Section 20-47-5-2 - Property interest in lease; annexing school corporation; termination of obligations of annexed school corporation 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.