Page:Federal Reporter, 1st Series, Volume 8.djvu/593

 THE PEESIDKNT, ETC., OF YALB COLLEGE V. EUNKLE. 57^ �borhood. I do not think, therefore, the position taken by the coun- Bcl of the plaintiff, that this money should be paid within the six months after his death, can be snstained. The work which was to be done in order to give effect to bis bequest would obviously require considerable time. Buildings were to be constructed, and other pre- liminary measures to be adopted, in order to accomplish his purpose. This, independent of the improbability of realizing so soon from his own estate the meaq3 necessary to pay the bequest, shows that it could not have been his intention to require so soon the payment of the money by the citizens who might subacribe. It therefore seems to me that if there was a pledge and subscription of the sum of $40,- 000 by responsible citizens of Knoxville and Knox county within six months after his decease, that was a compliance with the condition epecified in the codicil. �There is great doubt about another objection, viz. : that these amounts wero not payable in full until January, 1881, four years after the subscriptions were tnade. But in view of the facts which appear in the answer, and which do not seeiii to be controverted, and from the nature of the case, that such time might possibly elapse before the whole amount was to be needed to carry into full effect the purpose of the testator, I cannot say that this condition alone of the subscriptions renders it inoperative, provided in other respects they were responsible pledges. Neither does the fact that these sub- scriptions were made payable to the executors of the will. It was not until some time after the death of the testator and the making of the subscriptions that a corporation was created to receive the pro- posed bequest, and therefore it was entirely competent, I think, for the parties interested in the object of the testator, and who are will- ing to contribute for that purpose, to provide for the payment of the subscriptions to trustees of their own selection ; and the fact that they were the executors of Mr. Knox ought not to render their subscrip- tions inoperative, �There are various other objections made to the subscriptions, as that they did not bear interest until after the amounts were due and payable according to the terms of the subscriptions, and that they were made without any consideration. �I think if it were satisfactorily established that the $40,000 con- templated by the testator would certainly be available for the pur- pose named as soon as the funds from his own estate, or that they (vere so now, a court would be very much disinclined to regard with favor, formai and technical objections which might be made to the ��� �