Repository: UIHistories Project: Board of Trustees Minutes - 1968 [PAGE 729]

EXTRACTED TEXT FROM PAGE:

1967]

U N I V E R S I T Y OF I L L I N O I S

677

The Director of the Institute of Aviation and the Vice-President and Comptroller recommend that the helicopter be donated to the Air Force Museum and that the Comptroller and the Secretary of the Board of Trustees be given authorization to execute the necessary documents to effectuate the transfer. I concur.

On motion of Mr. Clement, these recommendations were approved.

GUY M. BECKWITH ESTATE (38) Mr. Guy M. Beckwith of Will County, Illinois, died on January 29, 1966, and left the residue of his estate to the University of Illinois "to be used towards building a residence hall for students and said residence hall will be called Beckwith Hall or Beckwith Residence Hall, to be located at Urbana-Champaign, Illinois." Mr. Beckwith's widow has filed a renunciation of the will in the Circuit Court of Will County, Illinois, thereby becoming entitled to one-half of the estate. Subsequently, negotiations have been conducted with counsel for Mrs. Beckwith relative to the distribution of the estate. Included are five parcels of farmland, securities, and miscellaneous items of personal property, most of which consist of livestock and grain. The value of the securities was estimated in April, 1966, to be in excess of $227,000. The farmland properties have been appraised by appraisers selected by the University and by Mrs. Beckwith, and have an agreed appraisal value in excess of $648,000. Mrs. Beckwith is willing to accept as her share in the estate two parcels of the farmland properties and one-half of the securities (except for shares in three local companies). The two parcels which Mrs. Beckwith will receive are appraised at a value of $45,484.50 in excess of the combined appraisals of the other three parcels. Mrs. Beckwith will pay the $45,484.50 difference in cash to the University. Under this arrangement, the University would receive one-half of the stocks and three parcels of land, together with the cash payment by Mrs. Beckwith. It is estimated the University will ultimately receive cash and property valued in excess of $500,000. In order to expedite the closing of this estate, the Vice-President and Comptroller and the Legal Counsel request authority to formalize the settlement arrangements with Mrs. Beckwith, inclnding authority to execute quit-claim deeds transferring such interest as the University may have in the two parcels of farmland. I concur and request adoption of the following resolution. Resolution Authorizing Transfer of One Parcel of Real Property in Will County, Illinois, and One in Kankakee County, Illinois WHEREAS, the hereinafter described property forms part of the Estate of Guy M. Beckwith, Deceased, who, by his Last Will and Testament, devised the residue of his estate to the University of Illinois; and WHEREAS, by statutory renunciation of said Last Will and Testament, the widow of Guy M. Beckwith, Wilhelmine Beckwith, is entitled to one-half of the Estate; and WHEREAS, the said Wilhelmine Beckwith has agreed to accept certain properties and in return transfer certain properties to the University in settlement of the Estate; and WHEREAS, under this arrangement the University will fulfill its obligation by a transfer of the hereinafter described properties to Wilhelmine Beckwith by quitclaim deeds; Now Therefore, Be It, and It Hereby Is Resolved by The Board of Trustees of the University of Illinois, a public corporation of the State of Illinois, with its principal office in the City of Urbana, in the County of Champaign, and in the State of Illinois, that the Comptroller and the Secretary of this corporation be, and they hereby are, authorized and directed to execute, acknowledge, and deliver in the name of and in behalf of this corporation, and under its corporate seal, quit-claim deeds and such other documents in connection therewith as said Comptroller and Secretary may deem necessary and desirable in order to convey and quit-claim to Wilhelmine Beckwith, title to the following described real property, viz: "Northwest Fractional quarter of Section Thirty (30), and the North half of the Southwest quarter of said Section Thirty (30), all in Township Thirty-two