Indiana § 20-47-5-2 - Property interest in lease; annexing school corporation; termination of obligations of annexed school corporation
Full text of Indiana Indiana Code § 20-47-5-2 — Property interest in lease; annexing school corporation; termination of obligations of annexed school corporation, with citation guidance and answers to common questions.
§ 20-47-5-2. Property interest in lease; annexing school corporation; termination of obligations of annexed school corporation
Sec. 2. If a building or buildings that have been leased under IC 20-47-2 are located in the territory annexed or acquired, as described in section 1 of this chapter:
(1) the school corporation acquiring the territory:
(A) shall pay the full amount of the lease rental payments due after the territory is annexed or acquired in accordance with the terms of the lease; and
(B) succeeds to and possesses all the rights and is subject to the obligations of the lessee under the lease, including the right of occupancy and use of the building; and
(2) all rights and obligations of the lessee school corporation named in the lease terminate.
[Pre-2006 Recodification Citation: 21-5-10-2.]
As added by P.L.2-2006, SEC.170.
IC 20-47-6Chapter 6. RepealedRepealed by P.L.202-2023, SEC.22.
IC 20-48ARTICLE 48. BORROWING AND BONDS
Ch. 1.Borrowing and Bonds Ch. 2.Borrowing; School Towns and School Cities Ch. 3.Borrowing; Indianapolis Public Schools Ch. 4.Township School Building
IC 20-48-1Chapter 1. Borrowing and Bonds
20-48-1-1Powers; conditions and issuance of bonds; improvement of real estate 20-48-1-2Powers; issuance of bonds; retirement or severance liability 20-48-1-2.5Status of bonds issued under prior statute; debt service levies, property tax levies 20-48-1-3Payment schedule; maximum term; designee of paying agent 20-48-1-4Conditions of sale; par value; public sale; negotiated sale; interest rate; approval required for certain bonds 20-48-1-5Signatures; issuing party 20-48-1-6Required debt service fund levy; payment of obligations 20-48-1-7Emergency loans 20-48-1-8Bonds; emergency loans; compliance with other laws 20-48-1-9Anticipation warrants 20-48-1-10Temporary transfers among funds 20-48-1-11Annual review of obligations; department of local government finance; increase in levy to pay obligations; intercept of state distributions to pay obligations 20-48-1-12Status of bonds issued under prior statute; debt service levies, property tax levies 20-48-1-13Sale of certain refunding bonds
Source: official Indiana text · Last verified 2026-08-27
Frequently Asked Questions About Indiana § 20-47-5-2
What does Indiana Code § 20-47-5-2 cover?
Section 20-47-5-2 ("Property interest in lease; annexing school corporation; termination of obligations of annexed school corporation") is part of the Indiana Code, the codified statutory law of Indiana. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Indiana § 20-47-5-2?
A common citation format is "Indiana Code § 20-47-5-2" (Indiana). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Indiana law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Indiana official source linked on this page or consult a licensed Indiana attorney.
How does Indiana § 20-47-5-2 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Indiana can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Indiana.