HomeMy WebLinkAbout97-04534
5, The UTMA Investments were established In order to fund the education of Christina Llna.
6, Christine Line will be commencing her undergraduate educallon at Dickinson College In
Carlisle, Ponnsylvanlaln August of 1997, and har estlmetad expenses for the 1997/1998 school year are
approximately $28,000.00.
7, It IS Petitioner's assertion that all such funds in the UTMA investments should be utilized
for the child's college education. and that assuming the child will complete a four year college progrem,
the maximum amount available each year from the UTMA invastments should be applied toward that end,
8. Rether then expend the entirety of the funds in the UTMA Investments on the child's college
education, the Respondent has proposed thet she distribute only $10,000.00 per year from these funds
toward such educetlonal costs. Moreover, Respondent has proposad that the balance of the child's
educational costs be paid by tha parties individually, with Petltlonar to pay approximately 75% of the
expenses and RellPondent to lJay approximately 25%. (Attached to this Petition and markad as Exhibit
"B" Is a letter dated August 12, 1997 from Respondent's counsel, Howard B. I<.rug, which sats forth at
length Respondent's proposal with respect to the payment of such faas and costs,)
9, It is Petitioner's contention that the entirety of the UTMA Investments should be applied
toward the child's education. In that regard, Petitioner's counsel notified Respondent's counsel that
Respondant's proposal for only partial payment of educational fees and costs from the UTMA investments
was unacceptable. and further requestad that Respondent pay the maximum amount aveilable each year
for the minor child's education from the UTMA investments.
10. As Exhibit "A" illustrates, the various securities comprising the UTMA Investments mature
at different times from November of 1997 through November of 2003, and therefore while the total velue
of the investmants is substantial. the liquid assets currently comprise only approximately $24,000,00,
11. Therefore, Petitlonar further suggasted that bacause there are not enough liquid funds within
the Investments to pay the educational costs Immediately as they come due, the parties should taka out
loans in order to secure the balance of any outstanding bills in connaction with the child's education, with
the understanding that as the funds in the UTMA investments mature, they would be used toward tha
repayment of those loans,
, 2. 20 Pa,C,S.A, ~ 6314(bl entitled "Use of Custodial Property" roads es follows:
On patltlon of en Interested person or the minor if the minor hes allalned
fourteen (14) yeers of ege, the Court mav order the custodian to dellv,\lL.OL
Dav to the minor. or eXDend for ,he minor's benefit. so much of the custodial
DrODertv as the Court considers edvlsabla for the use_end banefit of tho
1Din.2r.
13, It Is the Petitioner's position that because these investments established under the Uniform
Trensfers to Minors Act were created to fund the college educetlon of the minor child, and because the
Investments conlaln funds sufficient to cover the majority of the child's college expenses. that it Is
advisable that the entirety of the UTMA investments ba uSlld for that purpose,
, 4. It Is the custodien's duty to use the proparty In a UTMA Investments for the benefit of the
minor child. The custodian is expected to use the property for the minor's benefit end to act in the
minor's interest. In that regard, the custodian is subject to a duty of loyalty to act only for the principal'S
benefit, SH, Sutliff v, Sutliff. 628 A,2d 1318 (1~87).
16. Because of Respondent's repeated refusal to cooperate end refusal to release more than
$10.000.00 per yaar for the child's educetlon from Investments conteining In excess of $100,000.00,
Petitioner is also requllsting that Respondent be removed as custodian of all the minor child's UTMA
investments.
, 6, Because the minor child is scheduled to begin classes at Dickinson College in August of
1997, there is an extreme urgency to resolving this matter, and tholefore an expedited hearing is
respectfullv requested,
WHEREFORE, Petitioner respectfully requests that this Court enter an Order:
A, Directing that Respondent, custodian, devote the entirety of the UTMA Investments
to the minor child's college education, and In that regard pay the maximum amount
available each year from the Investments toward the undergraduate college
education of the minor child, Christine Line;
'&1717 233 11',9
08/12/97 15:',1 151 :02/03 NO_:}63 __
David W. DeLuce, Esquire
Page Two
August 12, 1997
applied to Annual Costs, and the annuBl parental obligation of the parent
obtaining the grant shall be reduced by the amowlt of the gTant;
4. Undllr no circumstances shall either Child be required to take out any
loan.l to pay for any ponlon of their undergraduate Annual Costs, unless
Annual Costs for sBld education exceed $40.000,00 per year, All amounts up
to 40,000.00 shall be provided as !lilt forth herein.
S, "Annual Costs" shall include the foUowing:
a. TuItion,
b. Room and Board,
0, Institution fees including, but not limited to, transcript,
computer lab IUld Student Senate,
d, Weekly allowance of at least $26.00 per week (about
$1,000.00 per year),
e, Up to 52,000,00 per year tor books and eupplies, For
Christine, William VanAxen Miller Scholarship money, It
received, shall first be applied to reduce this 1U110unt,
however, a m.1nimum of $1,000,00 must be made available for
costs beyond the Scholarship,
f. lnItial personal costll of $1,000.00 to outfit room, rent
refrigerator, rent voice mail, etc" and
g. Reserve Funds of at least $1,000,00 for clothes, side trips, etc..
6. All funds shall be paid to the educational Institution and/or Child by the
earliest semeBter paymant due date set by the eduoatlonallnstitution, As
Dlckirulon's due date has passed. all funds set forth herein must be paid by
August 15, 1997; and
7. In order to ensure that funds will continue to be available for tha education
of the Children upon the death of either or both parents, each parent shall
Immediately acquire and maintain life insurance naming each Child.. a
Fifty Percent beneficiary of the following amounts:
a, Oreta Line - $40,000,00
b. Henry Line - $80,000,00
The Children shall remain irrevocable beneficiaries, as aforesaid, untU th8
date of their respective undergraduate graduation from college. Upon
graduation from oollege, the affected beneficiary shall no longer enjoy an
irnIvocabllllnterest,
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7. Il is adl1lill~lllhallhe IIsserlion s~l fiJrlh inParllllrllph 7 Is tlHlI oflhe P~lllloner. Ills
deni~d thallhe Pelitioncr's positiunls ~ith~r r~asllnahl~ or IHlsed OI1lh~ r~alllies oflhe child's
educaliunalllmlls, as 1II0re partkularly s~t finth In the Ncw Maller heluw.
8. Denied liS stal~d. Th~ I~ll~r allllchcd as Exhihil "n" speaks Illr itself, und fully sels
forth Ihe Rcspondcnl's offer, conccming the WllY thallhc lilllds should hc ~xp~ndcd IowaI'd lhe
child's educationul cxpcnses, The leller indicllles thuI R~spond~nt's uffer wus to mix funds 1'1'0111
lhe cusludlul uss~ls Wilh personlll conlrlhutlon from hOlh purents, Ilowever, Petitioner has
refilsed to contribute uny personul funds lnwurds his duughter's cducution. In further reply, see
New Maller below,
9. Adlllllled lhutlhe stulclllcnts sel forth inPurullruph 9 are lhe Petilloncr's contention
nnd position wllh rellurd to the dislrlbutlon of the UTMA invcstmenls. Denied lhatlhe same is
reasonuble, us more purticularly sct lorth in New Mallcr below,
10, Dcnlcd, Exhihll "A" spcuks for itself. In filrlher reply, see New Mullcr below.
11. Admilled lhutthe Pelitioner suggeslcd lhut which is set forth in Paragraph II.
Denied lhat Pelltloner's suggestion is uppropriute for the reasons scl forth In New Maller below.
12, Denied, The slatutc speuks lor itscll: and should be rend in conjunction wilh the
balance 01'20 Pa, C.S,A, *5300 et. scq.
13. Admilled that the statclllcnts sct forth in Paragraph 13 arc the Petitioner's position, It
is denied thalthc Pctitlon is approprlalc or rcasonable for the reasons scl forth in Purugruph 5
anove and in New Mallcr below,
14. Dcnied as a conclusion of law to which no rcsponse is required,
15, Dcnied thalthe Rcspondcnt has repealcdly refused 10 cooperate and rclease more'
than $10,000,00 pCI' year for lh~ child's cducation, as Illorc fully set forth in the New Matter
helow, Denied lhut the ('elilioner 6houlll he remowd us custlllllunofthe minor ehildren'6
UTMA hlve6tmenl6, U6 more I\llIy 6ellorth in N~w Muller helow,
lb. Denielllhllllhere i6 uny eXlr~m~ urgency 10 re611lving lhi6 mullel'. The child will
commence malricululion ut lh~ college helllre n h~uring on Ihi6 i6 held, and the 6chool hus
ussured everyone thaI 6he will not he prcvented from nHllrkuluting. pending re6plution.
WHEREFORE, the Rcspondent rcquests lhis Honorable Court to cntcr an Order more
particulurly sct forth in thc Rcspondent's Cross-Petition scllorth below.
