Oregon Statutes 359.110 – Gifts; Arts Program as custodian
(1) The Arts Program of the Oregon Business Development Department may solicit and accept gifts, bequests or devises of money, securities or other property of whatever character to carry out the purposes of ORS § 359.010 to 359.142. A restricted gift, bequest or devise shall not be accepted if such restriction would be contrary to the laws of this state.
Terms Used In Oregon Statutes 359.110
- Bequest: Property gifted by will.
- 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.
- Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
- Trustee: A person or institution holding and administering property in trust.
(2) The program shall be the custodian of any securities or other property accepted as a gift, bequest or devise. The program shall hold such property as trustee for the state and shall conserve and administer such property to carry out the purposes of ORS § 359.010 to 359.142. Except as prohibited by law or restricted by the terms of the gift, bequest or devise, the program may sell or exchange any property accepted as a gift, bequest or devise as it may from time to time determine. The income from such money, securities or other property shall be credited to the Arts Trust Account established by ORS § 359.120. [1967 c.321 § 11; 1993 c.209 § 12]