Section 36-1-11-4.1 - Sale or transfer of real property, including provision for leaseback; notice; bids(a) This section applies to a disposing agent who wants to sell or transfer real property, and as a condition of sale, includes a provision for a leaseback or leaseback with option to repurchase.(b) The disposing agent shall publish notice in accordance with IC 5-3-1 setting forth the terms and conditions of the sale. The notice must state the following: (1) Bids will be received beginning on a specific date.(2) The sale will continue from day to day for a period determined by the disposing agent of not more than sixty (60) days.(3) The property may not be sold or transferred to a person who is ineligible under section 16 of this chapter.(4) A bid submitted by a trust (as defined in IC 30-4-1-1(a)) must identify each: (A) beneficiary of the trust; and(B) settlor empowered to revoke or modify the trust.(c) A bid must be open to public inspection.(d) After the period for receiving bids has expired, a disposing agent may sell the property to the highest and best eligible bidder. The highest and best eligible bidder must have complied with any requirement under subsection (b)(4).(e) IC 36-1-10 does not apply to this section.As added by Acts1982 , P.L. 208, SEC.4. Amended by P.L. 60-1988, SEC.26; P.L. 336-1989 (ss), SEC.46.