Repository: UIHistories Project: Board of Trustees Minutes - 1954 [PAGE 584]

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1953]

UNIVERSITY OF ILLINOIS

581

Rosalind Jarnagin, the adopted daughter of a deceased sister of Cassandra A. Miller. The claimants and Martha Harriett Love and Rosalind Jarnagin constitute the sole living heirs of Cassandra A. Miller. While it is believed that the claim is unfounded and counsel for the Executor and the University Legal Counsel are of the opinion that a suit instituted upon it can be successfully defended, they have further advised the Executor and the Committee that certain issues of fact would probably be decisive in such a suit and, since those issues are disputed, they can not definitely assure the Executor and the Board, without qualification, that the outcome of litigation over the claim will necessarily be favorable to the Executor and the University. Distribution of the assets of the estate now held by the Executor to the University as provided in Professor Miller's will would necessarily be delayed while such litigation is in progress. During that period of time the income which the Executor would receive from the assets of the estate would be substantially less than the income the University would be able to derive therefrom during the same period if they can be delivered to the University soon through disposing of the claim by settling it now. This loss of income which would result from litigating the claim and the estimated expense of litigating it would probably equal, and possibly exceed, the sum which the claimants have offered to accept in settlement. The Executor is willing to make a compromise settlement of the claim upon the basis of this offer if authorized so to do by the University. The procedure for carrying out the settlement, if it is to be made, would consist in the Executor paying the above mentioned sum from the funds of the estate to the claimants or their attorney and endorsing (without recourse) and delivering said promissory note to the University, both by way of partial distribution to the University of what it is entitled to receive under the provisions of the will. The note would then be cancelled by the University and delivered to the claimants or their attorney. These things would be done in return for the above mentioned releases from Martha Harriett Love, Rosalind Jarnagin, and the claimants, and the money would be paid and the cancelled note delivered to the claimants or their attorney upon receipt by the Executor of said releases in a form approved by his counsel and by the University Legal Counsel. Upon delivery by the Executor to the University of an executed duplicate of each release the University would execute and deliver to the Executor a receipt or receipts evidencing partial distribution to it by the Executor under the will to the extent of said note and said sum. Counsel for the Executor and the University Legal Counsel, with the approval of the Executor and the President of the University, recommend that the offer o£ settlement received from the claimants be accepted and the claim settled accordingly ; and request that the Executor be authorized to pay said sum of $35,000 to the claimants or their attorney, and to endorse and deliver said promissory note to the University, by way of partial distribution to it of what it is entitled to receive under the will, that the Comptroller and Secretary be authorized to cancel said note and to deliver the same to the claimants or their attorney and to execute and deliver, on behalf of the University, a receipt or receipts evidencing the making of such partial distribution to it by the Executor, all upon receipt by the Executor of said releases and receipt by the University of an executed duplicate of each of the latter. The Committee concurs in this recommendation, and further recommends that the requested authority be given to the Executor and to the Comptroller and Secretary.

PARK LIVINGSTON ROBERT Z. H I C K M A N W I R T HERRICK W A Y N E A. JOHNSTON, Chairman

On motion of Mr. Johnston, this report was adopted, the recommendations of the Committee were approved, and authority was given as requested. This action was taken by the following vote: Aye, Mr. Rissell, Mr. Grange, Mr. Herrick, Mr. Hickman, Mrs. Holt, Mr. Johnston, Mr. Livingston, Mr. Nickell, Mrs. Watkins; no, none; absent, Mr. Megran, Mr. Stratton.