Are Paintings Given for “Permanent Home” At College Considered Part of Endowment?
Court says common law doctrine of cy pres, UPMIFA are not relevant to the decision
Hotel magnate Eugene Eppley commissioned renowned American artist Grant Wood to paint a mural for the Hotel Montrose in Cedar Rapids, IA, in 1932. When the hotel was sold in 1957, Eppley had the mural, known as “The Fruits of Iowa,” taken down and separated into seven separate panels. He “loaned” the paintings to Coe College, where they remained on display for nearly 20 years.
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