Word: bequestioned
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...describing a gift that is soon to become part of the Met's permanent exhibits: the art collection of the late Robert Lehman, the investment banker who died in August. It was quite a birthday gift for the museum's 100th anniversary. The value of the greatest bequest in the Metropolitan's history has been estimated to be $100 million, but it is probably much higher; many of the nearly 3,000 objects are of a kind and quality no longer obtainable on the art market, making it impossible to assess their true value. Besides paintings (such...
...official in the Treasurer's own office, only about 40 per cent of the endowment is restricted to principal. The other 60 per cent could be spent in its entirety if the Corporation saw fit. Yet even for that part whose income, by the terms of the bequest, is all that can be used, the principal is legally defined as only the original amount of the gift and certainly not the market value of the stocks bought with it. Thus, even a fund restricted to principal could be delivering spendable income at the rate of 10 per cent a year...
...last justification of Harvard's stinginess with its endowment funds is that most of these funds are restricted by the terms of the original bequest to specific faculties and within the faculties to specific projects...
Novelist Grace (Peyton Place) Metalious, who died in Boston in 1964, willed that her body be given to either Dartmouth or Harvard medical schools. But Massachusetts law required the consent of the next of kin for any such donation. Grace's family said no, and the bequest was not carried out. This led a five-judge New Hampshire court, which ruled on a second disputed clause in the will, to note in passing: "The need for appropriate statutory provision to implement the desires of the dying to aid the living is increasingly urgent." Now that doctors are attempting...
...have no idea what books we will be getting," Stendahl said. He predicted, however, that "a substantial number will be included in the bequest...