Virginia Code 23.1-2214: Gifts, bequests, and devises.
Any person may (i) deposit in the state treasury; (ii) bequeath money, stocks, or public bonds of any kind to be so deposited; or (iii) grant, devise, or bequeath property, real or personal, to be sold and the proceeds to be so deposited, in sums not less than $100, that shall be invested in securities that are legal investments under the laws of the Commonwealth for public funds for the benefit of the University, and in such case the interest or dividends accruing on such investments shall be paid to the board and appropriated by the board for general purposes unless some particular appropriation has been designated by the donor or testator. The State Treasurer shall notify the board of any such deposit in the state treasury.
Terms Used In Virginia Code 23.1-2214
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Bequeath: To gift property by will.
- Devise: To gift property by will.
- Donor: The person who makes a gift.
- Person: includes any individual, corporation, partnership, association, cooperative, limited liability company, trust, joint venture, government, political subdivision, or any other legal or commercial entity and any successor, representative, agent, agency, or instrumentality thereof. See Virginia Code 1-230
- State: when applied to a part of the United States, includes any of the 50 states, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands, and the United States Virgin Islands. See Virginia Code 1-245
- Testator: A male person who leaves a will at death.
Code 1919, § 822, § 23-81; 1956, c. 184; 2016, c. 588.