Tennessee Code 48-61-124 – Bequests, devises and gifts
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Terms Used In Tennessee Code 48-61-124
- Bequest: Property gifted by will.
- Charitable purpose: means a purpose that:
(A) Would make a corporation operated exclusively for that purpose eligible to be exempt from taxation under Section 501(c)(3) of the Internal Revenue Code. See Tennessee Code 48-51-201 - Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Devise: To gift property by will.
- Entity: includes the following, whether foreign or domestic: LLCs. See Tennessee Code 48-202-101
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Subscription: includes a mark, the name being written near the mark and witnessed. See Tennessee Code 1-3-105
Any bequest, devise, gift, grant, or promise contained in a will or other instrument of donation, subscription, or conveyance, which is made to a corporation that is a party to a transaction under this chapter and which takes effect or remains payable after the transaction, inures to the surviving entity with a charitable purpose unless the will or other instrument otherwise specifically provides.