New York Court Interprets UPMIFA To Award Scholarship Funds From College

Applies cy pres principles to transfer funds to other institutions over recommendations from closed Cazenovia College

Although the Uniform Prudent Management of Institutional Funds Act was originally promulgated by the Uniform Law Commission in 2006 and adopted by New York in 2010, there have not been a lot of definitive decisions interpreting the law. A trial court in Madison County, NY, has recently interpreted the law in awarding endowed scholarship funds following the closing of Cazenovia College. The Court has overridden the recommendations of Cazenovia in awarding scholarship funds to several institutions other than the one recommended by Cazenovia.

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New York Court Interprets UPMIFA To Award Scholarship Funds From College

New York Court Interprets UPMIFA To Award Scholarship Funds From College