New Jersey Statutes 40A:5-29. Acceptance of bequests, legacies, gifts
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Terms Used In New Jersey Statutes 40A:5-29
- Bequest: Property gifted 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.
- Legacy: A gift of property made by will.
- local unit: means any county, municipality, special district or any public body corporate and politic created or established under any law of this State by or on behalf of any one or more counties or municipalities, or any board, commission, department or agency of any of the foregoing having custody of funds, but shall not include a school district. See New Jersey Statutes 40A:5-2
- State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
Any local unit is authorized and empowered to accept bequests, legacies and gifts made to it and is empowered to utilize such bequests, legacies and gifts in the manner set forth in the conditions of the bequest, legacy or gift, provided, however, that such bequest, legacy or gift shall not be put to any use which is inconsistent with the laws of this State and of the United States.
L.1960, c. 169, s. 1, eff. Jan. 1, 1962.