Repository: UIHistories Project: Board of Trustees Minutes - 1958 [PAGE 1165]

EXTRACTED TEXT FROM PAGE:

Il62

BOARD OF

TRUSTEES

[March n

ESTATES OF GRETCHEN JOHANNA SCHILLING AND PAUL CHARLES SCHILLING (14) T h e Continental Illinois National Bank and T r u s t Company of Chicago is Trustee of a trust created by the will of the late Gretchen Johanna Schilling of Chicago. Under the provisions of the trust, the income was paid to her brother, Paul Charles Schilling, during his lifetime and upon his death 90 per cent of the residual assets are to be transferred to the University and 10 per cent to Seeing Eye, Incorporated, Morristown, New Jersey. T h e trust assets are securities worth approximately $81,000 plus certain real estate described below. Paul Schilling has died and the Continental Illinois National Bank and Trust Company is the Executor of his estate. His will provides that the remaining assets of his estate are to be distributed in the same way as the assets of the trust created by his sister. Mr. Schilling's will and Miss Schilling's trust both provide that the assets transferred to the University are to be used to assist worthy, indigent students, provided that not more than $500 be given to one student in any one year. T h e estate of Paul Charles Schilling consists of personal property valued at approximately $19,000, plus a parcel of real estate valued at approximately $5,000. His will directs the Executor to liquidate all of the assets, real and personal, and make distribution in cash; the Gretchen Johanna Schilling trust gives the Trustee authority to distribute in cash or in kind. T h e Gretchen Johanna Schilling trust estate owns a residence property at 4927 Roscoe Street, Chicago, formerly occupied by Paul Schilling. There are also farm properties in Richland County, Illinois, consisting of 186 acres of which Gretchen Johanna Schilling owned seven-ninths and Paul Schilling owned two-ninths; forty acres of which Gretchen Schilling owned two-thirds and Paul Schilling one-third; another forty acres owned entirely by Gretchen Schilling; and forty acres owned entirely by Paul Schilling. Not all of these tracts are contiguous. The Trustee reports that the estimated value of the real estate is: Roscoe Street property, $14,500; Richland County farm properties, $21,000. There are three producing oil wells on the forty-acre tracts in Richland County; however, the P u r e Oil Company which operates the wells estimates their remaining Hie at two or three years. Large areas of these three forty-acre tracts have been flooded with salt water from the oil wells and have little agricultural value. On the 186-acre tract is a large brick residence, about one hundred years old and in very poor condition, and a few other buildings also in poor condition and of little value. Approximately 150 acres of the farm lands are under cultivation. The advice of the Trustee and of the First National Bank of Chicago (the University's investment counsel) will be secured and a recommendation will be made to the Board of Trustees on the disposition of the assets after the Trustee has secured a reliable appraisal of the real estate and other assets of the estates. In the meantime, it is necessary to inform the Trustee whether or not the University will accept the bequests for the purpose indicated in the trust and will of Miss Schilling and Mr. Schilling. I recommend acceptance and that the following resolution be adopted. Resolution W H E R A S the Board of Trustees of the University of Illinois is a beneficiary under the Trust created by Gretchen J. Schilling in her Last Will and Testament with the Continental Illinois National Bank and T r u s t Company of Chicago, as trustee, and WHEREAS said Board is a beneficiary under the will of Paul C. Schilling. probated February io, 1958, under which the Continental Illinois National Bank and T r u s t Company is appointed as Executor, and WHEREAS said Wills specify that nine-tenths of the residual assets of said Estates shall be delivered to the University to assist worthy indigent students; Now therefore, be it resolved by the Board of Trustees of the University of Illinois, a public corporation of the State of Illinois, that the devises and bequests made to this public corporation under the Last Will and Testament of Gretchen Johanna Schilling and the Last Will and Testament of Paul Charles Schilling be, and they hereby are, accepted upon the terms and conditions set