HB 1523 – Specifies that certain terms used in a gift instrument create an endowment fund of permanent duration

• Sponsor: Pearce
• LR Number: 5549H.02T
• Committee: Financial and Governmental Organizations and Elections
• Last Action: 6/11/2014 - Signed by Governor
• Title: HCS HB 1523
• Effective Date: Emergency Clause
• House Handler: Dugger

Current Bill Summary

HCS/HB 1523 - Current law provides that when a gift instrument uses the terms income, interest, dividends, or "words of that import" then an endowment fund of permanent duration is created. This act states that an endowment fund of permanent duration is created by using such terms or "words of similar import."

This act contains an emergency clause.

JESSICA BAKER