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Transactions: Barclay Damon partner David Luzon assists client with charitable fund, investment restrictions
POSTED AUGUST 25, 2022
Barclay Damon partner David Luzon was successful in assisting client Eastern Niagara Hospital with a charitable fund whose purpose was restricted by the donor and could no longer be fulfilled. Luzon worked with the client and negotiated with the assistant attorney general in charge of charities in Western New York to change the use of the fund and lift the investment restrictions. The client identified a different organization, Niagara County Community College Foundation, that is able to serve the donor’s original intent. The New York Supreme Court issued an order directing the balance of the fund be paid to the new organization’s endowment fund for scholarships for its registered nurse degree program.