Sec. 2.5. (a) In the case of a student described in section 2(a)(3) of this chapter, the:
(1) parent granted physical custody by a court; or
(2) student, if the student is at least eighteen (18) years of age;
may elect for the student to have legal settlement in the school corporation whose attendance area contains the residence of the student's mother or the school corporation whose attendance area contains the residence of the student's father.
(b) An election under subsection (a) shall be made on a yearly basis and applies throughout the school year unless the student's parent no longer resides within the attendance area of the school corporation.
(c) The parent or student who makes an election under subsection (a) is not required to pay transfer tuition.