Indiana § 4-24-2-7 - Money gifts
Full text of Indiana Indiana Code § 4-24-2-7 — Money gifts, with citation guidance and answers to common questions.
§ 4-24-2-7. Money gifts
Sec. 7. All gifts of money, and all money realized from real and personal property, made under this chapter, to permanently endow any institution described in section 1 of this chapter shall be taken in charge by the state, as a trust, and managed in all respects the same as the common school fund of the state is managed. The proceeds arising from a permanent endowment made under this chapter shall be paid to the institution being endowed for the purposes provided by the terms of the gift.
[Pre-2007 Higher Education Recodification Citation: 4-24-2-7 part.]
Formerly: Acts 1917, c.20, s.7. As amended by P.L.5-1984, SEC.185; P.L.2-2007, SEC.60.
Source: official Indiana text · Last verified 2026-08-27
Frequently Asked Questions About Indiana § 4-24-2-7
What does Indiana Code § 4-24-2-7 cover?
Section 4-24-2-7 ("Money gifts") 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 § 4-24-2-7?
A common citation format is "Indiana Code § 4-24-2-7" (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 § 4-24-2-7 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.