University of Virginia Library

BOND OF UNIVERSITY OF VIRGINIA GIVEN TO THE UNIVERSITY BY MILDRED NELSON PAGE.

Mr. Perkins stated to the Board that by deed of trust dated November 1, 1906, The Rector and Visitors of
the University of Virginia conveyed to Virginia Trust Company, Trustee, all of its lands in the County
of Albemarle, in trust to secure an issue of four hundred bonds for $500.00 each, all dated November 1,
1906, and all payable forty years after date.

Article 10 of said deed of trust reads as follows-

"Upon production by said The Rector and Visitors to said Trust Company of all the bonds and coupons
which may have been issued in pursuance of and secured by this indenture . . . said Trust Company . .
. . . shall be fully authorized and empowered and it shall be their duty to release to the said Rector
and Visitors all of the property and estate of every description herein conveyed . . . . "

Article 5 of the deed exempts the Trustee from liability for any acts except wilful misconduct or failure
to exercise ordinary care.

Mr. Perkins further stated that Bond No. 330 of this issue passed to Miss Mildred Nelson Page as sole
legatee under the will of her stepmother, Mrs. Lucy White Page, widow of the late Frederick K. Page,
who for many years was librarian at the University.

Miss Page decided that she would give this bond to the University and brought it to Mr. Perkins in
order that proper assignment might be made by her. Upon examination of the bond it was found that as
of June 1, 1911, it had been registered in the name of R. T. Martin on the books of Virginia Trust
Company as Transfer Agent. Although the deed of trust required that the registration of any of these
bonds should be on the books of the University there was no record made on the University's books of
this registration in the name of R. T. Martin.

Mr. Martin was Cashier of the Albemarle Bank in Charlottesville for many years and Mrs. Lucy White
Page no doubt purchased this bond from the Albemarle Bank or from Mr. Martin and when the bond was delivered
to her, through some oversight, the transfer was not made from the name of R. T. Martin into
Mrs. Lucy White Page's name.

Mr. Martin died in 1919 and under his will all of his property passed to his widow, Mrs. Helen P.
Martin. This bond does not appear as an item in the inventory of his estate.

Mrs. Helen P. Martin died in 1921 and under her will all of her property passed to her two children,
Mrs. Ada Martin Kelham and Ashby Martin. Under date of November 30, 1938, Mrs. Kelham executed an instrument
in writing directing Virginia Trust Company to transfer this bond into the name of Miss
Mildred Nelson Page. At that time Mr. Ashby Martin refused to recognize Miss Page's title to the bond
and claimed that he was entitled to one-half of the principal thereof and one-half of all interest
paid after the date of his mother's death. Although he was advised of the situation on December 3,
1938, he has taken no further action in the matter.

All of the bonds of this issue fell due on November 1, 1946. On December 14, 1946, Miss Mildred
Nelson Page executed an assignment of this bond to the Rector and Visitors of the University of Virginia.
The University now desires to have the deed of trust securing all of these bonds properly
released of record. The money to pay this bond and all of the other bonds has been properly deposited
by the University with Virginia Trust Company, as Trustee. Upon presentation of this bond to the
Trustee the University will be entitled to the return of $500.00 from this Sinking Fund.

While it seems clear from the provision in the deed of trust above quoted, that it is the duty of the
Trustee to make this release upon production of the bonds to it by the University, it is of course
a possibility that some claim may be made by the said Ashby Martin, either against the University or
against the Trustee.

In view of this situation, it is-

RESOLVED, THAT, since the money to pay all outstanding bonds and coupons of said issue of
November 1, 1906, is now in the hands of the Virginia Trust Company, Trustee, under the deed of trust
aforesaid, said Virginia Trust Company, Trustee as aforesaid, is hereby requested to execute a proper
release of said deed of trust.

And,

That The Rector and Visitors of the University of Virginia hereby agrees to indemnify and
save said Trustee harmless from damage of any kind that may result to it arising out of any claim

that may be made by said Ashby Martin in and to an interest in said bond No. 330 for $500.00 as legatee
under the will of his mother, Mrs. Helen P. Martin.

And,

Be it further resolved that the President is hereby requested to express to Miss Mildred Nelson
Page our sincere appreciation of her generous gift.

Barron F. Black, Chairman of the Finance Committee, presented the following matters which were adopted: