Ind. Code § 20-47-5-2
Property interest in lease; annexing school corporation; termination of obligations of annexed school corporation
As added by P.L.2-2006, SEC.170.
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.