You are here

Grantee Can’t Force Grantor To Increase Endowment Distribution

Grantee Can’t Force Grantor To Increase Endowment Distribution

Grantee Can’t Force Grantor To Increase Endowment Distribution

Court says commitment is governed by contract and not under Uniform Trust Code
A nonprofit corporation that manages historical property for the National Trust for Historic Preservation in the United States cannot force the National Trust to increase the distribution from its endowment to cover costs of the work, a federal District Court in Virginia has held. The Court has said that the relationship is governed by the management contract and is not covered by the state’s Uniform Trust Code. Oatlands, Inc., a nonprofit corporation, originally entered into a cooperative agreement with the National Trust to manage the Oatlands Historic House & Gardens in Leesburg, VA, in 1984. In 2014, Oatlands acquired some adjacent historic property to generate income in support of...

lock The full text of this article is available to paid subscribers only. Login or subscribe to read more

 

Sign-up for our weekly Q&A; get a free report on electioneering