Indiana Code
Chapter 11. Disposal of Real or Personal Property
36-1-11-4.1. Sale or Transfer of Real Property, Including Provision for Leaseback; Notice; Bids

Sec. 4.1. (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.

Structure Indiana Code

Indiana Code

Title 36. Local Government

Article 1. General Provisions

Chapter 11. Disposal of Real or Personal Property

36-1-11-1. Application of Chapter

36-1-11-2. Definitions

36-1-11-3. Approval

36-1-11-3.1. Sale of Residential Real Property; Disapproval

36-1-11-3.2. Approval of Sale, Lease, or Transfer of Real Property in Certain Cities

36-1-11-4. Sale or Transfer of Real Property; Procedure

36-1-11-4.1. Sale or Transfer of Real Property, Including Provision for Leaseback; Notice; Bids

36-1-11-4.2. Sale or Transfer of Real Property Not Acquired Through Eminent Domain to Promote an Economic Development Project or Facilitate Compatible Land Use Planning

36-1-11-4.3. Public Easement or Right-of-Way

36-1-11-5. Sale of Property Having Certain Value or Previously Part of Right-of-Way; Rights of Abutting Landowners; Procedures

36-1-11-5.5. School Corporations; Sale or Transfer of Real Property or Tangible or Intangible Personal Property or Licenses

36-1-11-5.6. Sale or Transfer of Property to a Nonprofit Corporation

36-1-11-5.7. Sale or Transfer of Real Property or Tangible or Intangible Personal Property or Licenses to Volunteer Fire Department, Fire Protection District, or Fire Protection Territory

36-1-11-5.9. Sale or Transfer of Real Property Acquired by Tax Default; Rights of Abutting Landowners; Procedures

36-1-11-6. Repealed

36-1-11-7. Exchange of Property With Persons Other Than Governmental Entity; Procedure

36-1-11-8. Exchange of Property With Governmental Entity

36-1-11-9. Trade or Exchange as Part of Purchase Price of New Property

36-1-11-10. Lease of Property; Procedure

36-1-11-10.5. Lease of a Parkway Strip, Sidewalk, Tree Row, or Verge

36-1-11-11. Execution of Deed or Other Instrument

36-1-11-12. Lease of Property; Alternative Procedure

36-1-11-13. Restrictions on Lease of County-Owned Property

36-1-11-14. Gift of Tract; Reconveyance

36-1-11-15. Tract Transferred as Gift by Not-for-Profit Corporation or Organization; Reconveyance

36-1-11-16. Bid, Purchase, Receipt, or Lease of Property by Ineligible Persons; Effect of Ineligibility

36-1-11-17. Terms of Reconveyance or Return

36-1-11-18. School Corporations in Laporte County; Transfer to Governmental Agency