Louisiana Revised Statutes 9:2271 – Charitable purpose; beneficiary; conditions
Terms Used In Louisiana Revised Statutes 9:2271
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Inter vivos: Transfer of property from one living person to another living person.
- person: includes a body of persons, whether incorporated or not. See Louisiana Revised Statutes 1:10
- Trustee: A person or institution holding and administering property in trust.
A charitable trust is created when a person makes a donation inter vivos or mortis causa in trust for the relief of poverty, the advancement of education or religion, the promotion of health, governmental or municipal purposes, or other purposes the achievement of which is beneficial to society. The trust instrument may be specific or general in the statement of its purposes and may include any conditions that are not contrary to law or good morals. The charitable trust may have as its purpose to benefit one or more institutional beneficiaries. An “institutional beneficiary” is a trust, corporation, or other entity that has any of the foregoing purposes and is a current mandatory or discretionary beneficiary. Otherwise, the beneficiaries of the trust shall be selected by the trustee or any other person, pursuant to the terms of the trust instrument.
Acts 2008, No. 637, §1, eff. Jan. 1, 2009.