Illinois Compiled Statutes 620 ILCS 45/9 – Any person desiring to make any donation or legacy of any money, …
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Terms Used In Illinois Compiled Statutes 620 ILCS 45/9
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Legacy: A gift of property made by will.
- Personal property: All property that is not real property.
Any person desiring to make any donation or legacy of any money, personal property or real estate, for the benefit of such airport, shall have the right to vest the title to the money, personal property or real estate so donated, in the Board of Directors, to be held and controlled by such Board when accepted, according to the terms of the deed, gift or legacy of such property, and as to such property, the Board of Directors shall be held and considered to be special trustees and shall include in the annual report a complete report of their acts as such trustees.