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Rhode Island Charities Trust v. Engelhard Corp.

Under indenture contract between mining company and trust, mining company may not deduct increased royalty payments attributable to certain leased property from payments due to trust from leases on other properties; award of prejudgment interest affirmed.

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APPEAL FROM THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF RHODE ISLAND [Hon. Ronald R. Lagueux, U.S. District Judge]

Engelhard Corporation appeals from the district court’s grant of summary judgment, and its award of $597,463 in damages plus $191,029.60 in prejudgment interest, in favor of the Rhode Island Charities Trust (“the Trust”). The facts are somewhat complicated but undisputed.

In 1937, the Trust was formed for the purpose of distributing money grants for charitable purposes. In 1948, the Trust purchased Southern Clays, Inc., a kaolin mining and processing company based in Georgia. Kaolin is a clay which, among other uses, is widely employed in the paper industry. In 1963, the Trust sold nearly all of the assets of Southern Clays, with the exception of certain clay properties in Washington County, Georgia, to the Freeport Sulphur Company (“Freeport”).

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