Tilden Trust

The case ended in October 1891, when the New York Court of Appeals declared the clause invalid.

Through several legal deals, the trust was still founded, and had a fund of two and a quarter million dollars.

Tilden, a politician who served as the 25th Governor of New York and was the Democratic candidate for president in the disputed election of 1876, was a skilled corporate attorney and financial manager who invested in a variety of commodities and financial instruments, including iron mines, real estate, and stock and bonds.

[4] I request you [the executors] to cause to be incorporated an institution to be called the ' Tilden Trust,' with capacity to maintain a free library and reading-room in the city of New York, and such other educational and scientific objects as you shall designate; and if you deem it expedient — that is, if you think it advisable and the fit and proper thing to do — convey to that institution all or such part of my residuary estate as you choose ; and if you do not think that course advisable, then apply it to such charitable, educational, and scientific purposes as, in your judgment, will most substantially benefit mankind.The Tilden Trust was formally established by an act of the New York State Legislature, which passed on March 26, 1887.

In 1893, two additional trustees were appointed, Alexander E. Orr and Stephen Walker, the latter of whom would die that same year.

The New York State Supreme Court upheld the validity of the will in 1889, but later that year reversed the decision.

Under the settlement, the Trust received the various literary holdings of Tilden, real estate, and other various investments valued at a total of almost $2,000,000.