79-11-605 - Application of act to certain gift instruments.
§ 79-11-605. Application of act to certain gift instruments.
Section 79-11-603 does not apply if the applicable gift instrument indicates the donor's intention that net appreciation shall not be expended. A restriction upon the expenditure of net appreciation may not be implied from a designation of a gift as an endowment, or from a direction or authorization in the applicable gift instrument to use only "income," "interest," "dividends" or "rents, issues or profits," or "to preserve the principal intact," or a direction which contains other words of similar import. This rule of construction applies to gift instruments executed or in effect before or after July 1, 1998.
Sources: Laws, 1998, ch. 417, § 3, eff from and after July 1, 1998.