9-6-203. Division powers relating to property.
| (1) |
The division may:
Terms Used In Utah Code 9-6-203- Bequest: Property gifted by will.
- Devise: To gift property by will.
- Division: means the Division of Arts and Museums. See Utah Code 9-6-102
- 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.
- Property: includes both real and personal property. See Utah Code 68-3-12.5
| (a) |
take by purchase, grant, gift, donation, devise, or bequest, any property, real or personal, for any purpose appropriate to the objectives of the division; and |
| (b) |
convert property received by gift, grant, donation, devise, or bequest that is not suitable for the objectives of the division, into other available property or into money. |
|
| (2) |
The property received or converted under Subsection (1) shall be held, invested, and managed and the proceeds used by the division for the purposes and under the conditions prescribed in the grant or donation. |
| (3) |
If by the terms of any grant, gift, donation, devise, or bequest, conditions are imposed that are impracticable under the law, the grant or donation does not fail but the unlawful or impracticable conditions shall be rejected and the intent of the grantor or donor shall be reasonably carried out as determined by the division. |
| (4) |
A grant, gift, donation, devise, or bequest for the benefit of the division may not be defeated or prejudiced by any misnomer, misdescription, or informality if the intention of the grantor or donor can be shown or ascertained with reasonable certainty as determined by the division. |
Amended by Chapter 419, 2020 General Session
