1.  The Board of Regents may accept and take in the name of the System, for the benefit of any branch or facility of the System, by grant, gift, devise or bequest, any property for any purpose appropriate to the System.

Terms Used In Nevada Revised Statutes 396.420

  • Bequest: Property gifted by will.
  • Board of Regents: means the Board of Regents of the University of Nevada. See Nevada Revised Statutes 396.005
  • Devise: To gift property 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.
  • System: means the Nevada System of Higher Education. See Nevada Revised Statutes 396.005

2.  Property so acquired must be taken, received, held, managed, invested, and the proceeds thereof used, bestowed and applied by the Board of Regents for the purposes, provisions and conditions prescribed by the respective grant, gift, devise or bequest.

3.  Nothing in this chapter prohibits the State of Nevada from accepting and taking by grant, gift, devise or bequest any property for the use and benefit of the System.

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