Washington Administrative Code
Title 460 - Financial Institutions, Department of (Securities Division)
Chapter 460-52A - Nonprofit organizations
Section 460-52A-020 - Definitions - Transactions not involving a security
Universal Citation: WA Admin Code 460-52A-020
Current through Register Vol. 24-06, March 15, 2024
The following transactions of nonprofit organizations will not involve the issuance of a security for registration purposes.
(1) Outright gifts with no expectation of return on investment by the donor.
(2) Outright gifts as above, but subject to reserved life estates.
(3) Testamentary dispositions.
(4) Voluntary inter vivos trusts.
(a) The
following are considered to be voluntary inter vivos trusts:
(i) Charitable remainder trusts, as defined
in Section 664 of the Internal Revenue Code.
(ii) Charitable remainder annuity trusts, as
defined in Section 664 of the Internal Revenue Code.
(iii) Charitable remainder unitrusts as
defined in Section 664 of the Internal Revenue Code.
(iv) Pooled income funds as described in
Section 646(c)(5) of the Internal Revenue Code.
(b) Trust arrangements are presumed to be
voluntary inter vivos trust, if each of the following conditions are met:
(i) It is an express trust created during the
life of the trustor, which trust may be revocable or irrevocable;
(ii) The obligations of the trustee are in
accord with the Trustee's Accounting Act, chapter 30.30 RCW;
(iii) The trustee is not authorized or
directed, expressly or by implication, to commingle by loan or otherwise the
corpus or any part thereof with the personal assets of the trustee, or with the
assets of any person entitled to a remainder interest.
(c) This section does not create any
presumption that a trust arrangement not conforming to this section is not an
inter vivos trust.
Order 344, § 460-52A-020, filed 10/24/75.
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