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Caption: Board of Trustees Minutes - 1974 Version B
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1973] UNIVERSITY OF ILLINOIS 439 Hughes, Mr. Livingston, Mr. Neal, Mrs. Rader, Mr. Swain; no, none; absent, Dr. Bakalis, Mr. Steger, Governor Walker. ESTATE OF AL1FF Z. WILLARD (24) Under the Last Will and Testament of Aliff Z. Willard, deceased, a trust of the residuary estate is created with the Valley National Bank and Trust Company of Tucson, Arizona, with the decedent's sister as the life income beneficiary. The Will further provides that "in the event that a trust has been created for the benefit of my sister and there should be monies remaining in said trust account at the time of the death of my sister, I hereby leave said monies in said trust for the creation of a scholarship fund to be established at the University of Illinois with the College of Agriculture. Such scholarship foundation shall be in the name of my grandfather, Jefferson G. Willard. That said scholarship fund is not a loan but is to be given as gifts to deserving students who are undergraduate, male and unmarried. That this scholarship fund is to be controlled and regulated under the rules and laws of the University of Illinois in regard to such scholarship funds." The principal asset of the estate is approximately 320 acres of land in Macon County, Illinois. The Citizen's National Bank of Decatur, administrator with the will annexed of Aliff Z. Willard, deceased, has filed a complaint to construe the Will in the Circuit Court of Macon County, Illinois, and the University of Illinois has been named as a defendant in the proceedings. The issues raised by the will construction proceeding include whether or not, at the death of the life tenant, the University is to receive (1) only the "monies" then in the trust, or (2) only the portion of the "monies" then in the trust which does not represent the proceeds of any sale of real property subsequent to the decedent's death, or (3) distribution of all property then in the trust, free of the trust, or (4) distributions of income from the trustee in perpetuity, or (S) nothing. In addition the administrator with the will annexed has filed a petition to sell real estate in the estate and, further, a petition to pay income to the trustee. The University Counsel has stated that in his opinion the correct construction of the Will is that the University is entitled to receive all property in the trust at the death of the life tenant, including the real estate, and recommends that he be authorized to take such steps as are necessary or appropriate, including the employment of special counsel, to represent the University and to protect the University's interest in the proceedings. I concur. On motion of Mr. Swain, authority was given as recommended by the following vote: Aye, Mr. Forsyth, Mr. Hahn, Mr. Howard, Mr. Hughes, Mr. Livingston, Mr. Neal, Mrs. Rader, Mr. Swain; no, none; absent, Dr. Bakalis, Mr. Steger, Governor Walker. On motion of Mr. Swain, the Board adjourned. R. C. WICKLUND EARL M. HUGHES Assistant Secretary and Clerk President
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