Saturday, February 22, 2020
Alan Feld published an Article entitled, Who Are the Beneficiaries of Fisk University's Stieglitz Collection?, Wills, Trusts, & Estates Law eJournal (2011). Provided below is the abstract to the Article.
Most fiduciary relationships determine with specificity the beneficiaries of the fiduciary's activities. Not-for-profit entities, however, serve a class of unspecified beneficiaries and can exercise discretion in determining who to serve and how to serve them. This paper explores the limits of discretion that recent litigation established for Fisk University in balancing its educational mission and its administration of a valuable art collection donated decades earlier. The paper analyzes the case as it addresses respect for donor conditions, changes in circumstance, standing issues, the doctrine of cy pres and the designation of the appropriate class of public beneficiaries. Race and geography also play contributing roles.