Nebraska Statutes 81-1,114. Gift of personal property; approval by Governor; required, when
Current as of: 2024 | Check for updates
|
Other versions
Any gift of tangible or intangible personal property with a fair market value of more than ten thousand dollars, except money, shall be approved by the Governor prior to acceptance, except that such approval shall not be required for gifts of tangible or intangible personal property described in subsection (4) of section 81-1,113.
Terms Used In Nebraska Statutes 81-1,114
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- 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.