Indiana Supreme Court November 15, 1867 (Franklin College v. Hurlburt)

Gregory, J.

— The appellant sued the appellee on a promissory note. On the 20th of September, 1850, the hoard of trustees of the plaintiff resolved :

1. That they would immediately commence an effort to raise $60,000 for the benefit of the college; $50,000 of said sum to be applied to the perpetual endowment thereof, and $10,000 to pay present indebtedness and provide for contingent expenses.

2.