Delaware Code Title 31 Sec. 2104 – Acquisition and disposal of property; exemption of property from …
(a) The Division may do all of the following:
(1) Solicit, purchase, or otherwise acquire, hold, own, mortgage, sell, or assign real or personal property.
(2) Solicit, accept, or receive a private fund, bequest, legacy, or gift of property real or personal to be used for the education and training of persons with blindness or persons with visual impairment.
(3) In accordance with the directions of a party who devises or donates property under this section, the Division may do all of the following:
a. Hold, manage, or invest the property or collect and disburse the income or principal of the property.
b. Hold, own, sell, or dispose of the property and reinvest the proceeds from the sale of the property or collect or disburse the income and principal from the property.
Terms Used In Delaware Code Title 31 Sec. 2104
- Bequest: Property gifted by will.
- Division: means the Division for the Visually Impaired under § 7929 of Title 29, a division of the Department of Health and Social Services. See Delaware Code Title 31 Sec. 2101
- 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.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Person with blindness: means an individual with total blindness or visual acuity of not more than 20/200 in the better-seeing eye with best conventional correction or whose vision is limited in field so that the widest diameter subtends an angle no greater than 20 degrees. See Delaware Code Title 31 Sec. 2101
- Person with visual impairment: means an individual who has a visual acuity of not more than 20/70 to 20/200 in the better-seeing eye with the best conventional correction. See Delaware Code Title 31 Sec. 2101
- Personal property: All property that is not real property.
(b) If a party who devises or donates property under this section does not leave direction for the Division to follow under paragraph (a)(3) of this section, the Division shall accept, hold, manage, or dispose of the property or disburse the income of the property in a manner in which the Division deems best to promote the training of a person with blindness or a person with visual impairment.
(c) The property of the Division is exempt from taxation.
25 Del. Laws, c. 73, § ?8; 27 Del. Laws, c. 101; Code 1915, § ?2580; Code 1935, § ?3053; 31 Del. C. 1953, § ?2105; 75 Del. Laws, c. 385, § ?2; 78 Del. Laws, c. 179, § ?332; 83 Del. Laws, c. 455, § 9;