North Dakota § 59-21-01 Definitions

North Dakota Statutes

§ 59-21-01 — Definitions

North Dakota § 59-21-01

Title 59Trusts, Uses, and Powers

Ch. 59-21Uniform Prudent Management of Institutional Funds Act

This text of North Dakota § 59-21-01 (Definitions) is published on Counsel Stack Legal Research, covering North Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.D. Cent. Code § 59-21-01 (2026).

Text

In this chapter:

1."Charitable purpose" means the relief of poverty, the advancement of education, the advancement of religion, the promotion of health, or any other purpose the achievement of which is beneficial to the community.

2."Endowment fund" means an institutional fund or part thereof that, under the terms of a gift instrument, is not wholly expendable by the institution on a current basis. The term does not include assets that an institution designates as an endowment fund for its own use.

3."Gift instrument" means a record, including an institutional solicitation, under which property is granted to, transferred to, or held by an institution as an institutional fund.

4."Institution" means:

a.A person, other than an individual, organized and operated exclusively for charitable

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In this chapter:
1. "Charitable purpose" means the relief of poverty, the advancement of education, the
advancement of religion, the promotion of health, or any other purpose the
achievement of which is beneficial to the community.
2. "Endowment fund" means an institutional fund or part thereof that, under the terms of
a gift instrument, is not wholly expendable by the institution on a current basis. The
term does not include assets that an institution designates as an endowment fund for
its own use.
3. "Gift instrument" means a record, including an institutional solicitation, under which
property is granted to, transferred to, or held by an institution as an institutional fund.
4. "Institution" means:
a. A person, other than an individual, organized and operated exclusively for
charitable purposes;
b. A government or governmental entity, to the extent that it holds funds exclusively
for a charitable purpose; or
c. A trust that had both charitable and noncharitable interests, after all noncharitable
interests have terminated.
5. "Institutional fund" means a fund held by an institution exclusively for charitable
purposes. The term does not include:
a. Program-related assets;
b. A fund held for an institution by a trustee that is not an institution;
c. A fund in which a beneficiary that is not an institution has an interest, other than
an interest that could arise upon violation or failure of the purposes of the fund; or
d. Perpetual trust funds established by article IX of the Constitution of North Dakota.
6. "Program-related asset" means an asset held by an institution primarily to accomplish
a charitable purpose of the institution and not primarily for investment.
7. "Record" means information that is inscribed on a tangible medium or that is stored in
an electronic or other medium and is retrievable in perceivable form.