72-34-207. Disposition of property upon termination of 501(c)(3) trust. At the termination of a charitable trust, private foundation, or any other trust described in section 501(c)(3) of the Internal Revenue Code, the trust property must be distributed for one or more exempt purposes or to organizations that are organized and operated exclusively for exempt purposes within the meaning of section 501(c)(3) of the Internal Revenue Code or must be distributed to the federal government or to a state or local government for a public purpose. Any trust property not disposed of must be disposed of by the district court for the county in which the principal office of the trust is then located, exclusively for exempt purposes or to organizations, as the court determines, that are organized and operated exclusively for exempt purposes.

     History: En. Sec. 12, Ch. 290, L. 1999.