Kansas Statutes 58-3621. Citation of act; purpose
Current as of: 2023 | Check for updates
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Terms Used In Kansas Statutes 58-3621
- Donor: The person who makes a gift.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Property: includes personal and real property. See Kansas Statutes 77-201
- Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. Source: FDIC
(a) Kan. Stat. Ann. 2023 Supp. 58-3621 through 58-3625, and amendments thereto, shall be known and may be cited as the donor intent protection act.
(b) The purpose of Kan. Stat. Ann. 2023 Supp. 58-3621 through 58-3625, and amendments thereto, is to provide legal recourse to an individual charitable donor when the donor’s gift restrictions pursuant to an endowment agreement with a recipient charitable organization that governs an endowment fund containing only property gifted by such donor are not followed by the recipient charitable organization.