Minnesota Statutes 16A.014 – Administration of Gifts
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In case any such gift, bequest, devise, or endowment is so accepted, the same and the proceeds thereof shall be administered and applied according to the terms of the will, deed of gift, or other instrument defining, providing for, creating, or establishing the same; but all such property and funds shall be held by the commissioner of management and budget in an official capacity and paid out and disbursed the same as other state funds.
Terms Used In Minnesota Statutes 16A.014
- Bequest: Property gifted by will.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Devise: To gift property by will.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- state: extends to and includes the District of Columbia and the several territories. See Minnesota Statutes 645.44