Repository: UIHistories Project: Board of Trustees Minutes - 1976 [PAGE 144]

EXTRACTED TEXT FROM PAGE:

1974]

UNIVERSITY OF ILLINOIS

133

It Hereby Is Further Resolved that upon compliance with the terms of said agreement by Rose Marie Thompson and Thomas Thompson, and in accordance with the terms thereof, said Comptroller and Secretary, 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, a Quit-Claim Deed and such other documents in connection therewith as said Comptroller and Secretary may deem necessary or desirable in order to convey to Thomas Thompson all right, title and interest this corporation may now have in and to the following described property, viz.: T h e West Half of the Southwest Quarter and the Southwest Quarter of the Northwest Quarter of Section 25, Township 16 North, Range 8 East of the Third P.M., Douglas County, Illinois. and which property is hereinabove referred to as Tract A. O n m o t i o n of M r . S w a i n , t h e f o r e g o i n g r e s o l u t i o n w a s a d o p t e d . Estate of Marguerite L. Rickert (12) Under the will of Marguerite L. Rickert, who died July 8, 1971, the Board of Trustees of the University of Illinois, Southern Illinois University, and Marguerite Proctor Hoare were each bequeathed one-third of her estate. The will further stated that the University of Illinois would establish a trust fund, to be designated the J O S E P H W. R I C K E R T T R U S T , "the income from which is to be used as an award to the outstanding senior student of the law school, as selected by the faculty." In view of the relatively large income anticipated to be received from the trust each year, the College of Law desires that annual awards from the trust income be made to more than one outstanding senior student selected from each of several different categories by the law faculty. The proposal makes it desirable to obtain a construction of the will by the court. T h e President of the University, with the concurrence of appropriate administrative officers, recommends that the University Counsel be authorized to take such steps as are necessary or appropriate, including the employment of special counsel, to have this matter presented for an appropriate court ruling. Included in the estate is real estate in Switzerland. T h e federal government has accepted an appraisal of 6,688 Swiss francs (approximately $2,073) as the fair market value of the property, based on an appraisal obtained by the Leawood National Bank on April 19, 1973, from a report of the Societe De Banque Swisse. T h e attorney representing the estate reports that it does not appear practical for the three parties to hold the property jointly and that Mrs. Hoare would purchase the University's one-third interest in the property based on its appraisal value of approximately $2,073. T h e Vice President for Planning and Allocation recommends sale of the University's equity in this property at the appraised value. Therefore, I recommend that the Board of Trustees adopt the attached resolution: Resolution Authorizing Sale of Certain Land in the Marguerite Rickert Estate Whereas, Marguerite L. Rickert, who died July 8, 1971, by her Last Will and Testament, after certain specific bequests, bequeathed the entire residue of her estate jointly to Marguerite Proctor Hoare, The Board of Trustees of the University of Illinois, and Southern Illinois University; and Whereas, a portion of Marguerite L. Rickert's residuary estate in which The Board of Trustees of the University of Illinois now holds an undivided one-third interest, consists of the hereinafter described parcel of unimproved real estate located in Switzerland; and