53B-20-105 - Institutional right to receive and convert grants, gifts, devises, or bequests. - Utah Statutes

53B-20-105. Institutional right to receive and convert grants, gifts, devises, orbequests.
(1) Each institution may convert property received by gift, grant, devise, or bequest, andnot suitable for its use, into other property or into money. All property received or convertedunder this subsection shall be held, invested, and managed and the proceeds used for the purposesand under the conditions prescribed in the grant or donation.
(2) If a condition is imposed by the terms of a grant, gift, devise, or bequest which isimpracticable under the law, the grant is still valid. However, the condition must be rejected andthe intent of the grantor carried out as nearly as may be possible.
(3) A grant, gift, devise, or bequest for the benefit of the institution is not defeated orprejudiced by any misnomer, misdescription, or informality, if the intent of the grantor or donorcan be shown or ascertained with reasonable certainty.

Enacted by Chapter 167, 1987 General Session