Illinois Compiled Statutes 110 ILCS 335/6 – The Institution or University may accept, hold and use for the …
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Terms Used In Illinois Compiled Statutes 110 ILCS 335/6
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Legacy: A gift of property made by will.
- Personal property: All property that is not real property.
The Institution or University may accept, hold and use for the benefit of the Institution any gift or legacy of real or personal property, and may agree to perform any condition of such gift or legacy, not contrary to law.