New Jersey Statutes 30:4-16.1. Acceptance and use of gifts, legacies and bequests authorized; refunding bond by chief executive officer
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Terms Used In New Jersey Statutes 30:4-16.1
- 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.
- Legacy: A gift of property made by will.
- Legatee: A beneficiary of a decedent
- 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
The several institutions and agencies of the state of New Jersey coming within the jurisdiction of the New Jersey state board of control of institutions and agencies are hereby authorized and empowered to accept gifts, legacies and bequests made to such institutions and agencies and are further empowered to utilize same in the manner set forth in the will or last testament wherein provision is made therefor; provided, however, that no such gift, legacy or bequest shall be put to any use which is inconsistent with any of the laws of this state establishing, creating or regulating the management of any such institution or agency.
The chief executive officer of any institution or agency named as legatee shall be and is hereby empowered to execute a refunding bond and release to the executors of the estate from which the gift, legacy or bequest is to be received.