University of Virginia Library

The Finance Committee respectfully represents that it has received a schedule of the estate
held by the Safe Deposit and Trust Company of Baltimore, Trustee, under Item 6 of the will of Evelyn
M. B. Tiffany, showing the estate on hand June 22, 1947 which was the date of the death of Florence B. B.
Turlington, the changes which have since taken place, the proposed partial distribution to the University
of Virginia, and the balance of estate retained by the trustee to provide for the remaining annuities;
that your committee has carefully considered this proposed distribution and approves of it in every respect.
In addition, there was exhibited to the committee by W. Allan Perkins, attorney for the University,
the form of receipt which the trustee in this trust, the Safe Deposit and Trust Company of Baltimore,
desired the President of the University to execute in return for delivery to him of the securities proposed
to be distributed to the University, and that this form of receipt has been approved by your committee.

There is attached hereto the schedule above referred to and the form of receipt approved.

SCHEDULE OF ESTATE HELD BY SAFE DEPOSIT AND TRUST COMPANY OF BALTIMORE, TRUSTEE UNDER
ITEM 6 OF WILL OF EVELYN M. B. TIFFANY, SHOWING THE ESTATE ON HAND JUNE 22, 1947, DATE
OF DEATH OF FLORENCE B. B. TURLINGTON, THE CHANGES WHICH HAVE SINCE TAKEN PLACE, THE
PARTIAL DISTRIBUTION TO THE UNIVERSITY OF VIRGINIA AND THE BALANCE OF ESTATE RETAINED
BY THE TRUSTEE TO PROVIDE FOR THE REMAINING ANNUITIES.

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KNOW ALL MEN BY THESE PRESENTS: That whereas by Item Sixth of the Last Will and Testament of
Evelyn May Bayly Tiffany, which Will was duly probated in the Orphans' Court of Baltimore City and is
of record in the Office of the Register of Wills of said City in "Wills" Liber E.R.D. 164, folio 331,
she gave to the Safe Deposit and Trust Company of Baltimore upon trust so much of her estate as might
be necessary, in its opinion, to provide for the payment of the following annuities over and above all
taxes (excepting income taxes) and other charges against said fund, which annuities she directed said
Trustee to pay in quarterly installments, accounting from the date of her death during the life of each
annuitant, apportioning same to the date of the respective deaths of said annuitants, viz:

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and said Will provided upon the death of each of said annuitants, other than Florence B. B. Turlington,
the annuity payable to the said annuitant so dying should be paid to the said Florence B. B. Turlington
during her life, so that her annuity of $2,000. should be increased from time to time by the amount
paid to the annuitants predeceasing her, and said Will further provided that if the said Florence B. B.
Turlington should survive all of the other annuitants, then upon her death, the trust fund should fall
into the residue of the testatrix's estate, but should she die during the life of any of said annuitants,
then there should pass into the residue of the Testatrix's estate, upon the death of any annuitant,
including the said Florence B. B. Turlington, so much of the principal of the trust fund as might
be estimated by said Trustee to have produced the annuity paid to the annuitant so dying; and

WHEREAS by Item Seventh of said Will, the Testatrix devised and bequeathed the residue of her
estate to the undersigned, with the request that it use the income for the support of Fellowships for
persons from Northampton and Accomac Counties - said Fellowships to be known as "The Thomas Henry Bayly
Fellowships" and "The Evelyn and Louis McLane Tiffany Fellowships" and to be in Academic, Law and
Medical Schools, and should there at any time be any vacancies in said Fellowships not availed of by
persons from either of said Counties in Virginia, they may be awarded to persons from other portions
of Virginia, or from the State of Maryland; and

WHEREAS the said Florence B. B. Turlington died June 22, 1947, and the following annuitants
who had received the following annuities, predeceased her, viz:

so that at the time of her death, the said Florence B. B. Turlington was receiving a total annuity of
$6,000.; and

WHEREAS by reason of the death of the said Florence B. B. Turlington, it is now possible for
the Trustee to make a distribution of a portion of the assets of said trust estate, after reserving
sufficient which, in its opinion, will produce income sufficient to pay the remaining annuities; and

WHEREAS there has been submitted to and approved by the undersigned, a schedule showing the
assets of the trust estate in the hands of said Trustee as of June 22, 1947, the date of death of the
said Florence B. B. Turlington, the changes since, the retention of certain securities, the income from
which is to be used in paying the remaining annuities, and the distribution of the balance of the estate
to the undersigned; and

WHEREAS, as shown by said schedule, there were distributed to the undersigned on account of
said trust estate, the following securities, viz:

which securities said Trustee has transferred and delivered to the undersigned, the receipt of which
it doth hereby admit and acknowledge, and agrees to use the same in accordance with the provisions of
the Will of said Testatrix above set forth; and in consideration thereof, it doth hereby Release,
Acquit, Exonerate and Discharge the said Safe Deposit and Trust Company of Baltimore and its successors
of and from all and every action, suit, claim, or demand which could or might possibly be brought exhibited
or prosecuted against it, them, or any of them, for or on account of said securities or the
payment thereof, hereby declaring itself fully satisfied, contented and paid as above specified.

IN TESTIMONY WHEREOF, the said body corporate hath caused this Release to be subscribed by
the President thereof, and its corporate seal to be hereto affixed, this ___ day of _____,
nineteen hundred and forty-eight.

ATTEST:
____________________
Secretary

THE RECTOR AND VISITORS OF THE UNIVERSITY OF VIRGINIA

By_________________________
President

Executed in duplicate. STATE OF VIRGINIA, COUNTY OF __________, TO WIT: BE IT REMEMBERED, and it is hereby certified that on this ___ day of __________, 1948,
before me, the subscriber, a Notary Public of said State in and for said County, personally appeared
_______________, President of the UNIVERSITY OF VIRGINIA, which executed the foregoing
Instrument, and acknowledged the same to be its corporate act and deed. [Description: WITNESS my hand and official seal.]

_________________________
Notary Public