University of Virginia Library

ROBERT C. TAYLOR ESTATE - CONVEYANCE OF NEW YORK CITY REAL ESTATE

In connection with the settlement of the Robert C. Taylor estate the President reported that a
parcel of real estate situated in the Borough of Manhattan, in the City of New York, known as No. 16
East 93rd Street, a part of the corpus of the Taylor estate, had been sold by Manufacturers Hanover
Trust Company, as sole surviving Executor and Trustee under Mr. Taylor's will, for the sum of
$100,000.00 cash to Disque Deane, Esq. The attorneys for the purchaser are of the opinion, in which
the attorneys for the Trustee concur, that it is questionable whether the power of sale granted the
Trustee under Mr. Taylor's will survived the death of Mr. Taylor's wife whose life was the measuring
life of the trust created under the will. In consequence title to the real estate in question passed
automatically to the University on Mrs. Taylor's death and a deed from the University to the purchaser
is necessary to convey title. The President further stated that the purchaser's attorneys
desired the conveyance of the real estate approved by the Governor as in their opinion the provisions
of Section 23-77.1 of the Code of Virginia, 1950, as amended, applied to this transaction. The
President then presented for consideration a draft of a deed of conveyance of the property in question,
prepared by Messrs. Kelley, Drye, Newhall, Maginnis & Warren, counsel for Mr. Taylor's Trustee,
and approved by the University's special counsel. He requested authority from the Board to
execute the deed.

After consideration of the draft of the deed and full discussion of the matter, upon motion
duly made and seconded, it was,

RESOLVED, by the Board of Visitors of The Rector and Visitors of the University of Virginia that
sale to Disque Deane of the premises situated in the Borough of Manhattan, City and State of New York,
known as No. 16 East 93rd Street, being a portion of the property devised and bequeathed to the University
of Virginia by the will of the late Robert C. Taylor, in consideration of $100,000.00 cash,
be and the same is hereby ratified and approved, and that Edgar F. Shannon, Jr., President, and
Weldon Cooper, Secretary, be, and they hereby are authorized and empowered, the approval of the
Governor of the Commonwealth of Virginia, as required by Section 23-77.1 of the Code of Virginia,
1950, as amended, first having been obtained thereto, to execute in the name and on behalf of The
Rector and Visitors of the University of Virginia, a deed of conveyance of said real estate to said
Disque Deane, and to affix its corporate seal thereto and attest the same, such deed to be substantially
in the form submitted to this Board