Vermont Statutes Title 16 Sec. 3641
Terms Used In Vermont Statutes Title 16 Sec. 3641
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
§ 3641. Common investment of individual trust funds
In its discretion, an educational institution may associate together for common investment the funds of individual trusts or individual funds held by it whether created by order of court or otherwise, if the terms of the trust or gift do not require a separate investment. For that purpose, an educational institution may create an investment account in which may be placed for investment the whole or any part of the funds of trusts or gifts permitted to be associated. An individual trust or gift whose funds are thus associated shall at all times be the equitable owner of its pro rata share of the funds of such investment account and the net increase or decrease of its principal during the time its funds are a part of such account.