Kentucky Statutes 173.390 – Title to money and property
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The title to money or property given to or for the use or benefit of a library shall be vested in the board of trustees, to be used according to the terms of the gift. Should a library be closed or services discontinued, it shall be the duty of the governmental unit to hold all library property and funds received by gift in trust to be used for library purposes, unless the terms of the gift permit use for other purposes or unless such assets are transferred to a public library district pursuant to KRS § 173.395.
Effective: July 15, 1980
History: Amended 1980 Ky. Acts ch. 167, sec. 2, effective July 15, 1980. — Created
1944 Ky. Acts ch. 160, sec. 10.
Effective: July 15, 1980
Terms Used In Kentucky Statutes 173.390
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
History: Amended 1980 Ky. Acts ch. 167, sec. 2, effective July 15, 1980. — Created
1944 Ky. Acts ch. 160, sec. 10.