Minnesota Statutes Property and Property Interests (Ch. 500-515B) § 501B.35. Definitions

Subdivision 1. Scope.The definitions in this section apply to sections 501B.31 to 501B.45 and do not modify or abridge any law or rule respecting the nature of a charitable trust or the nature and extent of the duties of a trustee except duties imposed by sections 501B.31 to 501B.45 .

Subd. 2. Charitable purpose.Charitable purpose” means an actual or purported charitable, philanthropic, religious, social service, educational, eleemosynary, or other public use or purpose.

Subd. 3. Charitable trust.  “Charitable trust” means a fiduciary relationship with respect to property that arises as a result of a manifestation of an intention to create it, and that subjects the person by whom the property is held to equitable duties to deal with the property for a charitable purpose.  As used in this definition, property includes all income derived from fees for services.

Subd. 4. Trustee.Trustee” means a person or group of persons either in an individual or a joint capacity, or a director, officer, or other agent of an association, foundation, trustee corporation, corporation, or other legal entity who is vested with the control or responsibility of administering property held for a charitable purpose.


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