§ 23-13-12-1

Any incorporated university, college, academy, theological institution, or high school existing on November 1, 1851, under either a special charter or a general law, is hereby authorized to borrow money for the benefit and use of such corporation, and to secure the same by mortgage of any of the property, real or personal, of any such corporation.Formerly: Acts 1855, c.60, s.1. As amended by P.L.34-1987, SEC.356.