Minnesota Statutes 465.04 – Acceptance of Gifts
Current as of: 2023 | Check for updates
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Terms Used In Minnesota Statutes 465.04
- 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.
- 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.
- state: extends to and includes the District of Columbia and the several territories. See Minnesota Statutes 645.44
A city of the second, third, or fourth class, either operating under a home rule charter or under the laws of this state, may receive and accept gifts and donations for the use and benefit of the city and its inhabitants upon terms and conditions to be approved by the governing body of the city. The terms and conditions may include payment to the donor or donors of interest on the value of the gift at not exceeding five percent per annum payable annually or semiannually, during the remainder of the natural life or lives of the donor or donors.