Illinois Compiled Statutes 40 ILCS 5/15-176 – To accept gifts
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Terms Used In Illinois Compiled Statutes 40 ILCS 5/15-176
- Bequest: Property gifted by will.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Grantor: The person who establishes a trust and places property into it.
- State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
To accept any gift, grant or bequest of any money or securities; if the grantor designates cash benefits for some or all of the system’s participants or annuitants, to carry out such intent; if no such intent is designated, to reduce the costs of the State.