Washington Code 28B.10.487 – Charitable gift annuities, issuance of by universities and The Evergreen State College — Obligation as to annuity payments
Current as of: 2023 | Check for updates
|
Other versions
The obligation to make annuity payments to individuals under charitable gift annuity agreements issued by the board of a state university, regional university, or of the state college pursuant to RCW 28B.10.485 shall be secured by and limited to the assets given in exchange for the annuity and reserves established by the board. Such agreements shall not constitute:
Terms Used In Washington Code 28B.10.487
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
(1) An obligation, either general or special, of the state; or
(2) A general obligation of a state university, regional university, or of the state college or of the board.
[ 1979 c 130 § 5.]
NOTES:
Severability—1979 c 130: See note following RCW 28B.10.485.