A look at what’s been going on in North America.
A recent decision by a US court found that funds, like endowment funds, held by charitable organisations, will generally be considered gifts and not contracts.
The Minnesota Court of Appeals' decision in the Lindmark case affirmed that endowment funds held by charitable organisations will usually be considered gifts at the disposal of the charity, which is not contractually bound by the endowment fund agreement. The ruling potentially affects the vast majority of US states, as it was made under model state legislation adopted by all but one state.<...