{"data":{"id":"us-ky/krs-273.620","jurisdiction":"us-ky","citation":"KRS 273.620","heading":"Release or modification of restrictions on management, investment, or","body":"purpose.\n(1) If the donor consents in a record, an institution may release or modify, in whole or\nin part, a restriction contained in a gift instrument on the management, investment ,\nor purpose of an institutional fund. A release or modification may not allow a fund\nto be used for a purpose other than a charitable purpose of the institution.\n(2) The court, upon application of an institution, may modify a restriction contained in\na gift instrument regarding the management or investment of an institutional fund if\nthe restriction has become impracticable or wasteful, if it impairs the management\nor investment of the fund, or if, because of circumstances not anticipated by the\ndonor, a m odification of a restriction will further the purposes of the fund. The\ninstitution shall notify the Attorney General of the application, and the Attorney\nGeneral shall be given an opportunity to be heard. To the extent practicable, any\nmodification shall be made in accordance with the donor's probable intention.\n(3) If a particular charitable purpose or a restriction contained in a gift instrument on\nthe use of an institutional fund becomes unlawful, impracticable, impossible to\nachieve, or wasteful, the c ourt, upon application of an institution, may modify the\npurpose of the fund or the restriction on the use of the fund in a manner consistent\nwith the charitable purpose expressed in the gift instrument. The institution shall\nnotify the Attorney General of  the application, and the Attorney General shall be\ngiven an opportunity to be heard.\n(4) If an institution determines that a restriction contained in a gift instrument on the\nmanagement, investment, or purpose of an institutional fund is unlawful,\nimpracticable, impossible to achieve, or wasteful, the institution, sixty (60) days\nafter notification to the Attorney General, may release or modify the restriction, in\nwhole or part, if:\n(a) The institutional fund subject to the restriction has a total value of  less than\nfifty thousand dollars ($50,000);\n(b) More than twenty (20) years have elapsed since the fund was established; and\n(c) The institution uses the property in a manner consistent with the charitable\npurposes expressed in the gift instrument.","path":["KRS Chapter 273"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=13772","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:53:25Z","sha256":"1d756d6ea635f4b4d03713ca30bd5db50502a5186c188c941421484f053a02e4","source_id":"us-ky","stale":false,"prev":"us-ky/krs-273.615","next":"us-ky/krs-273.625"},"notice":"GroundRules: Original legal text. Not legal advice."}