Washington Administrative Code › Title 256 - Historical Society, Eastern Washington State › Chapter 256-30 - Eastern Washington state historical society-Gifts, grants, conveyances, bequests and devices › Section 256-30-020 - Definitions

Current through Register Vol. 24-14, July 15, 2024
(1) "Bequest" means property or
			 money that an individual promises to give to another person or organization after
			 he or she dies.
(2) "Bond" means an
			 official document in which a government or company promises to pay back an amount
			 of money that it has borrowed and to pay interest for the borrowed
			 money.
(3) "Conveyance" means the
			 transfer or delivery of an item to another, commonly used to describe the
			 transfer of title to land from one person to another by deed.
(4) "Devise" means a testamentary disposition
			 of land or realty, a gift of real property by the last will and testament of the
			 donor.
(5) "Eastern Washington state
			 historical society" means a 501(c)(3) corporation and a trustee for the state of
			 Washington pursuant to chapter 27.34 RCW. The society is responsible for
			 collecting, cataloging and preserving objects, manuscripts, sites, photographs
			 and other items that illustrate the cultural, artistic, and natural history of
			 the state and in this capacity operates a state museum which supports cultural,
			 artistic, and educational activities and performs other responsibilities as
			 required pursuant to RCW   27.34.070.
(6) "Grant" means to legally or formally
			 transfer a possession.
(7) "Northwest
			 museum of arts and culture foundation" means the foundation's articles of
			 incorporation specify that its purpose is to support the society and it has
			 important fiduciary responsibilities related to the funds it holds on behalf of
			 the society. The foundation is a separate 501 (c)(3) corporation and the society
			 does not have authority to direct the activities of the foundation. Similarly the
			 foundation does not have authority to direct the activities of the
			 society.
(8) "Personal property"
			 means something that is owned by a person, business or other entity such as
			 goods, money, notes, bonds, stocks, merchandise, furniture, etc. It does not
			 include land, an interest in land, buildings, or items affixed to the
			 land.
(9) "Real property" means land,
			 including all natural resources, and generally whatever is erected or growing
			 upon or affixed to the land including buildings and crops.
(10) "Restricted gift" means an item that is
			 voluntarily conveyed or bestowed to the society without compensation. It may
			 include money, securities, stocks, bonds, negotiable instruments, and real or
			 personal property. The donor imposes conditions of ownership, retention
			 deposition or use of the item given.
(11) "Security" means an instrument of
			 investment in the form of a document (such as a stock certificate or bond)
			 providing evidence of its ownership.
(12) "Stock" means a share of the value of a
			 company which can be bought, sold, or traded as an investment.
(13) "Trust" means property, real or personal,
			 or money held by some person, firm or corporation for the benefit of the
			 society.
(14) "Unrestricted gift"
			 means an item that is voluntarily conveyed or bestowed to the society without
			 compensation. It may include money, securities, stocks, bonds, negotiable
			 instruments, and real or personal property. The donor does not specify the
			 imposition of any conditions as to the ownership or use of the gift.
Statutory Authority: Chapter 27.34 RCW, RCW  42.56.040,
				  27.34.070, and 43.21C.120. WSR 17-07-057, § 256-30-020, filed 3/11/17,
				  effective 4/11/17.