Monday, September 27, 2010

Not So Much

Lee Rosenbaum frets that New York's adoption of UPMIFA encourages "disregard of donor intent," but as the folks at Nixon Peabody point out, "New York's statute is more donor-favorable than perhaps any in the nation, with special notice requirements on court-ordered and other modifications of restrictions, and donor consent to the release or modification of certain restrictions contained in a gift instrument. Charities are advised to be aware of this new, expanded role for donors in the life of their institutions" (my emphases).