Maryland Code, BUSINESS REGULATION 6.5-101
Terms Used In Maryland Code, BUSINESS REGULATION 6.5-101
- including: means includes or including by way of illustration and not by way of limitation. See
- Personal property: All property that is not real property.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
(b) (1) “Charitable asset” means property that is given, received, or held for a charitable purpose, including all interest in:
(i) real property; or
(ii) tangible or intangible personal property.
(2) “Charitable asset” includes:
(i) cash;
(ii) remainder interests;
(iii) conservation or preservation easements or restrictions; and
(iv) charitable contributions.
(3) “Charitable asset” does not include property acquired or held for a for-profit purpose.
(c) “Charitable purpose” means the relief of poverty, the advancement of education or religion, the promotion of health, the promotion of a governmental purpose, or any other purpose whose achievement is beneficial to the community.