Statement and lineage of Arthur C. Payne, Jr., a direct descendant of William Payne:
1: If I was William Paine making the bequest my thought would be to use the
income from the property to generate income for the school in perpetuity
from either leasing or renting the property. I would be reluctant to sell
the property because a straight money bequest usually winds up failing
either by getting looted by corrupt managers or lost through poor
investments. Property is forever.
2: If I was a trustee and I felt that the bequest could not be managed in
accordance with the will I think I would find competent people who did
think that they could manage the property and appoint them to be trustees
and myself resign.
3: If I was a judge I would probably replace the current board of trustees
with a new board composed of people who want to manage the bequest in
accordance with the will and see what they could do.