Sec. 5. To secure the payment of annuities granted under section 4 of this chapter, the property comprised in the gift, devise, or bequest may be pledged by way of mortgage or otherwise to the annuitant or annuitants for the full period of the life of the annuity or annuities. The property pledged is the sole guarantee, and the donee may not be obligated in any other manner unless by written agreement of the donee.
[Pre-2007 Higher Education Recodification Citation: 23-13-18-25(c).]
As added by P.L.2-2007, SEC.271.
Structure Indiana Code
Article 30. State Educational Institutions: Donations; Gifts, Bequests, and Devises
Chapter 5. Gifts, Bequests, and Devises; Vincennes University
21-30-5-1. Applicability of Chapter
21-30-5-2. Board; Acceptance of Gifts, Devises, and Bequests
21-30-5-3. Board; Use of Transferred Property
21-30-5-4. Annuity Gifts; Conditions
21-30-5-5. Security of Payment of Annuities
21-30-5-6. Sale or Conveyance of Property Received by Gift or Bequest
21-30-5-7. Proceeds of Sale or Conveyance; Use
21-30-5-8. Procedure for the Sale of Real Property Received as a Gift