"
. NEW MATTER
17. Thc bulk of the investments refcrred to by the Pctitioncr consists of zero coupon
bonds purchascd by thc Respondcnl after recciving a giftli'olll hcr falher, in turn using that gift to
purchusc the samc bonds for thc hcnclit of both childrcn, and placing thcm in UGMA and
UTMA uccounls,
18. It was lhe specilic rcqucst ofthc Rcspondcnl's fathcr lhal Wl.\: managc nnd distribute
the accounts on behalf of lhe childrcn in hcr solc discrction. because of his conlidcnce in hcr
judgment and abilitics, which hc kncw would rcsult in a maximum bcnclit to his grandchildren.
(9. During the coursc oflhe RCspolldcnt's managclllcnt, the zero coupon bonds in the
accounts have generated taxable interest. Rcspondcnt has advanced. by way of loan with nine
(9%) percent interest, hcr own funds to pay lhc income tax on thc incomc generatcd by the
bonds, in addition 10 all expcnses associatcd with managing lhe accounts, Shc has done this
rather than liquidatc the bonds, intcnding thaI shc hc reimhurscd upon malurity of the bonds.
20. This inleresl rale is more lIdvlInlugeuus thllnlhul which wuuld he availahle at a bank,
which would havc chunged hetween 12.9 lInd 15,0% llver Ihe cuurs~ lJfRespllndenl's custody lJf
the honds.
21. Alone poinl intim~, inlhe lal~ 19l!O's, R~spondenl re'lucslcd thll l'elililJner to
conlribule 10 lhe paymcnl oflhe laxes. hut he refnscd.
22, Respondenllhcn pClltioned lhe Courl in 1I child supplJrt contexl for an incrensc in
support based on thc increased cxpcnscs lIssocialcd wilh maintaining lhe invcstmcnls for her
minor daughtcrs.
23, The Cumberland Counly Court (Judgc Hcss) rcfuscd 10 gran I an increase in support,
recommending to the Respondenllhal shc li'luidute Ih~ bonds in ordcr to PllY lhe laxes,
24. Thc Rcspondenl continucd to hold thc honds for lhc benelit ofhcr children, paying
thc laxes in the manncr sel forth abovc.
25, As 1I rcsull of her management ofthc funds, the value oflhe bonds have roughly
triplcd in rclalion to what lhcy would bc wOIth hml they bccn liquidatcd in order to pay the taxcs.
26. It is only lhrough the cfforts of the Rcspondent thallhc PClilioncr havc available to
thcmlhc funds sel forth in thc custodial invcslmcnts,
27. Over lhc ycars, Rcspondcnl has addcd additional funds of her own by the purchase of
addilional invcstments for lhc usc and bcnclit ofthc minor children.
28, During lhe samc pcriod of timc, lhc Pctitioncr has failed to contribute to any Iypc of
savings or invcslmcnl in conlcmplation ofthc futurc cducalional cxpcnses ofthc children, despite
his abilily to do so.
29, Thc Petilioncr is cmployed as a Vice Prcsidcnt of AMP, Inc., wilh a salary in excess
of $1 00,000,00, which is 2 to 3 limcs lhal eamcd by the Rcspondcnl from hcr cmploymcnl with
the Conllnonwelllth ofPcnnsylvlInlll. In uddilion, Pelillllncr hlls llccess to funds Ihun his 401(K)
Planlhut he can horrow nl:!lllnst, llnd no longer necds 10 PllY child supporl in cxcess of $cI,500.00
per y~ar.
30, Petitiuner hllS contributed gills \I) Dld.lnson Collcl:!e ofbclween $1,000 and
$2500 ovcr thc pllSt scvcrul ycurs,
31, Whcnlhc parti~s' duughtcr, Christine, WIIS llpplying IlJr collcgc, she wus
prcssured by hcr futher to upply 10 Dickinson Collegc becllu~c thc Petilloncr und his family hud
allcnded Ihe sumc collcgc, yct hc I'cfuses 10 contrihulc any pcrsonul funds towllrds his daughter's
educution,
32, Dickinson Collegc hus nol been recognizcd innulional studics as onc of thc bcst
collcgcs for thc moncy expcnded.
33. Whcn Christinc upplicd to Dickinson, she wus infonned thut hcr mothcr. pcrsonully
and ns custodian, had upproximutcly $15,000.00 per ycar lhut shc could upply towurd hcr collegc
cduculion, nnd no more, and thut shc would not bc ubl~ to go to Dickinson unless shc rccci ved
assistancc from thc futher,
34, Chrislinc, knowing this, upplicdto Dickinson College and wus enrolled,
35, Approximutcly, onc monlh before thc beginning of lhc t1rst scmester, Petitioncr
dcmunded that Respondenl provide un accounting of thc funds undthat all cuslodial funds be
cxpcnded lor Chrlstinc's undcrgruduutc cduculion at Dickinson Cullcge, Pctilillner has bcen
awarc of the cxistencc ofthc bonds, und their uvuilubilily for collcge, yet has waitcd to the last
minute in nn cffort to crcate un "cmergcncy", giving rlsc to thc instant Petition,
36, Thc Rcspondcnt's slralcgy lor application orthc runds for hcr duughter's
cducution was to sccurc a collcge dcgrce by sprcading thc paymcnl orlhc lillJds out over a four-
year college educnlion, wilh enough lell in reserve tor II grndullte school educlltJonor to purchnsc
II Cllr lind/or to muke a down paym~nt onll home us lllwenty onc YCllr old, IIIllture womlln, finds
uPllropriate in Ii fe.
37. If the funds llre cxpendcd us the Pctitioncr ins iSIS, they will he fully depletcd I2J:i.w: to
thc c~mclusion of her undergrudualc cduclllion ut Dickinson College with nothing rcmnining for
thc completion of suid educution or lor gruduute school.
38, Respondent hus investcd some of her own funds tor the purpose of providing future
funds lor her dllughler's unticipatcd wcdding, down pllyment onll house, etc, all of which will be
consumcd undcr Petitioncr's "plan,"
39, Thc PClitioner's plan is notliscnlly prudcnt or cflicicnt and does not take inlo
consideration thc bcsl and highcstuse of tho: funds, or the best inlerest of Christine.
40. Thc Pelitioncr is motivuted by a desirc to nHlintain anunrcalistic, expensive college
hcrilugc entirely al the expcnse of his daughlcr and Rcspondcnl with litlle or no contribution on
his part.
41, Thc Rcspondent's stratcgy is to maximizc the benelit the limited funds can provide
for her daughter's cducation and future. Respondcnt has evcn offcred 10 supplement the funds
provided through the UTMA inveslmcnts with her own funds, dcspite the disparity in income
bctwecn herself lInd hcr cx-husband, Sce Petitioncr's Exhibit "B".
42, Christinc has bcen acccplcd at Pcnn StlltC. lImllhe custodial funds offered by
Rcspondent are more than sufficient for such '111 cducation,
43, Pursullntto 20 Pu. C.S,A. *53 J 8, thc Respondcnt cun only bc removed as cuslodian,
Ufor cause."
44, The Pctitioner has fuilcd to set forth any lacts rising to the Icvel of "cause" allowing
the removnlofthe Respondent ns custllllinnofthc I\mds.
45. Thc Pelition is frivolous, nnd in Iightllflhe Respondenl's gcnerous ol1'er conccming
the lIpplicnlion llfthe t\mds, has liJrccd lhe Rcspondcnlto incur subslantinltimc nnd expcnse,
including unnccessnry allomcy's fc~s, in delcnding ngninslth~ I'elitioner's frivolous claim.
46, Pursuant 10 23 I'n, C.S.A. *531S(n) nnd (b), the Rcspondenl is cnlillcd to
rcimburselllcnt from cusllldinl propcrty lor renslll1nhl~ expenscs incurrcd in thc pcrfonnance of
the cuslodinn's dlllies, nlllng wilh a rcnsonnble clllllpensatillnlilr scrviccs pcrlonncd daring lhc
y~nr.
47, It is inequilnhlc and unfair for lhc child's fund 10 have to pay 10 rcimbursc the
Respondent for defcnding againstlhe Pctitioner's frivolous claim.
48, Thc Respondent rcquesls thc Courlto ordcr the PClitioner 10 reimburse thc
Rcspondcnt tor such cosls and cxpenses, including rcasonablc allomcy's Iccs,
49. Pursuant to 20 Pa. C.S,A, *5313. lhc Rcspondcnl has allthc rights, powcrs and
authority ovcr thc inveslmenls lhat an unmarricd, adult owncr would have over that property.
SO, The Rcspondent is hcld to a standard of carc, undcr 20 Pa. C.S.A, 5312(b). that a
"prudcnt person dealing with property of anothcr" woald be rcqaircd to obscrvc,
51. The Rcspondenl has not violalcd lhc standard of carc sct forth in the above
rcfercnccd statutcs.
