Richmond daily register. (Richmond, Madison County, Ky.) 1917-1978, 1921-01-28
SUIT TO ESCHEAT
THE WALTERS FUND
Continued from 1st page)

Cy WlCn CenCfe COlleSe CndC tilcIe NeiS
an agreement that certain parts of
the land and buildings which had been
operated nd used by Centrl Unlver-
5ity were conveyed to the Eastern
Kentucky State Normal School and
that the remaining part of the tract
of land now known as the college cam
pus, was conveyed, with the permits
sion of the Presbyterian Synod of
Kentucky. to certain trustees who
formed and organized a corpora
ton to accept said conveyance as Il
gift and as a trust and the corpora
ton was organized under the laws of
the state of Kentucky in the year
1901 and named and known as The
Walters Collegiate Institute, of Rich
mond, KY, and the same is defendant
herein.
Plaintiff says that the objects and
purposes for which the Whlters Col
legiate Institute, defendant herein,
was created and set forth in the char
ter of said corporation to be
"To unite the friends and support
ers of higher education in Madison
county and the State of Kentucky and
to establish at Richmond, KY, a col
Iegate institute of high ORDER
and plaintiff says that this said school
was established at Richmond, KY,
and for time maintained by the said
trustees as the Walters Collegiate In
sttute in fitting tribute to memory
of S. p. Walters, one of Madison
County's public spirited citizens who
had contributed generously to the
cause of education in the county.
Plaintiff says that on the coming of
the Eastern Kentucky State Normal
School to Richmond, that the defend
ant, ceased to maintain or to make
any effort to maintain said school and
that defendant did on the ----Iiay OF
-- ID, sell and convey or con-
tract to convey to the said Normal
School all of the lands and appurten-
ances thereto belonging which had
been conveyed to said defendant in
the year 1902 as a gift and public
trust for the very uses and purposes
for which the Walters Collegiate In
atItute, defendant corporation herein
was created and plaintiff says that
since that day and date this defendant
has failed to carry out the trust i'm
posed upon it by the deed of convey
ance under which said property was
acquired by this defendant, by the
contract with the Central University
of Kentucky and by the agreement
with the Southern Presbyterian Syn
cd Of Kentucky.
Plaintiff says that the Walters Col
legatc Institute, defendant herein,
acquired title as aforesaid to certain
lands and certain buildings thereon
situated by deed from Central Univer
sity of Kentucky which deed together
with certain agI ecments ana con-
tracts and resolutions with reference
to the property so conveyed is re-
corded in the office Of the clerk of the
Madison County Court in deed book
! No. 80 on page 43O, and certified copy
of said instrument is filed herewith
as Il part hereof and marked Exhibit
ID. Plaintiff says that part of the
consideration for said conveyance is
described in Il contract which is made
Il part of said decd of conveyance as
follows:
That second party, The Walters
Collegiate Institute, of Richmond, Ky.
is to open in said buildings first
class collegiate institute to be known
as The Walters Collegiate Institute
of Richmond, Ky, and not only to
establish, but To continue and main
tain such collegiate institute"
Plaintiff says that the defendant
did on or about the 24th day of No
vcmbcr, 1910 abandon all intention of
carrying out the trust for which de-
PENDANT corporation was organized
and did then cease to make any effort
TO maintain the Walters Collegiate
Institute at Richmond, KY, and that
defendant did on or about November
24th, 1910, least the lands so acquired
by this defendant, to the Eastern
Kentucky State Normal School to-
gethcr with the buildings thereupon
situated; that said lease remained in
effect until about the 9Th day of May
| 1914, at which time this defendant
sold the land and the buildings ac-
I
described, for consideration of ten
! thousand dollars which sum was paid
by the Eastern Kentucky State Nor
NAL School to this defendant in four
payments of twenty-five hundred dol
lars each, said payments being made
in February, 1915, January, 1916,
January, 1917, and in June, 1920.