New-York tribune., 1922-01-20
.)uiuiard Will
Held Invalid
In One Section
Orange County Surrogate
Orders 100000 in Ac.
crncd Incomes Must BE
Divided Among Rela,i> cs
Musical Foundation Will
Retain Sl1.OOO.OOO Left
for Support by Banker

MONROE. y. Y, Jan. is Elwood c
Smith. Surrogate OF Orange County
f'ed + decision in the Orange County
-Trcgatcs Gour, a. Goshen to day
h1'dlnr tnat portion Of the viii OF
Augustus i. Jalllia~d, Of Tuxedo Park.
- invalid and directing that about
soj0.oao accrued income be divided
among ire relatives of the dead
tsnker
VI. Juilliard's Will LEFT about sl4.-
100000 70 found the Jui'lard Musical
Foundation and gave this corporation
certain income from the trust fund
.7hici accuin ulatcd before It was or
Ganizeo. 1t Is this provision Of the
VIII which is held to be inoperatlve.
The Juilliard Musical Foundation
was created by special act Of the
Legislature in 1920 to aid worthy
music students to obtain a musical
'ccc2ton and to arrange for free mu-
sea concerts and recitals and also n
aid the Metropolitan Opera Company
IN the production Of opcra
Musical Foundation Plan
/; was the wish Of Augustus D. Jul
winch ne left the greater part of n 8
'state should operate under spec al
act OF the Leg stature rather than ar,
ordinary charter of incorporation. The
legislative term being then over and
the new Legls laturc not yet convened
there occurred delay Of about SIX
months between Mr.. Juilliard'S death
and t0c formation OF the corporation
during which the money left to the
'oundation accrued a largo amount in
interest. Thc banker believed he had
provided for this contingency. by a
clause IN the Will which ordered that
moneys paid on his investments in this
Intervening tune should go to his
nephew, Frederic A. Juillard.
tcchnlcal question arose because
only Il small part Of this outstanding
money consisted OF interest actually
rala. the greater part of it was in
iorcst accrued, but which by the nature
o. the iuVes;ments Was not to be paid
until after the formation of the foun-
datlon. This money. about $500. 600. then
III quo stion Was claimed by Frederic
\ Juilliard and by the Iuiliard Mu-
seal Foundation. as we'll "a bv s..
Johns Guild and by the Metropolitan
Museum. other benofc aries reasoned
rom some ambiguity in the word
ing that they had Il claim. The
present Surrosatc's decision disposcs
Of tho claim Of all four contestants.
i holds that the Will provides only
for paid and not accrued interest.
aud that this accrued money. not he
ING provided for in any clause of the
viii. must be divided among all the
relatives.
Beaucst Not Affected
The decision in no wise affects The
al'dity of the bequeSt to the Musical
Foundation. It is merely ono OF d mum
ber of bcwilderinc techuicaitics in
volved in the settlement of the large
estate II dosers. however. the date
when the foundation may begin func-
Doning actively
Tho estate left TO the Juilard Nus
ca Foundation consists chiefly OF notes
taken by Mr.. Juilliard from his former
banking associates. The first interest
on these notes was used to pay u,
tho expenses of the settlement Of the
estate. There has as yet been no other
income from them applicable to the
foundation. When the next income
natures the foundation will begin tc
carry out its plans of cndowmcnts AND
subsidies for municipal music.