Any person wishing to make donations of money, personal property or real estate for the benefit of any library system may vest title to such property in the board of directors of such library system to be held and controlled by such board, when accepted, according to the terms of the deed, gift or legacy of such property. The board shall be held and considered to be a special trustee of such donated property in accordance with the wishes of the donor, grantor or testator, and shall be accountable therefor.
     The board may invest funds until utilized and interest earned shall be subject to the same limitations as the principal.

Terms Used In Illinois Compiled Statutes 75 ILCS 10/15

  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • 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.
  • Grantor: The person who establishes a trust and places property into it.
  • Legacy: A gift of property made by will.
  • Personal property: All property that is not real property.
  • Testator: A male person who leaves a will at death.
  • Trustee: A person or institution holding and administering property in trust.
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