Thursday, August 26, 2010

State Judge Rejects Fisk University's Plan to Sell Stake in O'Keeffe Collection

Bloomberg reports that a Tennessee Chancery Court Judge has ruled that Fisk University may not sell a 50 percent interest in its 101-piece collection donated to the school by Georgia O'Keeffe despite the university's precarious financial condition, which prevents the university from displaying the collection.  The judge determined such a sale would violate the terms of O'Keeffe's donation, specifically by resulting in the collection being moved more than 500 miles from Nashville, where Fisk is located and where O'Keeffe wanted the collection displayed.   The court ordered the Tennessee Attorney General to offer a "Nashville-based solution" within 20 days.  The decision is the latest stage of litigation that grew out of the university's 2005 decision to sell two of the works in the collection, a decision that the same judge previously ruled also broke the terms of the donation.

LHM

http://lawprofessors.typepad.com/nonprofit/2010/08/state-judge-rejects-fisk-universitys-plan-to-sell-stake-in-okeeffe-collection.html

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