52, Respondent has uscd no cuslodial funds for her personal benefit, thc accounls
actually rcsulting in her cxpenditure of pcrsonal funds to maintain,
.,
GRETA M. LINE, CUSTODIAN FOR JANETTE A. LINE
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1983 $0,00 0 $0,00
1984 $0,00 $0.00 $0,00
1985 $0,00 $0.00 $0,00
1986 $0.00 $0.00 $0,00
1987 $93,00 $78.66 $171,66
1988 $141,00 $106.56 $247,56
1989 $168,00 $111,85 $279,85
1990 $332,00 $191,15 $523,15
1991 $380,00 $184.49 $564,49
1992 $242.00 $95.71 $337,71
1993 $261.00 $79.74 $340,74
1994 $321.00 $69,18 $390,18
1995 $279,00 $34,95 $313,95
1996 $313,00 $11,04 $324.04
1997 $200.00 $200,00
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HENRY LINE, III, I IN THE COURT OF COMMON PLEAS OF
Plaintiff I CUMBERLAND COUNTY, PENNSYLVANIA
I
V. I CIVIL ACTION - LAW
I
GRETA M. LINE, I
Derendant I NO. 97-4534 CIVIL TERM
IN REI
TRANSCRIPT OF PROCEEDINGS
ProceedingR held before the
HONORABLE EDGAR B. BAYLEY, J.,
Cumberland County Courthouse, carlisle, Ponnsylvanj.a,
on December 3, 1997, commencing at 1:30 p.m.
in Courtroom Number Two.
APPEARANCES:
DAVID W. DELUCE, Esquire
For the Plaint~ff
JAMES M. BACH, Esquire
For the Defendant
,-,
, .
INDEX TO WITNESSES
FOR THE PLAINTIFF DIRECT CROSS j'tEDIRECT RECROSS
1. Henry Line 6 23 32 33
2. Christine Line 37 48 154
FOR THE DEFENDANT
1- Greta Line 156 915 114 --
2
.", ........
INDEX TP EXHIBITS
FO~ THE PLAINTIFF MARKED ADMITTED
1. First Proposal 11 37
2. Letter to Greta 12 37
3. Response Letter to Exhibit 2 14 37
4. Account summary 14 37
5. Letter dated 8/12/97 17 37
6. Letter to Dickinson 18 37
7. Letter to Judge Bayley 20 37
8. Bonds 45 37
9. Bonds 45 37
FOR THE DEFENDANT
1. Green Portfolio ,56 116
2. Expense Incurred for Christine's 68 116
Education
3
,......
1 Deoember 3, 1997, 1:30 p.m.
2 Carlisle, Pennsylvania
3
4 (Whereupon, the following prooeedings
S were heldl)
6 THE COURT: Mr. DeLuoe, this is your
7
8
9
10
11
12 the funds that are entrusted in the Uniform Gift to Minors
13 account are going to be used towards this child's education.
14 We've had different proposals. We've had different
15 statements back and forth, and we need to get it firmed up
16 so the planning can be done accordingly.
17 THE COURT: There is no agreement?
18 MR. DELUCE: No, Your Honor. I thought we
19 had one but we don't. That's the first issue. The second
20 issue is how much is in the account. There is some dispute
21 as to what is in the Uniform Gift to Minors account and what
22 isn't, and we'll present testimony on that today.
23 The third issue is expenditures which are
24 being charged against the account later, not when they were
25 incurred, all of a sudden because of this action, and we're
petition?
MR. DELUCE: Yes, Your Honor.
THE COURT: Tell me what the issues are.
MR. DELUCE: The issues are, Your Honor
there is a couple. One is we want to confirm how much of
4
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1 questioning the validity of them under the Act and the
2 reasonableness of them.
3 The tourth thing, trankly, because ot what's
4 going on, we think it's best -- we're asking tor removal ot
5 the custodian and have an independent third party do it so
6 that these disputes can end and it gets it out of I mean,
7 these parties are divorced. They've been divorced for
8 awhile, but it puts the child in the middle as far as
9 planning for her college education and payment thereof. We
10 think removal of the custodian will remove that element and
11 take a lot of the strain out of the situation as well.
12 THE COURT: Mr, Bach, do you see those as the
13 issues or anything else?
14 MR. BACH: I don't see them quite that way.
15 We look at this case differently in a little more simplistic
16 vein. The first question for you to decide is whether or
17 not Greta Line has in anyway mismanaged this account
18 thereby causing her removal.
19 Number two, is the plan or scheme of
20 investments in this particular case as established by Greta
21 Line a proper scheme to maximize the amount of money
22 available to the child, Christine Line, for college? Is her
23 scheme proper or should the Court in anyway change it? If
24 the Court were to change it, it would mean cashing in
25 instruments prior to maturity dates.
5
Q
A
Q
correct?
A
Q
A
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A My daughter Christine and my daughter
Janette.
Q And Christine is how old?
A Christine is about to become 19. She's 18
now.
Q And she is the one that is the subject of the
college expenses or the subject of this hearing, correct?
A That's correct.
Q And your other daughter's name is?
A Janette.
Q And how old is she?
A Janette is 13, about to become 14 on
Christmas Eve.
Q And she lives where?
A She lives with her mother in Camp Hill.
Q And you're paying support pursuant to a court
order for her benefit?
A That's correct.
Q And what has been Christine's permanent
residence since the divorce?
A Her permanent residence has been with her
mother at 125 Northgate Drive in camp Hill.
Q Now, you did see her on a regular basis?
A Yes, that's correct.
Q And you have a close relationship?
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A I think so, very close.
Q Where are you employed?
A I'm employed by AMP Incorporated.
Q And how many years have you been employed by
them?
A I've been with AMP since February of 1967, 30
years.
Q And what's your current position?
A Right now my title is vice president of
global products standards.
Q Your approximate annual income?
A It.'s approximately 115,000.
Q Now, when you and your former spouse were
divorced, was the property, marital property, divided by
agreement or court order?
A By court order.
Q Was there any written agreement pertaining to
the payment of your daughter's college education at that
time?
A No.
Q Your daughter is now -- Christine is now
attending Dickinson College, correct?
A That's correct.
Q And she began there in the fall?
A That's correct.
8
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1 Q Let's talk about tho decision where she was
2 to attend college, Were you involved in that last year
3 during her senior year ot high school?
4 A I waa aware, of course, that she was
5 attempting to make a decision as to where to go, but I was
6 not an active participant in that process.
7 Q Do you know where she applied to college?
8 A I learned at the time that she applied to a
9 couple of the schools, and since learned later that she
10 applied to a couple of other ones. They included
11 Susquehanna, Messiah, a Penn State satellite campus, and
12 Dickinson. I don't know -- I can't remember if there was
13 another one or not.
14 Q Do you know where she was accepted?
15 A She was accepted at the satellite campus Penn
16 State Mont Alto, I believe it was, and ultimately at
17 Dickinson.
18 Q Do you have any connections with either Penn
19 State or Dickinson personally?
20 A I serve on the board of advisors of Penn
21 State Harrisburg, and I've recently been appointed to the
22 board ot advisors ot Dickinson College.
23 Q And are you an alumnus of Dickinson college?
24 A I am.
25 Q During the application acceptance process
9
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1 last year, which would have been during Christine's senior
2 year ot high school, correct, were you and Greta involved in
3 any discussions about where your daughter should attend
4 school?
5 A There were discussions trom time to time,
6 nothing that definitively led to a particular decision.
7 Q During this time, did you and Greta have any
8 discussions about how her college expenses would be paid?
9 A There were beginning approximately mid year
10 several discussions that addressed the sUbject.
11 Q And how did you expect that they would be
12 paid?
13 A There never was then nor has there ever been
14 any question in my mind as to how the tuition and room and
15 board would be paid, and it would be from the monies set
16 aside by my daughter's grandfather specifically for that
17 purpose, and if there were additional monies to be required,
18 that they would be put forward by both me and Christine's
19 mother.
20 Q Did you have discussions with Christina about
21 payment of her college expenses?
22 A I discussed on several occasions the general
23 subject.
24 Q As far as selecting which college, and I
25 believe you said she was accepted at Penn state Mont Alto
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and Dickinson, was there any discussion between you and
Christine or you and Greta as to where she should attend
once she had those options?
A I do not believe that we discussed that. I
brought no pressure to bear whatsoever on the decision.
Q After she decided to go to Dickinson, did you
have any discussions with Greta as to payment of the college
expenses?
A Again, the subject arose on several
occasions.
Q And did Greta commit to any funds from the,
I'll call them, the investments, the Uniform Gift to Minors
accounts for this benefit?
A The picture is very confused. From the
earliest discussions on to as recently as a month or two
ago, I was presented with several figures as to monies that
would be provided by the bond monies and monies that would
be expected of me and would be provided by her. It was
never clear to me as to exactly how that would be resolved.
(Whereupon, Plaintiff's Exhibit No. 1
was marked for identification.)
BY MR. DELUCE:
Q I'm going to hand you what's been marked tor
identification as Plaintiff's Exhibit No.1. Do you
recognize that document?
11
1 A I do.
2 Q Where did it come from?
3 A It was presented to me either I oan't
4 reoall exactly either Christine handed it to me on the
5 weekend I had her at the request of her mother, or it was
6 sent to me. It was quite sometime ago back, I think, in the
7 June time frame.
8 Q Do you believe that is prepared by Greta?
9 A I believe that it was.
10 Q And can you tell from this document how much
11 she is going to contribute from the investments, I will call
12 them, the Cniform Gift to Minors account?
