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Home My WebLink About03-06-07 .... .. IN THE MATTER OF THE ESTATES OF RUSSELL E. ALLYN, DECEASED, AND MARY E. ALLYN, DECEASED IN THE COURT OF COMMON PLEAS CUMBERLAND COUNTY, PENNSYLVANIA : ORPHANS' COURT DIVISION : No.2005-01035 and No. 2006-00134 RECEIPT, RELEASE, REFUNDING AND INDEMNITY AGREEMEN~; CONCERNING SECOND INTERIM DISTRIBUTION -- FROM ESTATES AND TRUSTS f c. --:7 THIS AGREEMENT, made this 2.day of ffi~ ,2007, :~ _o-j C) CD WITNESSETH: THE CIRCUMSTANCES, leading up to the execution of this Agreement are as follows: 1. Russell E. Allyn (the "Husband"), late ofthe Borough of Camp Hill, Cumberland County, Pennsylvania, died testate on November 17,2005. 2. The Husband was survived by his wife, Mary E. Allyn (the "Wife"), and by his two adult children, Susan J. Ratcliff and Linda M. Lowrie (collectively, the "Daughters"). 3. The Husband's Last Will and Testament, dated August 6, 2004 (the "Husband's Will") was duly admitted to probate by the Register of Wills of Cumberland County, Pennsylvania (the "Register"), and entered of record as No. 2005-01035. 4. The Wife subsequently died testate on February 6, 2006, also having maintained her last permanent residence in Cumberland County, Pennsylvania. The Wife's Last Will and Testament, dated May 17, 1997 (the "Wife's Will") was duly admitted to probate by the Register. The Husband's Will and the Wife's Will are hereinafter collectively referred to as the "Wills." .' ~" .., ~. 5 The Register has issued Letters Testamentary to J. Kenneth Lowrie and Crystal U. Hackett, as Co-Executors (collectively, the "Executors") of the probate estates of both the Husband (the "Husband's Estate") and the Wife (the "Wife's Estate"). The Husband's Estate and the Wife's Estate are hereinafter referred to collectively as the "Estates". 6. Administration of the Estates is continuing, pending final settlement of the federal estate tax and Pennsylvania inheritance tax for both the Husband and the Wife (collectively, the "Decedents"). 7. Per the Husband's Will, the residue of the Husband's Estate is to be divided into one or more trusts for the lifetime benefit of the Wife, with subsequent division and distribution equally to the Daughters, upon the death of the Wife. The Wife's Will contains similar trust provisions for the lifetime benefit of the Husband (if he survives the Wife), with a final disposition of all such trust property to be made equally and outright to the Daughters, upon the death of the Husband. The Executors are also designated in the Wills to serve as trustees of all trusts created therein. The Executors have not yet determined the exact division and funding amounts for the trusts set forth in the Wills. Nevertheless, the Daughters are now equal residuary legatees of any and all such trust property of the Estates. Accordingly, the Daughters are each entitled to receive outright distribution of their respective fifty percent (50%) shares of the residue of the Estates, after payment of the Decedents' final taxes and expenses, etc. 8. On or about April 11 , 2006 the Executors distributed One Million Dollars ($1,000,000) to each of the Daughters from the Estates and the Daughters executed that certain Receipt, Release, Refunding and Indemnity Agreement dated April 11, 2006. -2- " 9. The Executors (as such and in their fiduciary capacity as testamentary trustees) now desire to distribute a further combined total of Eight Hundred Thousand Dollars ($800,000) to each of the Daughters, with the same to be paid from the Estates as hereinafter set forth, in further partial satisfaction of the Daughters' rights in the Estates, whether under the Wills or otherwise, including their rights under the trusts described in the Wills. 