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Release:  May 26, 1999

Gift to Iowa law school creates endowed faculty chair in corporate finance and law

IOWA CITY, Iowa -- A generous gift to the Iowa Law School Foundation from the family of a University of Iowa law graduate will create the F. Arnold Daum Chair in Corporate Finance and Law.

The faculty chair was created by F. Arnold Daum’s spouse, Lucile Daum of New York City. She and her sons, John F. Daum of Los Angeles and Craig T. Daum of New York City, along with other members of the family, have generously supported the Iowa law school to help prepare students for the kind of professional success Daum achieved in his lifetime.

"The gifts from the Daum family have been vital to creating the margin of excellence in the Iowa law school," Dean N. William Hines said. "Recognizing distinguished faculty members is essential to maintain a superior law school. Through their leadership gift to the Iowa Law School Endowment Campaign for the 21st Century, the Daum family is helping to assure that Iowa will continue to have the resources necessary to attract and retain the best teachers and most accomplished scholars."

Daum, a native of Buffalo Center, became a senior partner with a top New York law firm and a specialist in corporate law and securities litigation. He died in 1983.

After earning his B.S.C. degree in commerce and science at the University of Iowa in 1932, Daum completed his J.D. degree from the UI College of Law in 1934. He received his LL.M. degree in 1937 from Yale University Law School, where his distinguished academic career was recognized with a Sterling Fellowship in Law.

When William Douglas, formerly of the Yale law school, became chairman of the Securities and Exchange Commission (SEC) in 1937, he invited Daum, his former student, to join the SEC’s Office of General Counsel. Daum remained with the SEC until 1942, when he transferred to the area of foreign funds control for the U.S. Treasury Department.

In 1943 Daum joined the New York law firm of Cahill Gordon & Reindel, where he earned a position as a senior partner and represented many major securities firms.

Throughout his life, Daum was a loyal supporter of the Iowa Law School Foundation, always willing to help worthy and needy students. After his death, memorial gifts to the UI College of Law created the F. Arnold Daum Law Scholarship to provide financial assistance to outstanding law students from Iowa.

In 1986 Lucile Daum created the F. Arnold Daum Professionals-in-Residence Fund. This program brings a prominent judge, leading attorney, or other legal professional to the college annually for several days of interaction with law students and faculty. Many students value this program as a highlight of their legal studies.

The gift is for the College of Law’s endowment campaign for endowed faculty chairs and distinguished professorships, student scholarships, the law library, enhanced technology, and program support.

The Iowa Law School Foundation is the preferred channel of support for private gifts to the University of Iowa College of Law. All of the gifts it receives are processed through the UI Foundation, which works with alumni, corporations, and friends to provide support for a broad range of projects and programs at the University of Iowa.