Sec. 10. As used in this chapter, "passive real estate ownership" means ownership of real estate for the purpose of deriving income from speculation, trade, or rentals, except that the term does not include the following:
(1) Ownership of that part of real estate being used or intended to be used for the operation of the business of the owner of the real estate.
(2) Ownership of real estate for the purpose of construction or renovation until the completion of the construction or renovation phase.
As added by P.L.162-2007, SEC.24.
Structure Indiana Code
Title 5. State and Local Administration
Article 28. Indiana Economic Development Corporation
Chapter 29. Capital Access Program
5-28-29-2. "Amount"; "Proceeds"
5-28-29-4. "Capital Access Account"
5-28-29-10. "Passive Real Estate Ownership"
5-28-29-13. Establishment; Purpose
5-28-29-15. Lender Eligibility
5-28-29-18. Loan Enrollment; Lender Actions
5-28-29-19. Loan Enrollment; Corporation Actions
5-28-29-20. Loan Enrollment; Partial Coverage Under the Program
5-28-29-22. Effect of Zero Balances; Effect of Recovery Under the Bankruptcy Laws
5-28-29-23. Creation of Reserve Fund Accounts
5-28-29-24. Sufficient Funds Required
5-28-29-26. Reserve Fund; Corporation Control
5-28-29-27. Reserve Fund; Corporation Pledges
5-28-29-28. Reserve Fund; Transaction Reports; Records
5-28-29-30. Claims; Processing
5-28-29-31. Claims; Subsequent Lender Recovery
5-28-29-32. Claims; Subrogation