2 colleges to benefit from sale of trust assets
JEFFERSON CITY, Mo. (AP) _ The University of Missouri’s flagship campus in Columbia and Three Rivers College in Poplar Bluff will share more than $1.5 million through an agreement in a mismanaged trust case.
Missouri Attorney General Chris Koster announced Friday that the agreement settled a case involving the estate of James Adams. The Piedmont man left more than 750 acres of farm land and a $700,000 maintenance trust fund in a trust following his death in 2012.
Koster said the trustees had a fiduciary duty to preserve the trust’s value for charity. But he says infighting among the trustees degraded the farm’s value and drained the maintenance fund.
The trust assets were liquidated Sept. 6 during an auction in Piedmont.