Washington Code 24.03A.180 – Unrestricted gifts
Current as of: 2023 | Check for updates
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Terms Used In Washington Code 24.03A.180
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
Giving a gift to a nonprofit corporation, including a charitable corporation, without a gift instrument transfers complete ownership of the gift to the nonprofit corporation. A restricted gift to a nonprofit corporation is created only by a gift instrument.
NOTES:
Effective date—2021 c 176: See note following RCW 24.03A.005.