University of Virginia Library

THE VINCENT ESTATE

The President reported on the Hugh E. Vincent Estate. In the preamble to a resolution adopted by the Board of Visitors on 13 June 1964, authorizing the sale of certain parcels of land for the purpose of widening Poydras Street in New Orleans, Louisiana, it was pointed out that the Vincent Estate should acquire two small adjoining properties which would materially enhance the value of the property retained by the estate. Representatives of the Vincent Estate were successful bidders on the two parcels of land at recent auction sales and an act of sale (deed) is being prepared to effect the conveyances. The naked owners (remaindermen; one of whom is the University of Virginia) and the usufructuary (life income beneficiary) have agreed to pay for the purchase of the two parcels, aggregating approximately $20,000, and all costs incident thereto, out of funds in the Estate of Hugh E. Vincent held in the Trust Department of the Whitney National Bank, New Orleans, Louisiana.

The following resolution was adopted:

• RESOLVED by The Rector and Visitors of the University of Virginia that the acquisition from the City of New Orleans, Louisiana by the naked owners and the usufructuary of the Estate of Hugh E. Vincent of two parcels of property bordering respectively on the intersections of Poydras and Carroll Streets and Poydras and Carondelet Streets in the City of New Orleans, be and it is hereby approved;
• RESOLVED FURTHER that the University of Virginia hereby agrees to the payment for such purchases, and all costs incident thereto, out of funds in the Estate of Hugh E. Vincent held in the Trust Department of the Whitney National Bank in New Orleans; and
• RESOLVED FURTHER that Richard W. Gamble be and he is hereby authorized, empowered, and directed in the name of The Rector and Visitors of the University of Virginia to execute any document pertaining to such purchases from the City of New Orleans, in conjunction with the representative of Trinity Church and the representative of Tulane University, naked owners, and the representative of Mrs. Hugh E. Vincent, usufructuary of the Estate of Hugh E. Vincent, under Custodianship of the Whitney National Bank of New Orleans.