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

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Current Bill Summary

- Prepared by Senate Research -

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

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