Section 30-2-12-5 - "Institution" defined As used in this chapter, "institution" means any of the following:
(1) A person, other than an individual, that is organized and operated exclusively for charitable purposes.(2) The state, including any agency or instrumentality of the state, or a unit of local government to the extent that the state or unit holds funds exclusively for charitable purposes.(3) A trust that has only charitable interests, including a trust:(A) that previously had both charitable and noncharitable interests; and(B) the noncharitable interests of which were previously terminated.As added by P.L. 268-1989, SEC.1. Amended by P.L. 199-1991, SEC.1; P.L. 266-1995, SEC.2; P.L. 2-2007, SEC.356; P.L. 226-2007, SEC.11; P.L. 3-2008, SEC.227.