University of Virginia Library

HUGH E. VINCENT ESTATE

President Darden presented the following Preamble and Resolutions to the Board-

WHEREAS, Hugh E. Vincent, of the City of New Orleans, Louisiana, who attended the University
of Virginia Law School from 1909 to 1912, died on April 12, 1951, leaving a will in which,
after making a number of specific and pecuniary bequests, he leaves the entire residue of his
estate to be administered by Whitney National Bank of New Orleans during the lifetime of his
widow, Mrs. Mildred Saffold Vincent. At the death of the widow the remainder in said residue is
left one-third to the University of Virginia, one-third to Tulane University, and one-third to
Trinity Church in New Orleans.

Under Louisiana law bequests to educational, charitable and religious organizations
located outside of the State of Louisiana are not exempt from Louisiana Inheritance Tax. Furthermore,
the tax laws of Louisiana require this tax to be paid within six months from date of decedent's
death, and while the legacies to Tulane University and Trinity Church are exempt, the inheritance
tax chargeable against the share of the University of Virginia in the residue of this estate has
been tentatively calculated by the Civil District Court in and for the Parish of Orleans, Louisiana,
at $47,384.33, which tentative calculation we are advised is subject to revision by the Tax Department;
and,

WHEREAS, this sum of money was not immediately available for the purpose of paying this
tax, it was deemed wise by the Rector and Executive Committee of this Board to borrow said sum, or
so much as might be necessary to pay said tax when the exact amount is fixed by the Tax Department
of the State of Louisiana, and to this end application was made to the Alumni Board of Trustees of
the University of Virginia Endowment Fund for said loan and said loan was approved by said Alumni
Board of Trustees and the cash was made immediately available by said Alumni Board of Trustees,

NOW, THEREFORE,

BE IT RESOLVED that the action of the Rector and Executive Committee of the Board of
Visitors of the University of Virginia in arranging to borrow from the Alumni Board of Trustees
of the University of Virginia Endowment Fund the amount necessary for payment of the Louisiana
State Inheritance Tax chargeable against the share of the University of Virginia in the residue
of the estate of Hugh E. Vincent, be and the same is hereby approved, ratified and confirmed.

BE IT FURTHER RESOLVED that Colgate W. Darden, Jr., President, be and is hereby authorized
and empowered to execute, on behalf of and in the name of The Rector and Visitors of the
University of Virginia, a negotiable note for the principal sum of the amount of said Inheritance
Tax payable three years after date to the order of the Alumni Board of Trustees of the University
of Virginia Endowment Fund, at First and Merchants National Bank of Richmond, Virginia, and bearing
interest at the rate of 4% per annum payable semi-annually, said note to bear upon its face
the following clause-

The above resolution was approved with the proviso that the President ascertain that the
interests of the University are properly protected as to the corpus of the fund.