Kansas Statutes 75-3316. Acceptance of gifts; deposit of gift moneys and sale proceeds; conditions on gift
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Terms Used In Kansas Statutes 75-3316
- Bequest: Property gifted by will.
- 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.
- Grantor: The person who establishes a trust and places property into it.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Property: includes personal and real property. See Kansas Statutes 77-201
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Kansas Statutes 77-201
- Testator: A male person who leaves a will at death.
All moneys, and the proceeds from the sale, lease, or use of any property, acquired under Kan. Stat. Ann. § 75-3314, for the benefit of a particular institution, without restriction as to use, shall be deposited in the state treasury to the credit of the fee fund of said institution. Any grant of money or property made subject to conditions imposed by the donor, grantor, or testator, may be accepted by the secretary and in accordance with Kan. Stat. Ann. § 76-12a08 used or expended in the manner required or under the conditions of the gift, grant or bequest.