Illinois Compiled Statutes 325 ILCS 60/11 – The Board of Trustees of the University of Illinois may, from time to …
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Terms Used In Illinois Compiled Statutes 325 ILCS 60/11
- 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 Board of Trustees of the University of Illinois may, from time to time, accept, hold and use for the benefit of the institution, or the inmates thereof, any gift, donation or legacy of money, or real or personal property, and may agree to and perform any condition of such gift, donation or legacy not contrary to law.