 | Board of Visitors minutes April 19, 1917 |  |
REPORT OF THE RECTOR AND FINANCE COMMITTEE
AS TO
SETTLEMENT OF LEGACY UNDER THE WILL OF R. L. PARRISH, DEC'D.
At a meeting of the Rector and Visitors of the
following resolution was adopted:-
"RESOLVED: That the matter of the legacy under
the will of R. L. Parrish, deceased, be and is referred
to the Attorney for the Rector and Visitors of the
University of Virginia, for investigation and his
opinion as to the legal rights of the University under
said will: and further as to the property of which the
estate consists and its value. Said report to be made
as soon as possible to the Rector and the Finance Committee,
who are hereby empowered to take such action therein
as they may deem expedient."
Shortly after this resolution was adopted, the
attention of the Attorney for the Rector and Visitors
was called thereto, and on or about the 6th of December,
1916, a written opinion upon this subject was submitted
by him to the Rector and Finance Committee at a meeting
held at the Gleason Hotel in Charlottesville.
A copy of this opinion is attached hereto, from
which it will be seen that in view of the renunciation
by Mr. Parrish's widow of the provisions made for her
in his will, a grave doubt existed as to the possibility
of the University receiving any benefit from this legacy
until after the death or remarriage of said widow.
A statement was also submitted by Mr. Perkins
from which it appeared that Mr. Parrish's personal estate
was insufficient to pay all of the pecuniary legacies,
after providing for the widow's distributive share therein,
and that as the gift to the University was in all
probability not chargeable upon the real estate of which
Mr. Parrish died seized and possessed, it would seem
that some compromise would have to be made with Dr.
Philip Percy Parrish, the sole residuary legatee under
said will, if the University hoped eventually to receive
the full benefit of this gift.
Mr. Perkins was therefore instructed to take the
matter up with the representatives of Mr. Parrish's
Executors and with Dr. Philip Percy Parrish, and endeavor
to obtain a settlement by which $50,000.00 could
be turned over to the University at once, payment of a
portion of the income therefrom being made to Dr. Philip
Percy Parrish, during his lifetime.
After several conferences between Mr. Perkins and
the Attorneys for the Executors and Dr. Philip Percy
Parrish, he reported that he had been able to make such
an arrangement. A contract was entered into by Dr.
of the University of Virginia, under date of January
31st, 1917, under the provisions of which $25,825.00
in cash and in valid securities were delivered to the
Rector and Visitors by the said Philip Percy Parrish
and the Executors of R. L. Parrish, dec'd. And the
said Philip Percy Parrish delivered his bond for
$24,175.00, secured by deed of trust on some twenty-five
or thirty thousand dollars worth of real estate
in Covington and Alleghany County, and by certain
bonds and stock as collateral therefor, the security
for said bond being ample, in Mr. Perkins's opinion.
The total amount of Dr. Parrish's bond and of the
money and securities previously delivered is $50,000.00,
- the total amount of Mr. R. L. Parrish's bequest.
The bond of said Philip Percy Parrish bears 6% interest,
payable semi-annually.
So long as the said Philip Percy Parrish shall
live we are to pay him the sum of $2250.00 per annum,
payable on the first days of September and March of each
year.
During the lifetime of Dr. Philip Percy Parrish
this arrangement will net us only the difference
between the amount to be paid him ($2250.00 a year) and
the amount of income on the $50,000.00. This sum will,
of course, be comparatively small, but upon Dr. Parrish's
death all payments to him or to his estate will cease.
In the mean time, we have possession of the total
amount of the legacy, and by entering into this agreement
we have without doubt avoided litigation with Dr.
Parrish and with the Executors of Mr. R. L. Parrish.
Such litigation would, of course, have been most unfortunate,
and we feel that, considering the many doubtful
questions which have arisen, the arrangement as a
whole is a most advantageous one.
An original copy of the contract with Dr. Parrish
is attached hereto. Said contract contains as a part
thereof a copy of the will of Mr. Robert L. Parrish, so
that with the opinion of the Attorney and this Report,
the record of the actions of your Committee in this re-
gard is complete.
| Board of Visitors minutes April 19, 1917 | |