Floyd v. Davis

Citations

• 98 Cal. 591
• 33 P. 746
• 1893 Cal. LEXIS 961

Syllabus

<p>Lick Trust—Appropriation fob School of Mechanical Arts—Interest upon Endowment Fond, when not Allowed — Excusable Delay of Tbustees.— Under the terms of the trust deed of James Lick, making it the duty of the trustees to convert the trust property into money, and out of the proceeds, among other trusts, “ to found and endow at a cost of five hundred and forty thousand dollars, an institution to be called the ‘ California School of Mechanical Arts,’ ” and to convey the residue, after discharging the trusts, in equal proportions to the California Academy of Scienées and the Society of California Pioneers, the Sohool of Mechanical Arts is not entitled to interest upon its endowment fund prior to the time when funds came into the hands of the trustees applicable to such trust, in the absence of inexcusable delay in the execution of prior trusts; nor is it entitled to interest after such date to the depletion of the residue of the trust fund, by delay not occurring through fault or neglect of the trustees; nor for the time during which the payment of the money was delayed by the refusal of the school to accept the principal sum, without interest, and by litigation in consequenoe of such refusal.</p> <p>Id.—Statüaby Tbust Fund—Expenses of Rejected Models and Diagrams. —The provision in the James Lick trust deed that the trustees erect a “group of bronze statuary, well worth one hundred thousand dollars,” at the city hall in the city and county of San Francisco, means that one hundred thousand dollars should be honestly and intelligently expended in the erection of the statuary, and expenses incurred by the trustees for models, diagrams, etc., furnished under an advertisement by the trustees, to be used in the erection of the statuary, but which proved unsatisfactory and were rejected, should be charged to the general trust fund, and not to the statuary fund.</p> <p>Id.—Bath Trust Fund—Compensation of Tbustees.—Under the provision in such trust deed authorizing the trus