309.64 RULE OF CONSTRUCTION.
Section 309.63 does not apply if the applicable gift instrument indicates the donor's
intention that net appreciation shall not be expended. A restriction upon the expenditure of net
appreciation may not be implied from a designation of a gift as an endowment, or from a direction
or authorization in the applicable gift instrument to use only "income," "interest," "dividends,"
or "rents, issues or profits," or "to preserve the principal intact," or a direction which contains
other words of similar import. This rule of construction applies to gift instruments executed
or in effect before or after August 1, 1973.
History: 1973 c 313 s 3