13 A Well, it's -- it's very difficult. There's a
14 number that says Greta's contribution of $3,825.00. I
15 assumed that that would have come from the bond fund.
16 Q If you look at the third --
17 A Less certain deductions here.
18 Q If you look at the fourth line down, it says
19 $1,690.00, one half E. A. Miller contribution. Who is E. A.
20 Miller?
21 l>, I assume that the E. A. Miller referenced
22 here is Christine's grandfather.
23 Q Now, at or near the time you received this
24 document from Greta, did you ask for information about the
25 amount of the investments that she was holding?
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A I asked repeatedly as to how much monies were
set aside by my daughter's grandtather tor this purpose.
Q And what was the response?
A I never got an answer, I got several
answer.s. I never got an answer that I believe trom my past
memory to be credible. I was told, as I said earlier, that
there were several numbers that ranged trom about
seventy-six hundred dollars to $10,000,00, and then tinally
I think there was $13,000,00, and then ultimately I was told
that there was no more than $15,000.00 available from those
monies for Christine's education.
Q Christine is here because we've subpoenaed
her, but did you have discussions with her as to how much
money was in these accounts?
A I discussed it.
Q Did she know?
A She did not have any idea.
(Whereupon, Plaintiff's Exhibit No. 2
was marked for identification.)
BY MR. DELUCE:
Q Now, as a result of this and your questioning
the information from Greta and not being successful, did you
seek counsel?
^ I Ultimately was compelled to do so.
Q I'm going to hand you what I've had marked
13
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1 for identification as Plaintiff's Exhibit No.2. It is a
2 letter that I wrote. Did you authorize me to write that
3 letter?
4 A I did so.
S Q Briefly, what is -- the letter is addressed
6 to Greta, correct?
7 A That's correct.
8 Q And the purpose of the letter is what?
9 A Well, the purpose of the letter is to try to
10 initiate action that would bring sense and truth and
11 credibility to the issue as to how my daughter's education
12 was to be funded, to initiate action that would establish
13 the values of the monies that had been set aside for that
14 purpose, and to above all things assure that my daughter got
15 into the college of her choice and could get the education
16 that she deserves.
17 Q And did we receive a response to that
18 correspondence?
19 A We ultimately did get a response to that.
20 (Whereupon, Plaintiff's Exhibits 3 and
21 4 were marked for identification.)
22 BY MR. DELUCE:
23 Q I'm going to hand you what has been marked
24 for identification as Plaintiff's Exhibits 3 and 4, and ask
25 you if those are the documents that we received in response
14
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it not?
A
Q
A
correctly.
Q
A
Q
~ "
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1 several hours and never noticed that they were on the tree.
2 Q Was there ever any discussion by you and
3 Greta when the two of you were still married and not
4 separated about the use of this money?
5 A There were -- while we were still married?
6 Q Yes.
7 A It was clear. There was never any question
8 t~at these monies were for Christine's education.
9 Q And were these monies the subject of
10 distribution of marital property at your divorce hearing?
11 A They were excluded from marital property.
12 Q Did you ever see anything in writing whereby
13 christine's grandfather designated how these funds were to
14 be used?
15 A I remember very early on in this process,
16 because I was certainly intrigued by it, I didn't know that
17 these investment vehicles existed, to be quite honest, that
18 when they were presented that there would be various
19 notations on those bonds that clearly designated that they
20 were for my daughter's education.
21 Q Is there any significance to the maturity
22 dates as is shown on this Exhibit 4 for these bonds?
23 A It was a part of the strategy from the outset
24 that these investments would be purchased, could be
25 purchased, were purchased, with maturity dates that would
16
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1 take place while my daughter was incurring expenses, in
2 other words, while she was in ochool.
3 Q Now, we filed this action on August 20th.
4 Exhibit 1 is the first proposal there. Did you receive or
5 did we receive any subsequent proposals from Greta on how to
6 utilize these investments towards Christine's education?
7 A There were a series of documents that later
8 evolved.
9 (Whereupon, Plaintiff's Exhibit No. 5
10 was marked for identification,)
11 BY MR. DELUCE:
12 Q I'm handing you what's been marked for
13 identification as Plaintiff's Exhibit No.5. It is a letter
14 dated August 12, 1997, from Howard Krug, Greta's former
15 attorney. Does that set forth a position as to how much she
16 is willing to contribute on an annual basis?
17 A It does.
18 Q And this, of course, was before t~e action
19 was instituted. How much is she offering in that out of the
20 investments?
21 A Under item number one it says, The custodian
22 shall make a total distribution of $10,000.00 per college
23 year for each child payable to the institution. Ten
24 thousand dollars a year by this statement.
25 Q Now, shortly thereafter you directed us to
17
1 file this petition, did you not?
2 A That's correct.
3 Q Why was that?
4 A Because I had a clear recollection that the
5 monies that were offered in any of these correspondences
6 wure substantially less than my estimation of the value of
7 those bond funds.
8 Q Now, your daughter enrolled --
9 (Whereupon, Plaintiff's Exhibit No. 6
10 was marked for identification.)
11 BY MR. DELUCE:
12 Q Your daughter enrolled at Dickinson in the
13 fall, did she not?
14 A That's correct.
15 Q The first tuition bill has obviously already
16 been received. Has that been paid?
17 A I know that part of it's been paid. I do not
18 believe that it's all been paid.
19 Q I'm going to hand you what's been marked for
20 identification as Plaintiff's No.6. It's a letter by Greta
21 Line to Dickinson College. How much did she pay towards the
22 education there?
23 A six thousand fi VB hundred r1011ars.
24 Q And does she indicate in there that ehe will
25 pay anymore this fall semester towards the bill?
18
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1 A There is no indication. In tact, it's quite
2 the contrary. Apparently it's all that she intended to pay.
3 Q In tact, docs it not say please contact her
4 tather tor the balance?
5 A That's correct.
6 Q What are you requesting the Court to order as
7 tar as these investments are concerned towards your
8 daughter's education?
9 A I have been steadfaat in two things. From
10 the very beginning it's been my belief, it's supported for
11 several reasons, that these monies should be set aside for
12 my daughter's education. I have also been of the opinion
13 that the best way to do that would be to put those bonds in
14 the hands of Dickinson College.
15 At the earlier efforts to reach ~greement on
16 this, I committed to approaching Dickinson College to see if
17 that just might not be possible, and I followed through with
18 that commitment on several occasions. And once in the
19 presence of my daughter I met with Mr. Myer from the
20 college, attempted to meet at that time with Mr. Brittain,
21 later spoke to him personally on the telephone, and my
22 daughter spoke to him, and Dickinson College has been
23 agreeable to accepting those bonds.
24 It's likely that I will have to take out .o~.
25 loans until those bonds reach maturation, which I am
19
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1 certainly willing to do, and paying the interest on it until
2 the bonds mature to the point where they can cover the
3 financial obligations, but the college has agreed to do
4 that.
5 Q Do you in anyway want these bonds to be
6 prematurely cashed in before they mature?
7 A These bonds, through the wisdom of
8 Christine's grandfather, are earning a very high interest
9 rate. It would be fiscal insanity to cash them in early.
10 Q Have you ever said that you wouldn't use your
11 own personal funds to help assist your daughter in getting
12 her education?
13 A I view it as an obligation to use my personal
14 monies in whatever fashion that means, either directly or to
15 borrow, as I have been borrowing on behalf of her education
16 to make up the difference that would accrue if the bond
17 monies were insufficient to cover that obligation.
18 (Whereupon, Plaintiff's Exhibit No. 7
19 was marked for identification.)
20 BY MR. DELUCE:
21 Q I'm handing you what I've had marked for
22 identification as Plaintiff's Exhibit No.7. That's a
23 document addressed to Judge Bayley from Dickinson College
24 from Michael Brittain. Is that the person you spoke to?
25 A It is.
20
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1 Q And unfortunately he indicatoes in there he
2 could not be here today, but it does indicate a willinqness
3 by Dickinson Colleqe to handle the investments as you just
4 testified, does it not?
5 A That's correct.
6 Q Are you comfortable with that approach?
7 A I'm very comfortable with that approach.
8 (Whereupon, Plaintiff's Exhibit ~o. 8
9 was marked for identification.)
10 BY MR. DELUCE:
11 Q I'm handinq you what's marked for
12 identification as Plaintiff's Exhibit ~o. 8. That's a
13 document I assume was prepared by Greta dated September 2,
14 1997, correct?
15 A That's correct.
16 Q And if you look midway down the paqe, she
17 itemizes expenses owed to the custodian. Have you seen
18 those?
19 A That's correct.
~o Q Have you prior to today, or to your knowledqe
21 your dauqhter, ever been supplied with any documents to
22 substantiate those expenses?
23 A I have seen nothing.
24 Q I'll rev iew them with her, but do you have
25 any objection to using these funds to pay some of those
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expenses?
A I have some strong objeotions to it.
Q Let's start out with the taxes. She
indicates the payment of taxes of eighty-two hundred and two
dollars.
A I see that.
Q Do you have any information regarding those
taxes?
