If the gift is for the purpose of providing an annuity, the gift may be accepted by any state educational institution or by the state upon condition that the state educational institution or the state shall pay to:(1) the donor, for the life of the donor or for a term of years not beyond the lifetime of the donor, as may be agreed; or(2) any person or persons named by the donor and living at the time of the gift, for the life of the person or persons or for a term of years not beyond the lifetime of the person or persons, as may be agreed;an annuity on the value of the property at the time the gift is made. The annuity must not exceed the actual income from the property donated.[Pre-2007 Higher Education Recodification Citation: 4-24-2-2.]As added by P.L.2-2007, SEC.271.
Indiana Legal Code