Proceedings of the Board of Regents (1960-1963)

NOVEMBER MEETING, 1962

963

Residents of Winchell House, West Quadrangle, for the fund Student
Gifts to Residence Halls (see above), for a television set for their
house.................................................. $ 244.95
The University Attorney reported that the will of Charles S.
Beardsley, 1899 Law, has been offered for probate in Elkhart County,
Indiana. Item XXV of the will contains the following:
"I give and bequeath to the 1899 University of Michigan Law Class Loan
Fund Memorial the sum of Five Hundred Dollars ($500.00)."
The attorney for the executor predicts that there will be a delay of approximately two years in the payment of this bequest because of complications in the
settlement of the estate.
The University Attorney reported that J. Maclntyre Jaycox,
B.S.(M.E.), 1887, died a resident of Haverford, Pennsylvania, in
September of 1935. By his will he created a trust which provided that
the income from the trust would be payable to his wife, Elizabeth S.
Jaycox, during her lifetime, and upon her death, the corpus of the
trust was to be payable to his sister, Mary Jaycox. Paragraph Fourth
(c) of the will provides as follows:
"If my said sister, Mary Jaycox, shall predecease my said wife, then upon the
death of my said wife I order and direct my Trustees to convey, transfer and
deliver and I give, devise and bequeath the entire principal or corpus of my said
residuary estate to the Trustees of the University of Michigan absolutely and in
fee simple."
The First Pennsylvania Banking and Trust Company, trustee, advises that
Elizabeth S. Jaycox, widow of the testator, died on October 16, 1962, thereby
terminating the testamentary trust, and that Mary Jaycox, sister of the testator,
predeceased her on February 19, 1954, so that the corpus of the trust is now
payable to the University of Michigan pursuant to the above-quoted provision.
The trustee is preparing and will file an accounting with the Orphans' Court of
Delaware County, Pennsylvania, which Court has jurisdiction of this trust, and it
anticipates that a decree transferring the net residue to the University will be
entered in February or March of 1963.
At today's market the corpus of the trust is valued at $334,000.00. The
trustee advises that under a Pennsylvania law in effect at the time this will was
probated, charitable bequests were subject to a 10 per cent collateral Transfer
Inheritance Tax, which tax will be applicable to this bequest, so that the
University should receive approximately $300,000 from this trust.
The University Attorney reported that Robert E. Motley, D.D.S.,
1916, died a resident of Arlington, Virginia, on October 21, 1962. The
executor named in the will advises that Dr. Motley's will contains the
following provision:
"I give, devise and bequeath the rest and residue of my property, real, personal and mixed, wheresoever located to the University of Michigan, Ann Arbor,
Michigan. The fund may be administered as the University deems appropriate;
but it is my desire, and I therefore suggest, that a Scholarship Fund be established
to help needy students-with special preference extended to anyone who claims and
proves kinship to any member of my family."
The executor estimates that the University should receive in excess of
$100.000 from this estate.
Dr. Motley joined the army immediately after graduation from the University
and served on the Mexican border prior to World War I, and during World War I
he was awarded the Distinguished Service Cross and two decorations from the
French Government for "extraordinary heroism in combat against an armed
enemy" at Chateau-Thierry and Verdun.
The University Attorney reported that the will of Mabel Sanborn,
A.B., 1918, has recently been offered for probate in Wayne County,
Michigan. Paragraph 23 of the will provides as follows:
"I give, devise and bequeath One Hundred (100) Shares of Detroit Edison
Stock to the University of Michigan Alumni Fund, of Ann Arbor, Michigan."

C. S. Beardsley:
Will
J. M. Jaycox:
Will
R. E. Motley:
Will
M. Sanborn: Will