A I have no information regarding how that
figure was arrived at, I obviously don't object to the fact
the taxes need to be paid, at least I assume they do. I do
object if those taxes were paid on the basis of Christine's
mother's income and not her own because it would have meant
an expenditure substantially more than what would havo had
to have been paid.
Q What about the interest on taxes paid charged
at 9 percent, were you aware that that was being done?
A No, and I'm frankly appalled.
Q How about the custodial fee of $175.00 a year
for 14 years?
A I am told that that under certain
circumstances is a reasonable figure. I'm deeply
disappointed that the mother would charge fees to her
daughter's educational account for this purpose.
Q How about the legal expenses of $5,000.00
22
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1 that she indicates?
2 A I take exception to that. I object to it.
3 The monies were for Christine's education, not legal fees.
4 Q The trip to France in 1996, were you aware
5 that she was charging these funds for that?
6 A Not aware of it until I saw this document.
7 I'm baffled by it. It's an unacceptable charge.
8 Q How about the charges to Cornell University
9 in 1996?
10 A I thought I had contributed substantially to
11 those charges, although the amount that I contributed is
12 substantially less than what's charged here, and it's an
13 unacceptable number.
14 Q Why do you want her removed as custodian?
15 A I believe that doing so and putting the bonds
16 in the hands of Dickinson College achieves the most
17 fundamental and the only important objective here, and that
18 is that Christine get the education -- a good quality
19 education that she wants and deserves.
20 MR. DELUCE: I have nothing further.
21 THE COURT: Cross.
21 CROSS EXAMINATION
23 BY MR. BACH:
24 Q Good afternoon, sir, my name is James M.
25 Bach. I represent Greta l,ine, the defendant in this action.
23
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1 Let's olarify the record on one point. In your initial
2 testimony, you indicated that the funds came from
3 Christine's grandfather was your testimony. The
4 grandfather, do you know his name?
5 A I do.
6 Q What is his name?
7 A His name was Edward Miller.
8 Q Edward Miller, And isn't it true, sir, that
9 Edward Miller is the father of Greta Line?
10 A That's correct.
11 Q So he is no relation to you, for the record?
12 A He's no relation to me, that's correct.
13 Q That's right. Isn't it also true that Greta
14 Line's father, Mr. Miller, funded exclusively this college
15 fund account for the child, Christine Line?
16 A That's my understanding.
17 Q Is it also true, sir, that you have not put
18 one red penny of your money into this college fund?
19 A That is also true.
20 Q And isn't it also true that you separated
21 yourself from your wife when Christine was six years old and
22 your youngest daughter was one and a half years old?
23 THE COURT: wait a minute.
24 MR. DELUCE: objection. I don't see how
25 that's relevant.
24
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1 THE COURT I Calm down. They are separatcad
2 and divoroed. Let's move on.
3 MR. BACHI All right.
4 BlI MR. BACH I
5 Q Prior to your separation, did you contribute
6 in anyway to the oollege fund that's at issue today?
7 A I did not.
8 Q Make that clear. for the record. The truth of
9 the matter is we're talking about someone else's money here,
10 isn't it, and not yours?
11 A I believe we're talking about my daughter's
12 money.
13 Q Someone else funded that fund?
14 A That's correct.
15 Q Now, you said in your testimony, sir, that
16 you wanted as the objective of your suit to set aside these
17 funds for Christine's education, that was one of your
18 objectives, is that right?
19 A I believe it's my only objective.
20 Q Wasn't your second objective, as I heard it,
21 to remove Greta Line as the custodian?
22 A If that's required to achieve that objective,
23 then that's true.
24 Q And you disagree with some of the expenses as
25 you went over them with your attorney based on an exhibit,
25
1 and I'll direct your attention to that exhibit. What was
2 that, number eight?
3
MR. OELUCEI I believe it was eight, yes.
4
5
6
7
BlI MR. BACH I
Q Would you look at the document.
A lies.
0 Do you have it?
A lIeah.
sir, ,
0 that's been marked and labeled as
Exhibit No. 8, is that correct?
8
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My copy shows an eight.
12
o
And you and your attorney went over this, and
13 you said you disagree that the mother should charge this
14 college fund for the taxes paid to maintain the fund?
15
A
No, I said -- and that was established at the
16 time of the divorce, that the funds, indeed, could be and
17 likely should be charged monies to cover the taxes.
18
Q
So you don't have any objection with the fund
19 paying the taxes due for interest earned on the account?
20
A
That's correct, provided -- it would have
21 been my hope that. it would have been the minimal tax that
22 had to be paid to satisfy the legal objective, but, no,
23 that's correct.
24
o
And have you made any offers of contribution
25 to pay any of these taxes at anytime i~ the last five year.?
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MR. OELUCEI I'm going to object. I don't
see how that's relevant.
THE COURT I Move on.
BlI MR. BACH I
Q The next thing you disagre$ with is the rate
of interest charged to the fund, is that right?
A Specifically you're referring to item number
two?
Q lies.
A lies, that's correct.
Q And you talked about the trip to France. lIou
didn't think that that is a proper charge to a college or
educational fund?
A I think that that is an incorrect -- under
these circumstances, with a trip that expenses were endured
before Christine reached college age, I believe that this is
inappropriate.
Q Do you know what the trip for France was all
about?
A I have at least a nodding knowledge of it.
She went to France with her high school French class.
Q And wasn't the purpose to receive some
educational experience and the acquisition of the Frenoh '
language?
A Unquestionably.
27
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Q And you disagree that that is a proper
expense for the educational fund?
A I disagree for several reasons.
Q All right. Let me direct your attention to
the Cornell University 1996 expensCB. It is proposed that
the fund reimburse Greta Line $3,932.00 for that experience
at Cornell. sir, do you know what the Cornell experience
was all about?
A Again, I believe I have sufficient knowledge
of that.
Q Would you tell us what your understanding of
that trip is?
A My understanding is that Cornell University
has a summer program. I believe it's directed at people
like Christine who were juniors or seniors in high school
where they visit the campus, at no small charge I might add,
and they take -- they experience the college environment and
they take course work.
Q Sir, are you aware that Christine was awarded
college credit for attending Cornell University? Did you
know that?
A I was aware that there were educational
credits awarded, but I have no evidence that the college
would accept them as college credits.
Q lIou contributed something toward that
28
A
to do so.
Q
A
Q
A
Q
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29
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1 similar cheoks, and I would never charge this fund for those
2 monies.
3 Q lIou would not do that?
4 A I would not.
5 Q All right. The fund itself, has it grown
6 under the stewardship of Greta Line in terms of value, to
7 your knowledge?
8 MR. DELUCE: Objection. He said he didn't
9 know.
10 THE COURT I wait a minute. I don't know
11 whether he does or not. Do you know?
12 THE WITNESS: Through my early knowledge of
13 these bonds and how these things work, that when you buy
14 them at a certain face value for a certain substantially
15 less money, indeed those bonds have grown as they approach
16 maturity.
17 BlI MR. BACH:
18 Q In your relationship with your daughter
19 Christine, you have described it as a very good one, as I
20 heard you, is that correct?
21 A lies.
22 Q And you are a graduate of Dickinson College,
23 is that correct?
24 A That's correct.
25 Q And is it not true that Dickinson was a high
30
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1 choice for you as it related to your daughter?
2 A I obviously have no disappointment whatsoever
3 with the fact that my daughter is attending Dickinson, but
4
5
6
7
8
9
10 available per year for college.
11 A I can't remember if I discussed it with
12 Christine or not. There were various documents produced
13 that showed the current market value of those funds, if
14 that's what you mean.
15 Q Did you tell Christine that if there was not
16 enough liquidity to pay her tuition that you, in fact, would
17 pay it or loan her some money to pay it?
18 A No. The discussions that took place were
19 that it would be my intention to -- what I proposed was
20 three things, that I and Christine's mother participate in
21 those additional monies to the proportion of our incomes as
22 determined by the support office. And at that time I even
23 suggested that Christine do what I did when I attended
24 college, and that's also borrow what in comparison to the
25 rest would have been a small amount of money to help fund
I've exerted no pressure in that reqard whatsoever.
Q As f.lr as li.quidity from the college fund to
pay tuition when due, did you have any discussions with
Christine, the daughter, about liquidity at all?
A The liquidity of the bond funds?
Q lies, as to how much liquidity would be
31
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1 her own education.
2 Q Do you know if she's made any applications to
3 borrow money?
4 A I am aware that she -- I don't have hands-on
5 knowledge, but I am aware that efforts by either Christine
6 or her mother were taken to borrow some small amount of
7 money, that's correct.
8 Q Were you aware that her application to borrow
9 money was rejected?
10 A I am aware that we received just recently a
11 letter that through action initiated by Dickinson College
12 that rejected that loan for, I guess, the second semester
13 and is calling the first semester's loan.
14 Q And the basis for the rejection is the
15 college fund, is that right?
16 A That's my understanding. I didn't
17 participate in those discussions at all.
18 MR. BACH: I have nothing fu~ther at this
19 time.
