§ 24.55.005 Short title
§ 24.55.007 Uniformity of application and construction
§ 24.55.010 Definitions
§ 24.55.015 Standard of conduct in managing and investing institutional fund
§ 24.55.025 Appropriation for expenditure or accumulation of endowment fund — Rules of construction
§ 24.55.035 Delegation of management and investment functions
§ 24.55.045 Release or modification of restrictions on management, investment, or purpose
§ 24.55.055 Reviewing compliance
§ 24.55.065 Application to existing institutional funds
§ 24.55.075 Relation to electronic signatures in global and national commerce act
§ 24.55.900 Effective date — 2009 c 436
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Terms Used In Washington Code > Chapter 24.55 - Prudent management of institutional funds act

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • 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.
  • Donor: The person who makes a gift.
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • person: may be construed to include the United States, this state, or any state or territory, or any public or private corporation or limited liability company, as well as an individual. See Washington Code 1.16.080
  • Trustee: A person or institution holding and administering property in trust.