Delaware Code Title 29 Sec. 554 – Powers with respect to historical buildings, sites, objects and …
(a) A trust fund is continued under the jurisdiction of the Department of State subject to audit by the Secretary of Finance or its authorized agents to accept, hold and administer gifts and bequests of money, securities or other personal property of whatsoever character, absolutely or on trust.
Terms Used In Delaware Code Title 29 Sec. 554
- 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.
- 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.
- Personal property: All property that is not real property.
- State: means the State of Delaware; and when applied to different parts of the United States, it includes the District of Columbia and the several territories and possessions of the United States. See Delaware Code Title 1 Sec. 302
(b) Unless otherwise restricted by the terms of the gift or bequest, the Department may sell, exchange or otherwise dispose of and invest or reinvest in such investments as it may determine from time to time the moneys, securities or other property given, bequeathed or appropriated to it.
(c) The principal of such funds, together with the income therefrom and all other revenues received by it from any source whatsoever for this purpose, shall be deposited in a special fund of the State.
(d) When the principal and accrued interest of the trust fund shall have accumulated sufficiently in the judgment of the Department to undertake the preservation of a historic building, site, object or archeological resource, the accrued funds, principal and interest may be expended for that purpose.
48 Del. Laws, c. 265, § ?5; 29 Del. C. 1953, § ?3354; 57 Del. Laws, c. 608, §§ ?1B, 1K; 63 Del. Laws, c. 142, § ?42; 66 Del. Laws, c. 211, § ?1; 75 Del. Laws, c. 153, § ?14;