20 THE COURT: Any redirect?
21 MR. DELUCE: Just a couple, Your Honor.
22 REDIRECT EXAMINATION
23 BY MR. DELUCE:
24 Q To your knOWledge, has Greta put any personal
25 funds into these Uniform Gifts to Minors account?
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A I am aware and have every reason to believe
that she has not.
a lIou've questioned the France ..- payment of
reimbursement of the France trip. Don't you also have
information that someone else may have paid for this?
A It's been suggested that those monies weren't
even paid by Christine's mother.
Q Now, you were stopped, but you said you had
some other reasons why you didn't think she should be
reimbursed for the France and the Cornell expenses. Can you
tell them to the Court?
A It gets back to my view of what the monies
were intended for. They were set aside for Christine's
college education, and I find it personally repugnant that
charges are established that conflict with that fundamental
belief, especially charges that I participated in and
charges that no longer -- they've oeen paid. Why threaten
the ability to use the monies for their intended purpose by
sUbtracting unnecessarily from it.
a Where did Mr. Miller attend college?
A Christine's grandfather was
Q lies.
A -- a proud graduate of Cornell.
MR. DELUCE: I have nothing further.
THE COURT: Any recross?
33
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1 RECROSS EXAMINATION
2 BY MR. BACIII
3 Q The last statement you made is these tunds
4 have to be used for their intended purpose, and then you
5 went on to say it's college education, is that correct?
6 A That's correct.
7 Q Have you seen a document at anytime during
8 the existence of this fund which stipulates in writing and
9 says in that writing that it has to be used for a, quote,
10 college fund? Is there such a document?
11 A I am not aware that there's one that
12 specifically states that it's a college fund.
13 Q You are not aware of any such document?
14 A I am aware only of statements that it be used
15 tor her education fund and led to believe that it was a
16 college fund because of the years chosen for maturity for
17 most of those bonds.
18 Q And if you were to hear that this establishes
19 an educational fund, would it change your, quote, repugnance
20 over the whole situation?
21 A The repugnance over the situation is directed
22 at these unfair and I believe invalid charges.
23 Q The question was pretty direct, sir. Would
24 it change your repugnance if the fund were a, quote,
25 educational tund?
34
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1 A I can't answer that question.
2 a You can't answer that. Thank you. No
3 further questions.
4 A I have no repugnance at all that they be used
5 for education.
6 MR. BACH I I have nothing further. Thank
7 you.
8 THE COURT: You may step down.
9 MR. DELUCE: chris.
10 THE COURT I I am going to have you put those
11 up on the bar there. That way they won't get lost, the
12 exhibits.
13 MR. DELUCE: I move for the admission of
14 these exhibits, Your Honor.
15 THE COURT: Any objection?
16 MR. BACH: Your Honor, we object to those
17 exhibits which are a series of letters between counsel which
18 are a series of negotiated settlements. I don't think they
19 add anything to this case at all. It's proposals and
20 counter proposals between counsel, and we would object to
21 those. We have no objection to the letter from Dickinson
22 and no objection to the statement of expense.
23 THE COURT: What numbers are you objecting
24 to?
25 MR. BACH: We are specifically, for the
35
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1 record, objecting to Exhibit 5, Exhibit 3.
:2 THE COURT I You are objecting to five and
3 three?
4 MR. BACH I Five, three, two. Five, three and
5 two, Your Honor. For the record, five is a letter dated
6 August 12th, 1997, addressed to Mr. DeLuce from then lawyer
7 for Greta Line.
8 THE COURT: Are you essentially telling me
9 that all of the letters review proposals to try to resolve
10 the case?
11 MR. BACH: That's correct.
12 MR. DELUCE: I disagree with that. I think
13 there is another relevance. The August 12th letter was
14 before the case was instituted. It was in response to my
15 letter demanding an accounting, and the reason we are using
16 this is to show that the amounts being offered constantly
17 changed. The August 12th letter is the reason that spurred
18 us to file the action because again it was changed and we
19 needed--
20 THE COURT: How about the other letters?
21 MR. DELUCE: The letter of August -- is it
22 Plaintiff's Exhibit 3 that you also object to?
23 MR. BACH: Yes.
24 MR. DELUCE: I mean, that's fine with me
25 except that Mr. Krug was supplying me with the accounting,
36
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1 and the purpose of showing this, Your Honor, was that's when
2 we first reoeived an actual accounting despite requests
3 before, and this was again before the action was instituted.
4 THE COURT I How about two?
5 MR. DELUCE I Two is my letter to Greta
6 personally, not to counsel. There is no ofter of settlement
7 here, Your Honor. In this letter, I told her that I
8 represent Mr. Line, and that she's the custodian of certain
9 funds and we demand an accounting. I specifically cited the
10 code sections that he has the right to see an accounting,
11 and it was in response to that letter, Your Honor, that Mr.
12 Krug sent me the accounting about nine days later.
13 THE COURT: Is the accounting five?
14 MR. DELUCE: The accounting, no, Your Honor.
15 The first accounting is four, and then the second accounting
16 on September 2 which has the expenses is eight.
17 THE COURT: Two and three are not admi tted.
18 All other exhibits are admitted. So you can take two and
19 three back with you and leave the other ones there.
20 Whereupon,
21 CHRISTINE LINE,
22 having been duly sworn, testified as follows:
23 DIRECT EXAMINATION
24 BY MR. DELUCE:
25 Q Your name.
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A Christine Line.
THE COURT I If you would just speak a little
louder right into the microphone.
THE WITNESS I Christine Line.
BY MR. DELUCE I
Q And how old are you, Christine?
A I am 18.
Q And you're presently attending Dickinson
College in your freshman year, correct?
A Yes.
Q And what is your home or permanent address?
A Off campus I live with my mother.
Q And I've subpoenaed you here today, have I
not?
A Yes.
Q Now, let's talk about the creation of these
investments. Did you when you were younger have any
knowledge of these investments being created for your
benefit?
A only the knowledge that they were a Christmas
present that I would later benefit from.
Q How did you physically know this or receive
them?
A I received them as Christmas ornaments,
stocking stuffers for my -- at Christmas.
38
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1 Q Wero these papers that were 9iven to you or
2 on a tree or something?
3 A Yes.
4 Q Do you have any knowledge -- strike that.
5 Prior to July of '97, had you ever had the opportunity to
6 aotually inspect these documenta?
7 A I had seen them. I waa never given full
8 authority to be able to look at them.
9 Q And where did you see them?
10 A I saw them at the bank with my mother in the
11 safety deposit box.
12 Q And you were with her?
13 A I was with her.
14 Q Did you have the opportunity to review them?
15 When was this? When was this when this happened?
16 A This wa$ early this Bummer, roughly June.
17 Q Now, they wore supplied to us today by your
18 mother in response to a subpoena. But when you were there
19 that day, did you have the opportunity to look at each of
20 the bonds?
21 A Not to look at each at them. I saw some of
22 them.
23 Q Did you request the opportunity to review
24 them at that time?
25 A I did and I waB told it Wftsn't convenient.
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A lies.
Q And your mom was aware of this prooess, where
you were applying?
A lies.
Q And did she voice any objections or ooncerns
about attending these college.?
A Her only objection wasn't an entire
objection. She wanted to make sure that I understood how
much money she could put towards it from this fund, and that
I was responsible for all monies that were due after that.
Q And how much did she tell you she could put
forth?
A One number was $10,000.00 a year, another
number was $15,000.00 a year, 14 of which was for tuition,
room and board, and one thousand of which was for living
expenses.
Q
Dickinson?
Did your father push you to apply to
A No.
Q Why did you apply to Penn State?
A It was recommended to apply by my mother.
Q Was Cornell an option?
A I chose against Cornell because I had no
interest to pursue any of the classes or courses I could
take there.
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Q Did you have any discussions with your father
durin9 your senior year about financing your college
education?
A There were some discussions because I was
aware that I was responsible for the monies that couldn't be
paid, so I needed to talk to him to see what arrangements
could be established.
Q Did he ever refuse to contribute any personal
funds towards it?
A No.
Q What was your plan to pay for your education
at Dickinson?
A My plan, as I saw it, was to have the
educational fund be distributed, and then I was going to try
to assume a loan for the rest of it with the hope that my
father would contribute.
Q Now, you said that at some point you saw some
of the bonds when you were with your mom at the bank. Do
you know approximately what time that was, when that was?
Would that have been the summer of '97, the spring of '97?
A It was the summer of '97.
Q And even at that time you did not know the
value of these investments?
A No.
Q These bonds were all -- were kept in a safe
42
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A
wrote it.
Q
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Q
A
Q
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Q Did you tell your mom -- or did you question
her about that as to the amounts and why it was different
from the other two that had been offered?
A Not directly, no.
Q I assume the situation has affected your
relationship with your mom?
A It has.
Q And she's opposed to how you want to use the
funds?
A She's opposed to my using ~he entire account
for my education.
Q And that's what you want to do towards your
college education?
A That is the expense that I am assuming right
now, and there is no need to save the money in the account
when there's as big a bill that needs to be paid as this.
so, yes, I want it to go to my education.
Q Now, have you approached Dickinson College
about managing the funds for your benefit?
A I have.
Q And are they willing to do so?
