Repository: UIHistories Project: Board of Trustees Minutes - 1954 [PAGE 1166]

EXTRACTED TEXT FROM PAGE:

1953]

UNIVERSITY OF ILLINOIS

1163

bequests, the entire net estate, real, personal, and mixed is bequeathed to the University. All claims of other potential heirs-at-law against the Estate have been settled through agreements between them and the Executor of the Estate. Mr. Marc C. Norton, President of the First National Bank in Champaign and Executor of the Estate of George A. Miller, is prepared to submit a final report of his acts and doing as such Executor to the Probate Court of Champaign County. Accordingly, he and Mr. J. G. Thomas, Attorney for the Estate, are now turning over to the University the assets of the Estate, consisting of United States treasury bills which cost $896,321 and cash in the bank in the amount of $5,249.11, a total amount of $901,570.11. In addition to these assets, real estate consisting of a small house and lot at 606 South Coler, Urbana, Illinois, with an appraised value of approximately $11,000, became the property of the University with the filing of Professor Miller's will. The securities of the Estate are presently in the custody of the Harris Trust and Savings Bank in Chicago. The Board of Trustees of the University of Illinois has selected the Continental Illinois National Bank and Trust Company of Chicago, through its Trust Department, as the depositary and safekeeping agency in which the securities and other properties of the Estate shall be deposited.

Messrs. Norton and Thomas appeared before the Board to make formal presentation of the assets of the Estate. Mr. Lesemann, University Legal Counsel, made a statement commending their work in the administration of the Estate and in disposing effectively of claims against it. At the conclusion of this presentation, on motion of Mr. Megran, the following resolution was adopted:

Resolution Be it Resolved by the Board of Trustees of the University of Illinois that the Acting Comptroller and Secretary of the Board of Trustees of the University of Illinois are directed and hereby authorized to execute a receipt for the assets bequeathed to the Board of Trustees of the University of Illinois by George A. Miller, deceased, and a waiver of notice of final settlement, entry of appearance and consent to the approval of the final report and discharge of Marc C. Norton, Executor of the Estate of George A. Miller, deceased; and Be it Further Resolved that the Acting Comptroller and the Secretary of the Board of Trustees of the University of Illinois are directed and hereby authorized to execute an agreement indemnifying Marc C. Norton, Executor of the Estate of George A. Miller, deceased, from any liability on account of federal income taxes assessed against George A. Miller or the Estate of George A. Miller, deceased; and Be it Further Resolved that the Acting Comptroller and Secretary of the Board of Trustees of the University of Illinois are directed and hereby authorized to execute an authorization to Marc C. Norton, Executor of the Estate of George A. Miller, deceased, and the Harris Trust and Savings Bank to deliver United States Treasury Bills having a maturity value of Nine Hundred Thousand ($900,000.00) Dollars to the Continental Illinois National Bank and Trust Company, as agent for the Board of Trustees of the University of Illinois; and Be it Further Resolved that said documents be approved as to legal form by the Legal Counsel of the University of Illinois prior to their execution by the Acting Comptroller and the Secretary.

Certified copies of the above resolution and executed copies of the documents specified therein were given to the Executor and Attorney for the Estate immediately following adjournment of the Board meeting. Executed copies of these documents, along with the final report of the Executor to the County Court of Champaign County (Docket No. I 3772), have been filed with the Secretary of the Board for record. Mr. Megran, Chairman of the Finance Committee, reported that his Committee has conferred with Mr. Wayne R. Bennett, representing