North Carolina - Acts on Education Topics

An Act More Liberally Endow the University of North Carolina, and to Secure the Titles of Certain Inhabitants of Mecklenburg County, and Other Citizens of this State, to Certain Lands Heretofore Purchased from Henry Eustace McCulloh.

1794 December - Chapter III

The Laws of North Carolina of 1794 - December - Pages 2-3

Whereas, the Trustees of the University of North Carolina, have with a laudable zeal for the promotion of literature, erected a building for the use of the institution entrusted to them, and are at this time prepared to commence the exercises of the University, but have not funds to proceed in the liberal manner, which the honor and interest of the public demand; and as the remnant of confiscated property unfold by the Commimoners appointed for that purpose, might contribute to furnish them with the means of making a permanent establishment for the cultivation of science:

I. Be it enacted by the General Assembly of the state of North Carolina, and it is hereby enacted by the authority of the same, That all lands not heretofore sold, which under any of the laws, commonly called confiscation laws, have been forfeited or confiscated to the use of the state, be and the same are hereby granted to and vested in the Trustees of the University of North-Carolina, and their successors forever, in trust for the use and benefit of the said University.

And whereas a number of the inhabitants of Mecklenburg County, and other citizens of this state, purchased lands from Henry Eustace McCulloh, taking the bonds of the said Henry Eustace McCulloh to make a title or titles to the said purchased premises, which lands have become confiscated to the state, and the said purchasers cannot procure titles to the same. And whereas also other perfons who had purchased lands from the said Henry Eustace McCulloh, executed mortgages to him for the said purchased premises previous to the fourth day of July, in the year one thousand seven hundred and seventy-six; and it is proper that such persons should have some easy method of. completing their titles, and removing the incumbrances aforefaid:

II. Be it enacted by the authority aforesaid, That so much and such part of the said confiscated lands, as may have been bona fide purchased or mortgaged as aforesaid, are granted to, and veiled in the Trustees of the Univerfity of North Carolina, and their successors, not only for the use and purpose above mentioned in this Act, but on the express trust, that the faid Trustees and their successors, shall take and use all proper ways and means, both in law and equity, to convey and assure to the equitable owners or claimants of such lands, a good and sufficient title in law to the lands so purchased or mortgaged as aforefaid; such equitable, owners or claimants paying, or securing to be paid to the said Trustees, or their successors, such sum or sums of money as may be justly and equitably due on fuch purchase or mortgage. Provided; That the interest to be required from such claimants, shall in no instance exceed the principal, nor shall interest in any case be calculated during the war.

And to the end that the real value and amount of the said endowment may be known:

III. Be it enacted by the authority aforesaid, That the said Trustees shall keep an accurate account of the proceeds of the sales and payments made for said lands, with their expenses and disbursements, together with a statement of all other monies entrusted to their management, either by the public or individuals, and lay the same annually before the General Assembly.

IV. And be it further enacted and provided, That the proceeds of all sales which shall be made, and the amount of all payments received under this Act, shall be considered as a fund, the interest whereof shall be applied to the uses and purposes expressed in this Act for the term of ten years, at the expiration of which time, the principal thereof, after deducting the charges of collection, shall be subjecf to the direction and disposition of the General Assembly. Provided nevertheless, That whenever the principal collected and intended by this Act to be loaned as aforesaid, shall exceed ten thousand pounds, the surplus, if in cash, shall immediately be paid into the treasury of this state, and if in bonds, it shall be the duty of the said Trustees to transfer them without delay to the public Treasurer for the time being, for the use of the state.

Read three times and ratified in General Assembly,
the 7th day of February, Anno Domini, 1795
J. Glasgow, Secretary

William Lenoir, S.S.
Timothy Bloodworth, S.H.C.

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