Nebraska Statutes 72-266. Board of Educational Lands and Funds; authority to sell personal property
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The state Board of Educational Lands and Funds may sell, at either public or private sale, and convert into money, articles of personal property acquired by the common school fund through bequest, gift, escheat or forfeiture to the State of Nebraska.
Terms Used In Nebraska Statutes 72-266
- Bequest: Property gifted by will.
- Escheat: Reversion of real or personal property to the state when 1) a person dies without leaving a will and has no heirs, or 2) when the property (such as a bank account) has been inactive for a certain period of time. Source: OCC
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Personal property: All property that is not real property.
- State: when applied to different states of the United States shall be construed to extend to and include the District of Columbia and the several territories organized by Congress. See Nebraska Statutes 49-801