Repository: UIHistories Project: Board of Trustees Minutes - 1962 [PAGE 1216]

EXTRACTED TEXT FROM PAGE:

1961]

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

1213

Johnston, Mr. Pogue, Mr. Swain, Mrs. Watkins, Mr. Wilkins, Mr. Williamson; no, none; absent, Mr. Hughes, Mr. Kerner.

BEQUEST OF MARY C. McLELLAN (3) In her will (as recorded in the minutes of January 27, 1940), the late Mary C. McLellan, Class of 1888, left the remainder of her estate to the University of Illinois for the purchase of art objects and/or the establishment of a traveling scholarship in art. There was also a provision in her will in which her residence property at 706 West Park Avenue, Champaign, was left to Birdie M. Nash for life, and upon the death of the life tenant the remainder interest in the property was given to Mrs. Nash's daughter, now Mrs. Lois Nash Dickson. The will contained a provision that if Mrs. Dickson were not living at the time of the death of her mother, the real estate should be sold and the proceeds given to the University. Mrs. Nash is now seventy-eight years old, has moved from the nine-room house into an apartment, and does not wish to live in the McLellan house again. She would have the right to rent the house, but since no improvements have been made for a number of years, considerable expense would be involved, and she does not wish to assume the management responsibilities. Both Mrs. Nash and her daughter feel that it would be to the best interests of all concerned if the property could be sold. An offer of $14,000 has been received from Thomas R. and Suzanne Bryant Skaggs. T h e price is in line with the appraised value and is acceptable to Mrs. Nash and Mrs. Dickson. The Vice-President and Comptroller and the Legal Counsel recommend that the Board of Trustees consent to the sale of the property for $14,000 on the following conditions: that Mrs. Nash, Mrs. Dickson, and the University enter into an agreement to place the proceeds of the sale in trust in a local bank, the income from the trust to be paid to Mrs. Nash during her lifetime; that if Mrs. Dickson survives Mrs. Nash, the principal of the trust fund so created will be paid by the Trustee to Mrs. Dickson; and that in the event Mrs. Dickson predeceases her mother the principal of the trust fund will be turned over to the University upon the death of Mrs. Nash. I concur, and recommend adoption of the following resolution: Resolution WHEREAS, under the provisions of the Will of Mary C. McLellan, Deceased, the hereinafter-described property located at 706 West Park Street, Champaign, Illinois, was devised to Mrs. Birdie M. Nash to have, hold, use, and enjoy the same so long as she shall live; and upon the death of the said Mrs. Birdie M. Nash said property was devised to her daughter, Mrs. Lois Nash Dickson, if then living; provided that if Mrs. Lois Nash Dickson should die prior to the date of the death of her mother, said property should be converted into cash and the funds derived therefrom devoted by The Board of Trustees of the University of Illinois to the purchase of objects of art for the A r t Department of the University of Illinois and/or the establishment of a traveling scholarship in said Art Department to be known as the "Mary C. McLellan Scholarship"; and WHEREAS, said Mrs. Birdie M. Nash and Mrs. Lois Nash Dickson desire to sell said property and it is deemed to be in the best interest of all concerned that said property be sold at this time and the proceeds derived therefrom placed in trust with the First National Bank in Champaign, a national banking association, organized and existing under and by virtue of the laws of the United States of America and doing business and having its principal office at 30 Main Street, in the City of Champaign, County of Champaign, and State of Illinois, or other local corporate trustee and the income derived from said trust fund be paid to said Mrs. Birdie M. Nash during her lifetime and upon her death the proceeds of said trust fund be paid to said Mrs. Lois Nash Dickson, if she be then living, and if s he should not be then living, be paid to The Board of Trustees of the University of Illinois to be devoted by it to the purposes set forth in said Will; and WHEREAS, Dr. Thomas R. Skaggs and Mrs. Suzanne Bryant Skaggs, husband and wife, have offered to purchase said property for the sum of Fourteen Thousand Dollars ($14,000); Now, Therefore, Be It And It Hereby Is Resolved, by this Board of Trustees