11:1 Custody and Administration. –
All trust funds left to and accepted by the state shall be kept separate from any other funds and shall be administered by the board of trustees or other governing body having control of the activities to be benefited by the trust in accordance with the terms of the instrument creating the same and under the direction and supervision of the governor and council. The funds shall be in the custody of the state treasurer. At the request of the attorney general, the state treasurer may accept custody of funds to be held in escrow for actions in which the state is a party at interest.
Source. 1943, 210:8. 2008, 120:18, eff. Aug. 2, 2008.