10. The Executors (as such and in their fiduciary capacity as testamentary trustees) are willing to make the aforesaid distributions in consideration of the indemnifications hereinafter provided. NOW THEREFORE, in consideration of the foregoing, and intending to be legally bound, individually and jointly and severally, the Daughters, for themselves and for their respective heirs, personal representatives, successors and assigns, agree as follows, to wit: A. Represent and warrant that they have read and understand this Agreement and confirm that the facts set forth above are true and correct, to the best of their knowledge, information and belief. B. To the extent of the below-described interim distributions, the Daughters hereby absolutely and irrevocably remise, release, quit-claim and forever discharge the Executors, including their personal representatives and successors, of and from any and all actions, payments, accounts, reckonings, liabilities, claims and demands relating in any way to the Estates and/or to the Wills, including through the trusts provided therein. C. The Daughters each acknowledge receipt ofthe combined sum of Eight Hundred Thousand Dollars ($800,000), paid unto each of them, in the amount of Five Hundred Thousand Dollars ($500,000) from the Wife's Estate and Three Hundred Thousand Dollars ($300,000) from the Husband's Estate, in further partial satisfaction of their respective rights in the Estates, whether under the Wills or otherwise, including through the trusts provided therein. -3- " D. Agree to refund, on demand, all or any part of any aforesaid distributions, which have been determined by the Executors, or either of them, or by the Orphans' Court Division of the Court of Common Pleas of Cumberland County, Pennsylvania (the "Court"), or by any court of competent jurisdiction to have been improperly made. E. To the extent of the aforesaid interim distributions to each of them, the Daughters each agree to indemnify and hold harmless the Executors, or either of them, together with their attorneys, agents, employees, predecessors, successors and assigns, from and against any and all claims, loss, liability or damage that may hereafter be asserted against the Executors, with respect to the matters set forth in this Agreement. F. Acknowledge that this Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Pennsylvania. G. Consent to the Court exercising personal jurisdiction over them in any suit or action arising out of the enforcement of this Agreement. IN WITNESS WHEREOF, the parties hereunder have set their hands and seals to the Consents attached hereto, to be effective as of the date first above written. -4- CONSENT TO RECEIPT, RELEASE, REFUNDING AND INDEMNITY AGREEMENT CONCERNING SECOND INTERIM DISTRIBUTION FROM EST A TES AND TRUSTS LINDA M. LOWRIE, as a residuary legatee of the Estates and Trusts of Russell E. Allyn, deceased, and Mary E. Allyn, deceased, hereby consents to and joins in the Receipt, Release, Refunding and Indemnity Agreement Concerning Second Interim Distribution from Estates and Trusts, for the purposes expressed therein, a copy which has been provided to her. -~. fit );{~ ~DA M. LOWRIE COMMONWEALTH OF VIRGINIA ss CITY OF ALEXANDRIA On this, the /5' day of 'f bra (U'~ ' 2007. before me, the undersigned officer, personally appeared LINDA M. LOWRIE, own to me (or satisfactorily proven) to be the person whose name is subscribed to the within instrument, and acknowledged that she executed the same as her free and voluntary act for the purposes expressed therein. IN WITNESS WHEREOF, I ha\'e her.~unde~ .y hand ~nd ~fficial seal. -6- . , '. . . CONSENT TO RECEIPT, RELEASE, REFUNDING AND INDEMNITY AGREEMENT CONCERNING SECOND INTERIM DISTRIBUTION FROM ESTATES AND TRUSTS SUSAN J . RATCLIFF, as a residuary legatee of the Estates and Trusts of Russell E. Allyn, deceased, and Mary E. Allyn, deceased, hereby consents to and joins in the Receipt, Release, Refunding and Indemnity Agreement Concerning Second Interim Distribution from Estates and Trusts, for the purposes expressed therei COMMONWEALTH OF VIRGINIA SS \(.o~ ~G d ~4 \ CITY OF ALEXANDRIA On this, theZ...A. day of MMuw- ,2007, before me, the undersigned officer, personally appeared SUSAN J. RATCLIFF, known to me (or satisfactorily proven) to be the person whose name is subscribed to the within instrument, and acknowledged that she executed the same as her free and voluntary act for the purposes expressed therein. IN WITNESS WHEREOF, I have hereunder set my hand and official seal. AJP- 7~ ttary Public gANDRA E. SEIM NOTARY PUBLIC COMMONWEALTH OF VIRGINIA My Commission Expires November 3D. ~f