paid by:
(A) the donor;
(B) the person, if any, designated by the donor to receive the
income or proceeds; or
(C) the institution.
(b) Tangible property transferred in the manner described in
subsection (a) is subject to property taxation to the same extent as
tangible property which is owned by an individual.
(c) This section does not apply to real property transferred under
contracts which were entered into before March 9, 1937.
[Pre-1975 Property Tax Recodification Citation:
6-1-18-1.]
Formerly: Acts 1975, P.L.47, SEC.1. As amended by
P.L.42-2011, SEC.6.

Indiana § 6-1.1-10-34 (Contracts relating to certain exempt property; unenforceability) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.