Sec. 5. 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.
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