A dispute between Bank of America and the Mariner's Museum in Newport News, Va., may result in the University's acquisition of the museum.
The Mariner's Museum, one of the largest international maritime museums, exhibits scale-models of early American ships, navigational maps of the Chesapeake Bay and many other nautical displays.
The museum came into conflict with Bank of America over the sale of $8 million in West Virginia coal lands that the museum owned. Bank of America was a corporate trustee that oversaw the property for the museum, said Jennifer O. David, associate attorney with Newport News law firm David, Kamp & Frank who represents the museum.
The museum owned the lands as part of a 1931 trust established by its founder, Archer M. Huntington, David said.
"The reason the University even comes into it is because of the original charter," University spokeswoman Louise Dudley said.
A reversionary provision in the museum's original charter stated that if the character of the bank changes, all the museum's property, including money from the sale of the coal lands, goes to the University, David said.
A bill of complaint that the museum filed in court last year says the bank withheld the money from the sale of the West Virginia land.
"The Bank of America has questioned whether or not the museum is the proper beneficiary of the trust," David said.
However, both the University and the Mariner's Museum dispute the fact that the museum's character has changed, she added.
Because of pending litigation, Bank of America would not address what it considered to be the museum's change in character.
"It is unfortunate that this matter has been brought to litigation," said Bank of America spokeswoman Allison Holliday.
The character change corresponds to some of the museum's property that it has allowed other organizations to build on, including several city projects and a private hospital, the Hampton Daily Press reported.
The museum alleges in their bill of complaints that the bank is withholding the land sale money because it wants a higher share of the profits.
The bank wants 7 percent of the profits from the land while the museum would give the bank 2 percent of the profits, David said.
"We are in communication with all involved parties and expect to file a response with the court very soon," Holliday said.
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