554.351 Gift or grant for certain purposes; effect of indefiniteness, vesting of title, trustee appointment.
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554.351 Gift or grant for certain purposes; effect of indefiniteness, vesting of title, trustee appointment.
Sec. 1.
No gift, grant, bequest or devise, whether in trust or otherwise to religious, educational, charitable or benevolent uses, or for the purpose of providing for the care or maintenance of any part of any cemetery, public or private, or anything therein contained which shall in other respects be valid under the laws of this state, shall be invalid by reason of the indefiniteness or uncertainty of the object of such trust or of the persons designated as the beneficiaries thereunder in the instrument creating the same, nor by reason of the same contravening any statute or rule against perpetuities.
If in the instrument creating such a gift, grant, bequest or devise, there is a trustee named to execute the same, the legal title to the lands or property given, granted, devised or bequeathed for such purposes, shall vest in such trustee. If no such trustee shall be named in said instrument or if a vacancy occurs in the trusteeship, then the trust shall vest in the court of chancery for the proper county, and shall be executed by some trustee appointed for that purpose by or under the direction of the court; and said court may make such orders or decrees as may be necessary to vest the title to said lands or property in the trustee so appointed.
History: 1915, Act 280, Eff. Aug. 24, 1915 ;-- CL 1915, 11099 ;-- CL 1929, 13512 ;-- CL 1948, 554.351
Former Law: See Act 122 of 1907.