A They are.
Q When you went to France, that was a school
trip, your high school --
A Correct.
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Q -- oorrect? And you went to Camp Hill High
School?
A Um-hum.
Q And do you know how that trip was paid?
A lies.
Q How was it paid?
A I am under the impression my mother paid tor
it. However, I wrote a thank you note to Jim Kaneen because
I was under the impression that he also contributed to it.
Q Who is Jim Kaneen (phonetic)?
A Jim Kaneen is a person my mother was seeing
at the time.
Q What about the trip to Cornell University, do
you know who helped pay for that?
A I'm under the impression my mother and father
paid tor that.
(Whereupon, Plaintiff's Exhibits 9 and
10 were marked for identification.)
BlI MR. DELUCE:
Q lIour mother's attorney supplied to me this
morning documents which I have had labeled Exhibits 9 and
10, and advise that these are the bonds that are being held
in the unitorm Gift to Minors account. I'm going to show
you under Exhibit 10 -- some of these are cut off at the
top, but I believe there's one here that's identified as Lu
45
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1 Lu college fund, and another one that's identified as Lu Lu.
2 Who is Lu Lu?
3
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15 income tax return, to your knowledge?
J.6 A I had my mother help me with that. I don't
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A I am Lu Lu.
0 And who gave you that name?
A My grandfather did.
0 Is this his handwriting?
A 'ies.
0 Now, while you were in high school I
believe -- do you have a part-tlme job right now?
A I work part-time 'for the schQO 1 , yes.
Q And when you were in high school you had a
part-time job?
A lies.
Q Did you ever file a tax return, federal
remember.
Q Now, your first semester is almost completed.
Are exams about to start or have they started?
A They are about to start.
Q How do you like your first semester at
Dickinson?
A
Q
A
I love it.
Do you want to transfer to another colleqe?
No.
46
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1 CROSS EXAMINATION
2 B'i MR. BACH I
3 Q Good afternoon, Miss. My name is James M.
4 Bach. I represent your mother, Greta Line. On the question
5 of educational trips, would you agree with me, Miss, that
6 the trip to France was educational in its purpose, maybe
7 part educational and recreational?
8 A 'ies, it was educational.
9 Q And on your experience at Cornell University,
10 was that an educational uxperience for you?
11 A purely educational.
12 Q And, in fact, you did receive college credits
13 for that?
14 A I received six college credits from Cornell.
15 Q And were you able to apply those credits to
16 Dickinson College?
17 A They have not yet been applied. However, I
18 have been approved that they will be applied.
19 Q Sometime in the summer of 1997, this summer
20 past, you and your mother had a discussion, did you not,
21 about adding your name to her safety deposit box?
22 A That is correct.
23 Q Do you recall when that discussion was?
24 A Early June, in the month of June.
25 Q And did your mother, in fact, add your name
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2
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A Yes, she did.
Q And as part of the agreement between you and
your mother regarding the box and entry into the box, there
were certain conditions imposed upon your entry into the
box, weren't thel:'e?
A Yes.
Q And one of the conditions was that before you
go into that box you must get her prior approval first, is
that true?
A That is correct.
Q And, in fact, you did enter this box without
getting your mother's prior approval sometime in July of
1997, did you not?
A That is also correct.
Q And when you went to the box, you removed
from the box, which is now in your name and your mother's
name, certain legal documents, did you not?
A I removed the envelope with my name on it
which contained my bonds.
Q It contained your bonds. Did you look at the
envelope, study the contents and r~turn the envelope to the
bank box?
A I did, after I made a copy.
Q You made copies of everything in the
49
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1 envelope?
2 A lies.
3 Q And what did you do with the copies?
4 A I took them to Mr. DeLuce.
5 Q And who had requested you to make copies?
6 A I made copies for my benefit, and I had
7 questions concerning the right that I had to go into the
8 box, and so I went to Mr. DeLuce.
9 Q lIou contacted Mr. DeLuce and asked him for an
10 appointment, is that right?
11 A lies.
12 MR. DELUCE: I'm going to object. I don't
13 see how this is relevant.
14 THE COURT: Sustained. Do you remember what
15 happened, not relating to an attorney.
16 BlI MR. BACH:
17 Q Did you tell your mother that you had
18 violated the agreement between you and entered the box?
19 A No.
20 Q How did your mother find out that you had
21 entered the box?
22 A I believe that my sister told on me and told
23 her.
24 Q And what compelled you, Miss, to go into this
25 box in the first place after you had the agreement not to do
50
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1 it without your mother's approval?
2 A Well, because I behaved poorly on a family
3 vacation she said that she was going to take my name off of
4 it, and knowing that this was the only chance that I had to
5 see how much money was for my education, I went and looked.
6 Q And you're here in the court of law -- do you
7 know why you are here today?
8 THE COURT: She was subpoenaed. Next
9 question.
10 BY MR. BACH:
11 Q Do you know what this case is all about?
12 THE COURT: Wait a minute. Elicit facts.
13 She is a college freshman. She knows what is going on.
14 Come on.
15 BY MR. BACH:
16 Q In regard to the management of this
17 particIJlar college fund, do you have any problems with the
18 way it's been handled to date?
19 A It's at its full value to date, as far as I
20 know. so, no, I have no problems.
21 Q So you have no particular problems. Did this
22 action by you of entering the box cause a rift in the
23 relationship with your mother?
24 A Yes.
25 Q And how would you describe your relationship
51
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1 today with your mother?
2 A She's my mother.
3 Q Okay. We admit that, Miss. How would you
4 describe your relationship?
5 THE COURT: There is a rift. Move on. It is
6 bad enough as it is without questioning her about it. In
7 fact, it is a crying shame. Next question.
8 BlI MR. BACH:
9 Q lIou had discussions with your mother about
10 going to Penn state versus Dickinson, didn't you?
11 A lies.
12 Q And your mother suggested Penn state because
13 that's a cheaper school to attend, is that right?
14 A That's correct.
15 Q And didn't your mother also explain to you in
16 terms of your educational fund liquidity in that fund
17 because of the investments Penn state would be a better
18 school, and she would be able to handle that through that
19 fund for you?
20 A That's correct.
21 Q All right. lIou said there were some
22 discussions on th<a amount of liquidity between your mother
23 and you, and her discussions range between 10,000 or 15,000
24 on various occasions, is that right?
25 A That's correct.
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Q And as to your first semester at Dickinson,
has any of that money been paid toward tuition yet?
A There has been roughly $7,000.00 paid, I
believe.
Q Seven thousand dollars. What is the balance
for the first semester?
A Total tuition cost is $29,000.00.
Q At Dickinson. Is that for two semesters?
A That's for one full year, twq semesters.
THE COURT I Is that tuition, room and board?
THE WITNESS: Tuition, room and board, yes.
THE COURTI Twenty-nine?
THE WITNESS: Twenty-nine.
BlI MR. BACH I
Q And you know that -- do you know the exact
amount that has been paid for the first semester?
A I don't know the exact amount.
MR. DELUCE: We have an exhibit that
evidences that, lIour Honor.
THE COURT: She does not know.
BlI MR. BACH:
Q
Have you asked your mother how much has been
paid?
A I did not.
Q lIou did not. Now, on the weekends if you go
53
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1 home, do you still return to your mother's home?
2 A I do.
3 MR. BACH I Thank you, Miss. I have no
4 further questions.
5 THE COURT I Any redireot?
6 MR. OELUCEI Yes, Your Honor.
7 REDIRECT EXAMINATION
8 BY MR. OELUCEI
9 Q Was your name on the safe deposit box so you
10 were authorized to have access to it by the bank?
11 A It was on the safety deposit box, yes.
12 Q And you went to the bank to see the bonds
13 because of something that happened between you and your
14 mother just prior to that, correct?
15 A Correct.
16 Q And prior to that you had asked what the
17 value of the bonds were, what they were worth, correct?
18 A Correct.
19 Q And that information was not provided to you,
20 was it?
21 A That's correct.
22 Q Now, Mr. Bach made a comment that Penn state
23 was a better school than Dickinson because it was cheaper.
24 THE COURT: I didn't hear him say it that
25 way.
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MR. OELUCEI
THE COURT I
All right.
It i. cheaper.
It is a good
MR. OELUCEI I just wanted to clarify that.
If you didn't hear it that way, that's fine.
THE COURT: I can take notice of that.
BY MR. DELUCE I
Q Your father has purchased for you this
semester a computer, has he not?
That's correct.
And he's provided you with other monies, has
A
Q
he not?
A
Q
A
Q
bonds to be
surprised?
A
Q
A
He --
Spending money?
A little pocket change, yes.
When you discovered the face value of the
over a hundred thousand dollars, were you
Yes, I was.
You had no idea they were worth that much?
No.
MR. DELUCE:
THE COURT:
MR. BACH:
young lady, Your Honor.
Nothing else, Your Honor.
Any recross?
We have nothing further for this
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THE COURT I Okay. Let's tak. a break.
Reconvene at ten of, recess.
(Whereupon, a brief rocess was taken.)
THE COURT: Next witness.
