Illinois Compiled Statutes 70 ILCS 920/9 – Any person desiring to make any donation or legacy, of money, …
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Illinois Compiled Statutes 70 ILCS 920/9
- Deed: The legal instrument used to transfer title in real property from one person to another.
- 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.
Any person desiring to make any donation or legacy, of money, personal property, or real estate, for the benefit of such sanitarium, shall have the right to vest the title to the money, personal property or real estate so donated, in the board of directors created under this Act, to be held and controlled by such board of directors, when accepted, according to the terms of the deed, gift or legacy of such property, and as to such property, the board of directors shall be held and considered to be special trustees.