Sherlock Hibbs, a 1926 graduate of the University of Missouri, served in World War II and then went on to a successful career in finance. During his career he observed the fundamental importance of free markets, private property, and limited government. Hibbs' will provided $5 million to the University of Missouri, with the stipulation that the money would be used to endow three chairs and three distinguished professorships limited to "dedicated and articulate" disciples of free market economist Ludwig von Mises and his Austrian School of Economics. Hibbs died in 2002.

The will included an unusual enforcement clause, to see that the donor's directive would be implemented. If the University of Missouri should fail to honor his wishes completely, the bequest passes to a contingent beneficiary, Hillsdale College. The TaxProfBlog reported that Hillsdale is taking the responsibility very seriously, and it has filed suit against the University of Missouri for its failure to comply. The University allegedly found the directives "distasteful" and was concerned that its Business School could be "held hostage by a particular ideology." Hillsdale hired former Missouri Governor Jay Nixon to represent it in the lawsuit. He said, "Hillsdale College looks forward to thorough discovery into why the University of Missouri changed the terms of Mr. Hibbs' gift."

(February 2020)
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