HB 1523 Specifies that certain terms used in a gift instrument create an endowment fund of permanent duration
Sponsor: Pearce
LR Number: 5549H.02T Fiscal Note not available
Committee: Financial and Governmental Organizations and Elections
Last Action: 6/11/2014 - Signed by Governor Journal Page:
Title: HCS HB 1523 Calendar Position:
Effective Date: Emergency Clause
House Handler: Dugger

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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