1715.53 Restriction upon expenditure of net appreciation.

(A) Section 1715.52 of the Revised Code does not apply if the applicable gift instrument indicates the donor’s intention that net appreciation shall not be expended.

(B) A restriction upon the expenditure of net appreciation may not be inferred from a designation of a gift as an endowment, 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 from a direction that contains other words of a similar import.

(C) The rule of construction set forth in division (B) of this section applies to gift instruments executed or in effect before, on, or after the effective date of this amendment.

Effective Date: 10-01-1996