University of Virginia Library

GRAHAM F. BLANDY BLQUEST: REPORT OF ATTORNEY, AND AUTHORITY FOR BURSAR TO FOR CASH AND SECURITIES
IN FINAL SETTLEMENT:

Mr. W. Allan Perkins, Attorney for the University, submitted the following report in the above
matter, and the resolution appended hereto was adopted:

On the 12th of October, 1939, Mr. Morris Douw Perris, of the firm of Iselin, Riggs, & Mygatt,
120 Broadway, New York, Attorneys for United States Trust Company, Trustee under the will of Graham F.
Blandy, deceased, came to my office, bringing with him a statement of the account of United States
Trust Company, Trustee under the will of Graham F. Blandy, deceased, covering the period of its
trusteeship from April 30, 1928, when the first payment on account of this trust was made to said Trustee
by the Executors of said Graham F. Blandy, down to July 26, 1939, date of death of Mrs. Georgette H. Bull
formerly Mrs. Blandy, Mr. Ferris went over this account with me in detail and explained it in all of its
major features. Within a short time thereafter, I presented the account to Dr. J. L. Newcomb, President
of the University, and after he and I had examined it we agreed that due to the long period of time
covered by the account and the large sums involved in it, a careful audit thereof should be made by a competent
auditor, preferably by the Auditor of Public Accounts of Virginia. Mr. Newcomb referred the matter
to Mr. L. McCarthy Downs, Auditor of Public Accounts and Mr. Downs with Mr. Gathright and Mr. Waller from
his office, went to New York on the 19th of October, 1939, and have now completed their audit of the
whole account. A final report thereon will be furnished by Mr. Downs within a few days. I spent
several hours in Mr. Down's office today at which time the whole situation with reference to the estate
and the audit was explained to me.

In order to facilitate settlement of the Trustee's accounts the University is requested to
execute and deliver to the Trustee a receipt for the whole of the intengible estate of the late Graham F.
Blandy, to which it is entitled as remainderman under his will, together with a complete acquittance
and discharge to said United States Trust Company, Trustee, from further responsibility with reference
to said estate, or liability therefor. Such a receipt as is desired by United States Trust Company,
Trustee as aforesaid, has been prepared and when a few changes have been made therein which Mr. Downs
and I consider necessary, it will be presented to the University for execution.

After a discussion of the situation, the following resolution was unanimously adopted:

RESOLVED, that Dr. J. L. Newcomb, President of the University of Virginia be and is hereby
authorized, empowered and directed to execute, in the name and on behalf of The Rector and Visitors
of the University of Virginia, and at such time as he may deem proper, to deliver receipt to United
States Trust Company, Trustee under the will of Graham F. Blandy, deceased, for all money and
securities to which said The Rector and Visitors of the University of Virginia is entitled under the
will of Graham F. Blandy, deceased, and also execute and deliver to said Trustee, in the name and on
behalf of said The Rector and Visitors of the University of Virginia, a full release, acquittance and
discharge of said United States Trust Company, its successors and assigns, of the from all claims and
demands which said The Rector and Visitors of the University of Virginia have had or hereafter may
have against said United States Trust Company, its successors and assigns, by reason of any act or acts
or matters done or omitteed to be done by said Trust Company as Trustee under the last will and testament
of Graham F. Blandy, deceased, and in consideration of the transfer of the principal of said trust
fund will hold harmless said Trust Company of and from any liability with respect to such trust and its
actions as such Trustee and of and from all claims, suits, actions of other proceedings of any nature
arising or which may arise or be claimed by reason of the payment and transfer of the principal and remainder
of the above mentioned trust to the Rector and Visitors of the University of Virginia, and will
pay all fees, costs and expenses of defending any such claims, suits, actions or other proceedings
and will, at the request of such Trust Company, make and execute such additional instruments as may be
necessary, confirmatory of the above release and agreement to indemnify.

It is to be distinctly understood, however, that such release, discharge and acquittance shall
not be eyecuted and delivered by said J. L. Newcomb, President, as aforesaid, until the form thereof shall
have been approved by L. McCarthy Downs, Auditor of Public Accounts, and W. Allan Porkins, Attorney for
The Rector and Visitors of the University of Virginia, which approval shall be evidenced by the signatures
of said L. McCarthy Downs, as Auditor of Public Accounts, as aforesaid, and of said W. Allan Perkins,
as Attorney as aforesaid, first affixed to said receipt and acquittance.

RESOLVED, that E. I. Carruthers, Bursar of The Rector and Visitors of the University of
Virginia, be and is hereby given full and complete authority to receive and take delivery from United
States Trust Company of New York, Trustee, under the will of Graham F. Blandy, deceased, any and all
securities and cash, held by said United States Trust Company, Trustee as aforesaid. And the receipt of
said E. I. Carruthers, Bursar, as aforesaid, given to said United States Trust Company, Trustee, as
aforesaid, shall operate as a complete discharge and acquittance of said United States Trust Company
from any and all further responsibility with reference to the physical custody of such cash and
securities so delivered by said United States Trust Company, Trustee as aforesaid, to said E. I.
Carruthers, Bursar as aforesaid, and as may be specified in such receipt.

The custodianship of the cash and securities in the above bequest was referred to the Finance
Committee of the Board with power to act.