{"data":{"id":"us-me/24-a-m.r.s.-703-a","jurisdiction":"us-me","citation":"24-A M.R.S. §703-A","heading":"Charitable gift annuity agreement","body":"1.  Charitable gift annuity agreement defined.  For the purposes of this Title, a \"charitable gift annuity agreement\" is a written contract in which a qualified organization receives money or other property conditioned upon the organization's agreement to pay an annuity to one or more individuals; as long as, with respect to the organization, the annuity meets the requirements for exclusion from the definition of \"acquisition indebtedness\" under the Internal Revenue Code, Section 514(c)(5) or a successor provision.\n2.  Qualified organization defined.  For the purposes of this Title, a \"qualified organization\" is an organization that is privately and specially established as an instrumentality of the State for a nonprofit purpose or an organization that meets the following requirements.\nA.  The organization is a nonprofit organization that is either:\n(1)  An organization to which the Maine Nonprofit Corporation Act applies; or\n(2)  Organized under the laws of a jurisdiction within the United States and qualified as a foreign corporation pursuant to Title 13‑B, chapter 12.\nB.  The organization qualifies as a tax-exempt organization under the Internal Revenue Code, Section 501(c)(3) or a successor provision.\nC.  The organization:\n(1)  Has been operating continuously for 5 or more years;\n(2)  Is a parent or subsidiary of a qualified organization; or\n(3)  Is the successor to an organization that meets the requirements of paragraphs A and B and both organizations together have operated continuously for 5 or more years.","path":["TITLE 24-A: MAINE INSURANCE CODE","CHAPTER 9: KINDS OF INSURANCE; LIMITS OF RISK; REINSURANCE","SUBCHAPTER 1: KINDS OF INSURANCE"],"source_url":"https://legislature.maine.gov/statutes/24-A/title24-Asec703-A.html","current_through":"October 1, 2025","vintage":"","retrieved_at":"2026-09-04T15:12:33Z","sha256":"dc45b8e460802401169c9a1654913549f7b984ebeaf3f6b542537104ccbe4ad5","source_id":"us-me","stale":false,"prev":"us-me/24-a-m.r.s.-703","next":"us-me/24-a-m.r.s.-704"},"notice":"GroundRules: Original legal text. Not legal advice."}