Texas Education Code 45.107 – Investment of Gifts, Devises, and Bequests
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Terms Used In Texas Education Code 45.107
- Bequest: Property gifted by will.
- Devise: To gift property 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.
- Property: means real and personal property. See Texas Government Code 311.005
A gift, devise, or bequest made to a school district to provide college scholarships for graduates of the district may be invested by the board of trustees of the district as provided by § 117.004, Property Code, unless otherwise specifically provided by the terms of the gift, devise, or bequest.