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DAVISON v. DUKE UNIVERSITY

No. 37.

194 S.E.2d 761 (1973)

282 N.C. 676

Wilburt C. DAVISON et al. v. DUKE UNIVERSITY et al.

Supreme Court of North Carolina.

March 14, 1973.

Attorney(s) appearing for the Case

Fleming, Robinson & Bradshaw, P.A. by Russell M. Robinson, II, Charlotte, for plaintiff-appellees.

Childs & Patrick, Charlotte, Attorneys for Bailey Patrick, Jr., Guardian ad Litem.

Helms, Mulliss & Johnston by E. Osborne Ayscue, Jr., Charlotte, for the defendant-appellee, The Trustees of Davidson College.

Young, Moore & Henderson, by Charles H. Young, Raleigh, for defendant-appellant Mary Jane Walton.

Childs & Patrick by Bailey Patrick, Charlotte, for Charles Walton.

A. Kenneth Pye and Powe, Porter & Alphin, by E. K. Powe, and Willis P. Whichard, Durham, for Duke University, defendant-appellee.

Robert Morgan, Atty. Gen., by Christine Y. Denson, Asst. Atty. Gen., for the State.

BRANCH, Justice.

We first consider whether the trial court erred in broadening the investment powers of the Trustees of the Duke Endowment and in granting authority to the Trustees to distribute principal to the extent necessary to comply with the requirements of certain tax enactments.

Paragraph 4 of the Third Division of the Indenture restricts investment by the Trustees to investments in Duke Power Company, U. S. Government bonds and certain state and municipal...

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