 | Board of Visitors minutes October 2, 1943 |  |
MAZYCK WILSON SHIELDS BEQUEST: RE: TUNG LAND DEVELOPMENT MATTER:
The President presented for consideration the following letter received from Mr.
Christopher B. Garnett to whom had been referred for investigation the bequest of the Mazyck
Wilson Shields to the University of Virginia a certain interest in the Tung Land Development
Company, of Florida:
September 3, 1943
President, University of Virginia
I have just come from a conference with Mr. Mahlon C. Masterson, attorney
for Richard C. Marshall, Administrator d.b.n., c.t.a. of Mazyck Wilson Shields,
and while in his office Mr. Masterson showed me a letter which he had received
from Mr. Perkins.
As I understand the legal situation it may be briefly stated as follows:
There is a balance due, or to be come due, of $1350 by the estate of
Mazyck Wilson Shields on the contract for the development of the Tung land.
The administrator feels that this contract was secured by fraud and is not
disposed to pay the same.
In spite of the fact that the contract is related to the Tung land which
Mrs. Shields purchased, if the contract be valid and not void on account of
fraud, it is an obligation which rests upon the administrator and must be paid.
The title to the Tung land, however, passes by the will of Mrs. Shields
to the University of Virginia and the Virginia Military Institute in equal shares.
It is doubtful whether the land is worth the amount due under the aforesaid
contract.
Therefore I have made this suggestion to Mr. Mahlon C. Masterson,
attorney for the administrator, and am also making it to you, to be considered
by you and Mr. Perkins, and also for the purpose of study by the
Virginia Military Institute, viz:
That a proposition be made by the University of Virginia and Virginia
Military Institute to the Tung Land Development Company to release their
interest in the Tung Land, provided, however, that the Tung Land Development
Company will release and discharge the contract with Mazyck Wilson
Shields for the development of said land.
I mentioned this proposition to Mr. Masterson and he seemed to be in
accord that it was a good idea if it could be effected.
If Mr. Perkins desires to have a conference with Mr. Masterson and
myself both of us will be very glad to see him in Washington.
I am sending you herein a copy of this letter for Mr. Perkins' files
and a copy to be forwarded to the Superintendent of Virginia Military
Institute.
With kindest regards, I am
Following its reading and discussion, the following resolution was adopted:
RESOLVED, that a proposition be made by the University of Virginia and Virginia
Military Institute to the Tung Land Development Company to release their interest
in the Tung Land, provided, however, that the Tung Land Development Company will
release and discharge the contract with Mazyck Wilson Sheilds for the development
of said land, and,
RESOLVED, FURTHER, that if this proposition is accepted by the Tung Land Development
Company the President be, and he is hereby, directed to sign a deed of release on
behalf of the University which will release and discharge its interest in the land
of the Tung Land Development Company.
| Board of Visitors minutes October 2, 1943 | |