Grantee Can’t Force Grantor To Increase Endowment Distribution
Court says commitment is governed by contract and not under Uniform Trust Code
A nonprofit corporation that manages historical property for the National Trust for Historic Preservation in the United States cannot force the National Trust to increase the distribution from its endowment to cover costs of the work, a federal District Court in Virginia has held. The Court has said that the relationship is governed by the management contract and is not covered by the state’s Uniform Trust Code.
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