A valuable piece of land and assets were donated to a nonprofit, now the nonprofit may go under
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
A valuable piece of land and assets were donated to a nonprofit, now the nonprofit may go under
A valuable piece of land and assets in SD were donated to a nonprofit, now the
nonprofit may go under. Is the donation lost or can the original owner get it
back? Or will it all be sold to pay for debts first? What is the standing of the
donor to get this back or participate in this?
Asked on April 4, 2018 under Real Estate Law, South Dakota
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
A donotation, like a gift, is permanent; it may not be undone, and it does not come back to the giver or donor if the recipient goes under, files for bankruptcy, ceases to exist, etc. Whatever was given to the non-profit is now part of its assets and will presumbably be sold to pay for the non-profits debts and obligations.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.