AGO 81-015.

• Case Date: February 20, 1981
• Court: North Dakota

North Dakota Attorney General Opinions 1981. AGO 81-015. OPINION 81-15Date Issued: February 20, 1981 (AGO 81-15) Requested by: James E. Sperry, Superintendent, of the North Dakota State Historical Society- QUESTION PRESENTED - Whether it is permissible for the State Historical Society, as trustee of the Antoine (Tony) de Vallombrosa Trust, to deposit accrued interest from said Trust in a passbook savings account until appropriate expenditures, as outlined in the terms of the Trust, are made.- ATTORNEY GENERAL'S OPINION - It is my opinion that the State Historical Society, as trustee of the Antoine (Tony) de Vallombrosa Trust, may deposit accrued interest from the Trust in a passbook savings account until appropriate expenditures or investments are made under section 55-01-04 of the North Dakota Century Code. - ANALYSIS - The Antoine (Tony) de Vallombrosa Trust (hereinafter referred to as the Trust) contains two pertinent paragraphs relating to expenditures and to investments. They read as follows:

EXPENDITURES. Expenditures shall not exceed income as derived from the original fund and any principal additions thereto, and, if income is accrued for more than three calendar years; such accrued income shall then accrue and be added to the original principal of the fund.

INVESTMENTS. The trustee, hereinafter named, shall invest principal, and accrued and accruing income of the fund in United States Government securities; and may make no other investments or types of investments with this fund.

Section 55-01-04, N.D.C.C., states as follows:

Whenever any grant, devise, bequest, donation, gift, or assignment of money, bonds, or choses in action, or of any property, real or personal, is made to the state historical board or either division under it, such board shall receive and accept the same, and the right and title thereto, in the name of the state. All moneys coming into the hands of the board as donations, gifts, grants, and bequests, unless by the terms of the donation, gift, grant, or bequest such moneys are required to be maintained in another manner, shall be maintained within the state treasury. All rent, interest, or income from land, money, or property received by the board by donation, gift, grant, or bequest, shall also be maintained within the state treasury unless by the terms of their acquisition such moneys are

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