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Court approves cy pres of trust to conversion foundation

Court approves cy pres of trust to conversion foundation

Court approves cy pres of trust to conversion foundation

An appellate court in Pennsylvania has approved a trial court decision awarding income from a charitable trust to a conversion foundation created upon the sale of a local nonprofit hospital. It denied the claim by another beneficiary that the income should be divided among three churches also benefiting from the trust. When William J. Cohen died in 1947, he left the residuary of his estate to provide income equally for two churches in the City of Chester, a church in Philadelphia, and Chester Hospital, a private nonprofit local hospital. In 1964, after Crozer-Chester Medical Center succeeded to the interest of Chester Hospital, the court awarded the income interest to Crozer-Chester. In...

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