Business, Legal & Accounting Glossary
n. (see-pray doctrine) from French, meaning “as close as possible.” When a gift is made by will or trust (usually for charitable or educational purposes), and the named recipient of the gift does not exist, has dissolved or no longer conducts the activity for which the gift is made, then the estate or trustee must make the gift to an organization which comes closest to fulfilling the purpose of the gift. Sometimes this results in heated court disputes in which a judge must determine the appropriate substitute to receive the gift. Example: dozens of local Societies for Protection of Cruelty to Animals contested for a gift which was made without designating which chapter would receive the benefits. The judge wisely divided up the money among several S.P.C.A. chapters.
To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.
Definitions for Cy Pres Doctrine are sourced/syndicated and enhanced from:
This glossary post was last updated: 27th April, 2020 | 0 Views.