Texas Government Code 2204.003 – Gifts of Real Property to Institutions of Higher Education
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Terms Used In Texas Government Code 2204.003
- 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.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
An institution of higher education, as defined by Section 61.003, Education Code, may accept a gift or devise of real property from a private entity to establish scholarships or professorships or to be held in trust for other educational purposes only if done consistently with rules and regulations adopted by the Texas Higher Education Coordinating Board pursuant to its power to adopt such rules and regulations under Chapter 61, Education Code.