59-1801. Act, how cited.

Sections 59-1801 to 59-1803 shall be known and may be cited as the Charitable Gift Annuity Act.

Source:Laws 1996, LB 972, § 1.
59-1802. Terms, defined.

For purposes of the Charitable Gift Annuity Act:

(1) Charitable gift annuity means a charitable gift annuity described by section 501(m)(5) and section 514(c)(5) of the Internal Revenue Code that is issued prior to, on, or after March 26, 1996, by a charitable organization that, on the date of the annuity agreement, has been in continuous operation for at least three years or is the successor or affiliate of a charitable organization that has been in continuous operation for at least three years; and

(2) Charitable organization means any entity described in section 170(c) or section 501(c)(3) of the Internal Revenue Code.

Source:Laws 1996, LB 972, § 2.
59-1803. Issuance of annuity; how construed.

Issuance of a charitable gift annuity does not constitute:

(1) Engaging in business as a trust company subject to the Nebraska Trust Company Act;

(2) Engaging in the business of insurance subject to Chapter 44;

(3) Engaging in an act in violation of sections 59-801 to 59-831;

(4) Engaging in an act in violation of the Viatical Settlements Act; or

(5) Engaging in an act in violation of the Uniform Deceptive Trade Practices Act. Conduct other than issuance of a charitable gift annuity, including the marketing of a charitable gift annuity, is not exempt from application of the Uniform Deceptive Trade Practices Act pursuant to this subdivision.

Source:Laws 1996, LB 972, § 3; Laws 1998, LB 1321, § 98; Laws 2001, LB 52, § 57; Laws 2002, LB 1278, § 34.

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