§ 6.5-101

Maryland § 6.5-101

• Jurisdiction: Maryland
• Article gbr: Business Regulation

Text

(a) In this title the following words have the meanings indicated.

(b) (1) “Charitable asset” means property that is given, received, or held for a charitable purpose, including all interest in:

(i) real property; or

(ii) tangible or intangible personal property.

(2) “Charitable asset” includes:

(i) cash;

(ii) remainder interests;

(iii) conservation or preservation easements or restrictions; and

(iv) charitable contributions.

(3) “Charitable asset” does not include property acquired or held for a for–profit purpose.

(c) “Charitable purpose” means the relief of poverty, the advancement of education or religion, the promotion of health, the promotion of a governmental purpose, or any other purpose whose achievement is beneficial to the community.