Indiana § 21-30-5-7 - Proceeds of sale or conveyance; use
Full text of Indiana Indiana Code § 21-30-5-7 — Proceeds of sale or conveyance; use, with citation guidance and answers to common questions.
§ 21-30-5-7. Proceeds of sale or conveyance; use
Sec. 7. All:
(1) money; or
(2) other proceeds;
derived from the sale, conveyance, or other disposition of the gift, bequest, or devise of real property must be kept in a separate and distinct fund. The money or proceeds must be devoted exclusively to the uses that are designated and prescribed in the gift, bequest, or devise under the terms of which the property was originally received and acquired. If the uses to which property is to be devoted are not specifically designated or prescribed in a gift, bequest, or devise, the board of trustees may prescribe the uses to which the proceeds derived from the sale, conveyance, or other disposition of real property must be devoted.
[Pre-2007 Higher Education Recodification Citation: 23-13-18-26 part.]
As added by P.L.2-2007, SEC.271.
Source: official Indiana text · Last verified 2026-08-27
Frequently Asked Questions About Indiana § 21-30-5-7
What does Indiana Code § 21-30-5-7 cover?
Section 21-30-5-7 ("Proceeds of sale or conveyance; use") 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 § 21-30-5-7?
A common citation format is "Indiana Code § 21-30-5-7" (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 § 21-30-5-7 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.