Utah § 51-8-501 - Process to release or modify restrictions on management, investment, or purpose.
Full text of Utah Utah Code § 51-8-501 — Process to release or modify restrictions on management, investment, or purpose., with citation guidance and answers to common questions.
§ 51-8-501. Process to release or modify restrictions on management, investment, or purpose.
51-8-501.
Process to release or modify restrictions on management, investment, or purpose.
(1)
(a)
With the donor's consent in a record, an institution may release or modify, in whole or in part, a restriction contained in a gift instrument on the management, investment, or purpose of an institutional fund.
(b)
A release or modification may not allow a fund to be used for a purpose other than a charitable purpose of the institution.
(2)
(a)
If a restriction contained in a gift instrument on the management or investment of an institutional fund becomes impracticable or wasteful or impairs the management or investment of the fund, or if because of circumstances not anticipated by the donor a modification of a restriction will further the purposes of the fund, the court, upon application of the institution, may modify the restriction.
(b)
The institution shall notify the attorney general, who must be given an opportunity to be heard.
(c)
To the extent practicable, any modification must be made in accordance with the donor's probable intention.
(3)
(a)
If a particular charitable purpose or a restriction contained in a gift instrument on the use of an institutional fund becomes unlawful, impracticable, impossible to achieve, or wasteful, the court, upon application of an institution, may modify the purpose of the fund or the restriction on the use of the fund in a manner consistent with the charitable purposes expressed in the gift instrument.
(b)
The institution shall notify the attorney general, who must be given an opportunity to be heard.
(4)
If an institution determines that a restriction contained in a gift instrument on the management, investment, or purpose of an institutional fund is unlawful, impracticable, impossible to achieve, or wasteful, the institution, 60 days after notification to the attorney general, may release or modify the restriction, in whole or part, if:
(a)
the institutional fund subject to the restriction has a total value of less than $25,000;
(b)
more than 20 years have elapsed since the fund was established; and
(c)
the institution uses the property in a manner the institution reasonably determines to be consistent with the charitable purposes expressed in the gift instrument.
Section 51-8-501 ("Process to release or modify restrictions on management, investment, or purpose.") is part of the Utah Code, the codified statutory law of Utah. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Utah § 51-8-501?
A common citation format is "Utah Code § 51-8-501" (Utah). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Utah law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Utah official source linked on this page or consult a licensed Utah attorney.
How does Utah § 51-8-501 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Utah can advise on how this section applies to you. Contact your state or local bar association for a referral.
