141

Special Meeting
August 1, 1958

Resolution approving repayment of Faught Note

RESOLUTION

WHEREAS, as a part of the assets of the Frances Sheldon Trust, The Board of Regents of the University of Nebraska has received from Olga N. Sheldon, Successor-Trustee, a note, duly endorsed, in the sum of $10,000.00, payable in payments as therein provided, signed by Carl E. Faught and Elsie E. Faught, secured by a mortgage upon the following described real estate, recorded in Book 120, Mortgages, Page 606, Dawson County, Nebraska:

The Southeast Quarter (SE1/4) of Section Thirty (30) in Township Eleven (11) North, Range Twenty-two (22) West of the 6th P.M., in Dawson County, Nebraska; and

WHEREAS, said mortgage was duly assigned to the Board of Regents by Olga N. Sheldon, Successor-Trustee, recorded in Book 119 Mortgages, Page 648, Dawson County, Nebraska; and

WHEREAS under the provisions of said promissory note, the final payment of $5,000.00 is not due until February 15, 1959; and

WHEREAS, the makers of said note desire to make payment of said note and interest in full; and

WHEREAS, under the provisions of the Last Will and Testament of Frances Sheldon, deceased, the proceeds of the trust estate and the accumulated income are required to be used by The Board of Regents of the University of Nebraska in constructing and equipping upon the downtown campus of the University of Nebraska in Lincoln, a gallery for the purpose of housing paintings, sculpture and other works of art owned by the University, the Nebraska Art Association and similar collections;

NOW, THEREFORE, BE IT RESOLVED, that the Comptroller of the University of Nebraska be authorized and directed to accept payment in full for the balance due upon said note, above described, and upon payment of such balance, including interest due thereon, in full, that the Comptroller be authorized and directed to cancel said note and mark the same "Paid", and deliver said note to the makers thereof.

BE IT FURTHER RESOLVED that the President of The Board of Regents of the University of Nebraska be authorized and directed, upon the payment of said note and interest in full, to execute and deliver to the makers of said note and mortgage release thereof, and that the Assistant Corporation Secretary of the Board of Regents be authorized and directed to attest the execution of said release, and attach thereto the corporation seal of The Board of Regents of the University of Nebraska, a corporation.

Resolution accepting A. B. Sheldon Estate

It was moved by Regent Welsh, seconded by Regent Elliott, motion put to vote and carried, directing the following resolution in reference to the A. B. Sheldon estate be approved:

RESOLUTION

WHEREAS, A. B. Sheldon, late a resident of Lexington, Dawson County, Nebraska, now deceased, left a Last Will and Testament and Codicils thereto, which have been duly admitted to probate in the County Court of Dawson County, Nebraska, and

WHEREAS, under the provisions of last Will and Testament and Codicils thereto, A. B. Sheldon gave, devised and bequeathed to The Board of Regents of the University of Nebraska forty-five per cent (45%) of his estate, to be used by the Board of Regents of the University of Nebraska in conjunction with property received by said Board from the

Continued

- 138 -

Special Meeting
August 1, 1958

Resolution approving repayment of Faught Note

RESOLUTION

WHEREAS, as a part of the assets of the Frances Sheldon Trust, The Board of Regents of the University of Nebraska has received from Olga N. Sheldon, Successor-Trustee, a note, duly endorsed, in the sum of $10,000.00, payable in payments as therein provided, signed by Carl E. Faught and Elsie E. Faught, secured by a mortgage upon the following described real estate, recorded in Book 120, Mortgages, Page 606, Dawson County, Nebraska:

The Southeast Quarter (SE1/4) of Section Thirty (30) in Township Eleven (11) North, Range Twenty-two (22) West of the 6th P.M., in Dawson County, Nebraska; and

WHEREAS, said mortgage was duly assigned to the Board of Regents by Olga N. Sheldon, Successor-Trustee, recorded in Book 119 Mortgages, Page 648, Dawson County, Nebraska; and

WHEREAS under the provisions of said promissory note, the final payment of $5,000.00 is not due until February 15, 1959; and

WHEREAS, the makers of said note desire to make payment of said note and interest in full; and

WHEREAS, under the provisions of the Last Will and Testament of Frances Sheldon, deceased, the proceeds of the trust estate and the accumulated income are required to be used by The Board of Regents of the University of Nebraska in constructing and equipping upon the downtown campus of the University of Nebraska in Lincoln, a gallery for the purpose of housing paintings, sculpture and other works of art owned by the University, the Nebraska Art Association and similar collections;

NOW, THEREFORE, BE IT RESOLVED, that the Comptroller of the University of Nebraska be authorized and directed to accept payment in full for the balance due upon said note, above described, and upon payment of such balance, including interest due thereon, in full, that the Comptroller be authorized and directed to cancel said note and mark the same "Paid", and deliver said note to the makers thereof.

BE IT FURTHER RESOLVED that the President of The Board of Regents of the University of Nebraska be authorized and directed, upon the payment of said note and interest in full, to execute and deliver to the makers of said note and mortgage release thereof, and that the Assistant Corporation Secretary of the Board of Regents be authorized and directed to attest the execution of said release, and attach thereto the corporation seal of The Board of Regents of the University of Nebraska, a corporation.

Resolution accepting A. B. Sheldon Estate

It was moved by Regent Welsh, seconded by Regent Elliott, motion put to vote and carried, directing the following resolution in reference to the A. B. Sheldon estate be approved:

RESOLUTION

WHEREAS, A. B. Sheldon, late a resident of Lexington, Dawson County, Nebraska, now deceased, left a Last Will and Testament and Codicile thereto, which have been duly admitted to probate in the County Court of Dawson County, Nebraska,

WHEREAS, under the provisions of last Will and Testament and Codicils thereto, A. B. Sheldon gave, devised and bequeathed to The Board of Regents of the University of Nebraska forty-five per cent (45%) of his estate, to be used by the Board of Regents of the University of Nebraska in conjunction with property received by said Board from the

Continued

- 138 -