 | Board of Visitors minutes June 6, 1941 |  |
CHARLES STEELE BEQUEST:
Mr. W. Allan Perkins, Attorney for the University, presented a paper with respect to Mr.
Steele's bequest to the University of $100,000, and the form of a resolution desired be adopted by the
Board authorizing the President to deliver to the Trustees an acknowledgement of receipt by the
University of all cash and securities coming to the University under the said bequest upon the delivery
of same. The resolution, as proposed, was adopted.
Mr. Perkins presented the following statement to the Board -
Mr. Charles Steele, of Nassau County, New York, died August 5, 1941, leaving a will which
was admitted to probate on August 10, 1941, in the Surrogate's Court of said County, and on the
George Whitney, and letters of trusteeship thereunder to Devereaux Milburn and Guaranty Trust Company
of New York.
In Article Third of his will, Mr. Steele gives the sum of $100,000.00 to said Trustees to pay
the net income therefrom to his sister, Rosa Steele, during her life and upon her death all of the
property then constituting the principal of said trust is given to the Rector and Visitors of the University
of Virginia.
The said Rosa Steele died on April 9, 1941, and letters of administration upon her estate were
issued by the Orphan's Court of Baltimore, Maryland, on April 16, 1941, to Baltimore National Bank, the
Executor named in her will.
In order to avoid the delay and expense of a judicial settlement of the account of said
Trustees, the University of Virginia and Baltimore National Bank, as Executor of the estate of the said
Rosa Steele, deceased, have requested that said Trustees present a final account of their proceedings
directly to said University and to said Bank for examination and approval. Said account has been duly
prepared and presented and a copy thereof is now in the hands of the Attorney for the University.
Said Trustees are now requesting said Bank, Executor as aforesaid, and The Rector and Visitors
of the University of Virginia, to ratify, confirm and approve all of the acts and doings of said Trustees
and to execute a receipt, discharge, and acquittance to and of said Trustees for all amounts due the
estate of said Rosa Steele, deceased, and to said The Rector and Visitors of the University of Virginia
under the provisions of Article Third of the will of Charles Steele, deceased, and for the purpose of
avoiding additional expense and delay, agree that they will not make application for a judicial settlement
of said account.
An agreement, receipt and discharge has been prepared by said Trustees for execution by The
Rector and Visitors of the University of Virginia and Baltimore National Bank, as Executor as aforesaid,
and will hereafter be submitted to the University for execution and delivery.
After a discussion of the situation, the following resolution was unanimously adopted -
RESOLVED, that Dr. J. L. Newcomb, President of The Rector and Visitors of the University
of Virginia, be and is hereby authorized, empowered and directed to execute, in the name and on
behalf of The Rector and Visitors of the University of Virginia, and at such time as he may deem
proper, to deliver to Devereux Milburn and Guaranty Trust Company of New York, Trustees as aforesaid
under the will of Charles Steele, deceased, an acknowledgement of receipt by the University from
said Trustees of all securities and cash, principal, if any, to which the University is entitled
under Article Third of the will of said Charles Steele, agreeing on behalf of The Rector and
Visitors of the University of Virginia that said Corporation will not make application at this time
for a judicial settlement of the account of said Trustees, and also agreeing on behalf of said
Corporation that upon payment to it of such securities and cash said Trustees are released and
forever discharged from any and all claims or demands of whatsoever nature in law or in equity the
University ever had, now has, or shall hereafter have against said Trustees, arising in any manner
by reason or in consequence of any transaction, account, matter, or thing done or omitted to be
done by said Trustees, in respect of said trust, and further releasing and discharging said Trustees
of and from any and all obligation to account further to the University in any respect whatsoever,
and specifically waiving the issuance and service of a citation or other process in any action
or proceeding brought by said Trustees, or either of them, for the judicial settlement of said
account, consenting that a judgment or decree may be entered at any time in any court of competent
jurisdiction without notice to the University, judicially settling and allowing said account and
discharging said Trustees as to all transactions, acts, matters, or things done or omitted to be
done by said Trustees in respect of said trust, and said agreement shall contain a warranty on the
part of the University to said Trustees that the University has not assigned any interest in the
principal or in the income of said fund, or any part thereof, and that there is no lien against
its interest in said fund.
It is to be distinctly understood, however, that such agreement, release, discharge,
and acquittance shall not be executed and delivered by said J. L. Newcomb, President, as aforesaid,
until the form thereof shall have been approved by L. McCarthy Downs, Auditor of Public Accounts,
of the Commonwealth of Virginia, and W. Allan Perkins, Attorney for the Rector and Visitors of the
University of Virginia, which approval shall be evidenced by the signatures of said L. McCarthy
Downs as Auditor of Public Accounts, as aforesaid, and of W. Allan Perkins, as Attorney as aforesaid,
first affixed to said agreement, release, and acquittal.
| Board of Visitors minutes June 6, 1941 | |