Rhode Island General Laws 35-4-7. Sale of gifts and bequests – Deposit of proceeds
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Whenever a gift or bequest is in the form of personal property, securities, or a similar gift or bequest, the general treasurer is authorized and empowered in his or her discretion to sell at public sale that gift or bequest, and the receipts from the sale or sales and all other moneys accepted by the state as a gift or bequest to the state shall be deposited by the general treasurer in the general treasury in the general fund for the use of the state.
History of Section.
G.L. 1938, ch. 24, § 5; P.L. 1939, ch. 687, § 1; G.L. 1956, § 35-4-7.
Terms Used In Rhode Island General Laws 35-4-7
- Bequest: Property gifted 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.
- Personal property: All property that is not real property.