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State of North Carolina
At a meeting of the Trustees of the University of North Carolina, at New Bern the . —
An Ordinance to authorise and empower the Trustees of the several Districts respectively together with the Attorney for the University for the said District to enter into and agree to equitable compromises in certain cases, and for other purposes therein mentioned
Whereas in virtue of an Act of the General Aſsembly of the State of North Carolina, the Trustees of the University are vested with all the property which hath escheated, or shall escheat to the State, for the use and benefit of the said University, and it having been represented to the Trustees that in many instances the Citizens of this State are in poſseſsion of escheated property by virtue of purchases for good and valuable considerations made, and in some cases that the property as been improved by the purchasers, whereby they may have equitable claims on the Trustees with regard to such property: —
Be it therefore ordained by the Trustees of the University of North Carolina, and it is hereby ordained accordingly, that the Trustees of the several Districts within the State respectively together with the Attorney
Attorney of University for the said District, or a majority of them, shall be and they are hereby authorised and empowered in all cases where any person or persons is or are poſseſsed of escheated property within their Districts respectively by virtue of a fair purchase for a good abd valuable consideration and in all cases where such person or persons has or have improved such property of which they became so poſseſsed, whereby he or they may have equitable claims on the Trustees relative thereto to make such compromise or agreement with such Claimant or Claimants as may appear to them most consistent with Equity and the Interests of the University. And for that purpose the Trustees of the several Districts respectively together with the Attorney of the said District or a majority of them may, and they are hereby empowered to execute releases or deeds of conveyance to such Claimant or Claimants for such property , or part thereof, as the cuse may require: all which deeds or releases shall when executed be held deemed and taken to be as [valed] and effectual as if the Same had been executed by the President and Trustees of the University.—
And whereas it would be conducive to the Interest of the University that all the escheated property should be recovered and taken into poſseſsion as soon as may be, and that such part thereof as is not productive
productive should be sold. Be it therefore ordained by the Trustees of the University, and it is hereby ordained accordingly, that the Trustees of the said Districts respectively with the Attorney of the University for the said District or a majority of them be and they are hereby authorized empowered and directed without delay to take into poſseſsion all the escheated property within their respective Districts, and where it may be neceſsary commence and prosecute a suit or suits either in Law or Equity in the name of the Trustees of the University for the recovery of the same. And the said Trustees and Attorney or a majority of them shall and may and they are hereby authorised and empowered (after giving notice at the Court House of the District and in one of the Gazettes of the State for at least two months) to proceed to sell at public Vendor all the escheated property of which poſseſsion may be obtained, lying in the several Counties within their respective Districts: requiring of the payment Board with two good securities for the possession thereof in three years by yearly installments,— together with a mortgage on the Estate so sold as a further security for the payment of the Debt. if it should appear to them neceſsary.—
And be it further ordained that the said Trustees and Attorney or a majority of them be and
and they are hereby authorized and empowered on giving the like notice as is before directed to sell and convey or to let for one or more years as may appear to them most proper all the escheated property lying within any town in the said Districts respectively—giving the same credit and taking the same kind of security as is before mentioned with respect to Lands lying in the Counties.—
Provided nevertheleſs in case the Lots or Lands lying within any of the towns shall be leased and not sold the same may be done upon such notice being given as may appear to the Trustees and attorney sufficient.—
And provided always that in the Districts of [Morgan], Salisbury, Hillsborough and Halifax the Trustees and Attorney of the said Districts respectively may proceed to sell without giving notice in the public Gazettes, if they deem the same unneceſsary; but in such cases they shall cause the sale to be advertised at all the Court Houses of the Counties of their said Districts respectively for the period of time before mentioned.—