The Deed of Gift describes the terms of George L. Schulyer’s presentation of the Trophy to the New York Yacht Club as a Challenge Cup, determines who may challenge for the Cup, and the rights and responsibilities of the Defender and Challenger. Schuyler was the last surviving member of the group that commissioned the yacht America and originally won the Trophy in England in 1851.
The Deed provides certain terms under which the club possessing the trophy, in the role of Trustee, must accept bona fide challenges from foreign yacht clubs, and how the Match is to be raced. The Deed also permits the two clubs to negotiate different terms on most issues concerning the racing if they mutually consent. The Challenger and Defender have agreed in this manner on modified terms for 32 of the 34 Defenses of the America’s Cup since 1870, excepting 1988 and 2010.
The terms and conditions of the Trust are binding on subsequent trustees, a condition they agree to, and which they must ensure is followed by subsequent trustees.
The Deed itself is a legal document in the State of New York. As such, it is overseen and enforced by the Supreme Court of the State of New York.
Amendments:
Amending the Deed of Gift requires action of the New York Supreme Court, and participation of the New York State Attorney General.
The Deed was amended in 1956 to allow 12-Meter yachts to compete in the match, a smaller design than the Deed originally permitted. The Deed was amended again in 1985 to permit the dates of a Southern Hemisphere match during the Australian summer, in advance of the upcoming defense in Fremantle. Additionally, the Court upon request provided a Judicial Interpretation in 1984 that the term “Arm of the Sea” included Lake Michigan, and thus the Chicago YC was entitled to be a challenger.