MR. DELUCE I Your Honor, the petitioner rests
but reserves the right to call any witnesses on rebuttal,
depending on the defense testimony.
THE COURT: Mr. Bach.
MR. BACH: Your Honor, we're going to call
Greta Line to testify.
(Whereupon, Defendant's Exhibit No. 1
was marked for identification.)
MR. BACH: Mr. DeLuce and I thought it would
be good if you could take this.
Whereupon,
GRETA M. LINE,
having been duly sworn, testified as follows:
DIRECT EXAMINATION
BY MR. BACH:
Q Good afternoon, Greta.
name is James M. Bach, your attorney.
address at the present time?
A I live at 125 Northgate Drive in Camp Hill~
Pennsylvania.
For the record, my
What is your full
Q And who lives with you?
56
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1 A My daughters, Christine and Janette.
2 Q And Christine is the young lady that's at
3, Diokinson, oorrect?
4 A That's correct.
5 Q And how old is Janette?
6 A Jan is 13.
7 Q You are divor~ed from the plaintiff in this
S case, is that right?
9 A That is correct.
10 Q And when were you divorced?
11 A March 9th, 1990, it became official.
12 Q March 9th of 1990?
13 A That's right.
14 Q The subject matter of this dispute, ma'am,
15 revolves around an educational fund, is that correct?
16 A I think, if I may more clearly state it, it
17 revolves around certain assets that I have under the Uniform
18 Minor Gift Act.
19 Q I'm going to ask you a question or two about
20
21
22
23
24
25
the history of the fund.
A Right.
Q When did this fund begin?
A December of 1982 at Christmas.
Q And who started the fund?
A My father, Edward Miller.
57
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1 Q And how did he start the fund?
:2 A He started the fund with some bearer bonds
3 that he gave to me for Christine, and I don't recall them
4 being used as ornaments on the Christmas tree. Before Mr.
5 DeLuce had my daughter go into my safe deposit box, they
6 were in the form of airplanes.
7 Q Try to concentrate on the question, please.
8 The question I asked you is, who started it, and you said
9 your father.
10 A My father.
11 Q And I asked, the next question was, if you
12 remember, do you remember Why this fund was started?
13 A Yes. During the summer of 1982, my husband
14 left Christine, she was three, and myself, and he went up to
15 Boston with AMP Incorporated and I had no prior knowledge
16 MR. DELUCE: Objection.
17 THE COURT: Sustained. Next question.
18 BY MR. BACH:
19 Q Do you recall what the principal amount of
20 this fund was at the time of its beginning?
21 A Well, the bonds were accrued over a few
22 years, and at their initial investment value, there was a
23 little over $13,000.00 in these initial bonds, and then
24 there was a little bit in Niagra shares stock that was a
25 couple hundred dollars.
58
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Q Has this educfttional fund grown over your
tutelage?
A Yes, it has.
Q And do you know what the approximate face
amount of the investments would be today?
A Well, the face amount at full value with the
addition of $15,000.00 that I added late '94 would be about
$104,000.00 for Christine, and I believe about $77,000.00
for Janette. The initial investment of the 13,000, that was
for funds for Chris. There was a little over -- I'll give
you an exact amount here, sir. The initial investment for
Janette was $8,640.00.
Q I'm not interested in Janette, Ms. Line.
A Okay.
Q Christine, please. Limit your remarks to
Christine.
A okay.
Q Let's do it this way. We have labeled and
marked as an exhibit a green portfolio, and I'm going to ask
you for the record if you can identify this which we had
marked as Defendant's Exhibit No.1?
A Yes. I prepered the entire substance of this
document, all of the spread sheets, all of the calculations,
and acquired all of the data that is within this document.
Q All right. I'm going to ask you then if you
59
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would refer to the green manual and take us through the
contents of the manual with emphasis on the investments?
A All right. The document is broken out in
four primary parts.
Q What are those primary parts?
A Number one refers to child number one,
Christine. Number two refers to child number two, Janette.
Q Again, we don't want any reference at all to
Janette.
A I know. Number three is supporting
documentation for taxes and expenses, and then in the pocket
of the binder are copies of bonds that were subpoenaed.
Q All right.
A Now, looking at --
Q Let me just stop and interrupt there. For
purposes of clarity of the record, these particular funds
are generating interest over a given period of time, ie that
right?
A That is correct.
Q And in your plan or your scheme for the
education of your daughter, what will the fund realize in
interst liquidity for this oollege year?
A This college year $16,000.00.
Q sixteen thousand dollars. That will be year
one as a freshman?
60
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1 A '97 and '98.
2 Q That account will have liquidity of 16,000.
3 Next question, tor Christine's second year at Dickinson,
4 what is your projection for liquidity for the
5 MR. OELUCEI I'm going to object. There is
6 no testimony to create a basis for this summary answer.
7 THE COURTI I will let her tell me what her
8 position is. I am going to let her testify.
9 MR. DELUCEI Okay.
10 THE WITNESS: The information is all found
11 under the gross and gain tab.
12 BY MR. BACH:
13 Q Hold on. Just answer the question. The
14 second year the $16,000.00 is going to be available, is that
15 correct?
16 A No, that was for the first year. The second
17 year, if I let the bonds mature to their full value, would
18 be $7,000.00.
19
20
21
22
23
24
25
Q Seven thousand dollars?
A Right.
Q Now, the third year?
A That 1<(ould be the year '99 until the year
2000. That would be $14,000.00.
Q And the fourth year?
A That would be the year 2000 to 2001. That
61
1 would be $14,000.00 with $30,000.00 remaining to beoome full
2 value.
3 Q And the remaining balance of $30,000.00 would
4 come to full value when?
5 A Between 11/15/2001 to 11/15/20003.
6 Q And how old will your daughter be at that
7 time when they reach full maturity?
8 A Roughly 22 years old, I would believe, 22,
9 23.
10 Q Now, ma'am, if you were to cash these assets
11 in prior to maturity to pay the full 30,000 per year, would
12 that fund suffer a loss if you did that?
13 A Yes, it would.
14 Q All right. And what is the amount of the
15 projected loss if you were to cash these in to make 30,000
16 per year?
17 A At today's market value, if I cashed in the
18 portfolio, she would lose $12,200.00 thereabouts.
19 Q She would not have any 30,000 left over at
20
21
22
23
24
25
age 30, would she?
A No.
Q She would also lose $12,000.00?
A That's correct.
Q So your plan is categorized as a long-term
plan, is that right?
62
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1 A My plan has always been, and chris knows
2 this, to provide $15,000.00 a year toward her eduoation, and
3 I have told her that. I told her that before she applied to
4 Dickinson, and she went ahead and applied to Dickinson
5 knowing that I would not have suffioient funds to cover
6 those costs.
7 Q Let me ask you this. You did state a minute
8 ago that one year there would only be $7,000.00 in liquidity
9 available to her for college expenses, is that right, you
10 did state that?
11 A That's correct. That's year two.
12 Q Where is she going to get the $8,000.00 to
13 make up this 15 that you propose?
14 A Well, I had proposed to loan it to the fund,
15 as I have done with other expenses of the fund; otherwise,
16 what I can do is not let the fund mature to its full value.
17 Q When you say loan it to the fund, you mean
18 loan it to the fund until such time as something matures
19 when you can get something back?
20 A That's correct.
21 Q And your $8,000.00 back. Your testimony is
22 today, as I understand it, that clearly under any scenario
23 if the plan -- the long-term maturing plan stays in place,
24 Christine, your daughter, will have at least $15,000.00 per
25 year to apply to the Dickinson School of Law for colleqe?
63
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1 MR. OELUCEI I'm going to object. This is a
2 leading question.
3 THE WITNESSI To Dickinson College or any
4 other institution.
5 THE COURT: Overruled. Overruled. Go ahead.
6 THE WITNESS: My answer was that it would be
7 applied to Dickinson college or any other college
8 institution at $15,000.00 a year.
9 BY MR. BACH:
10 Q Did you and your daughter have discussions
11 about the amount of money available from her fund at the
12 time she was selecting colleges?
13 A When she was selecting colleges, that was
14 early in January of this year, 1997, and I told her simply
15 that I wOuld have $15,000.00 available from funds that her
16 grandfather started and I have continued over the years for
17 her education. That was basically the total discussion
18 until things happened with the safe deposit box this summer.
19 Q And she was aware of that and elected on her
20 own to go to Dickinson?
21 A Yes. Although I did force her, literally
22 force her, I had requested of her and then she didn't follow
23 through with my request, to apply to Penn State because I
24 wanted her to have insurance that she would have a college
25 that she could get into and that I could afford to pay on my
64
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1 own. Back in '82 when my father started these funds, they
2 were started because he felt that her father was not --
3 MR. DELUCEI I'm going to object.
4 THE COURTI Sustained.
5 THE WITNESS I That this is --
6 THE COURT I Hold on, ma'am. stop. Next
7 question.
8 BY MR. BACH I
9 Q The next question is this, you want your
10 daughter to get a college education, do you not?
11 A Absolutely.
12 Q And what is your plan for her to get the
13 second $15,000.00 necessary to pay for Dickinson the second
14 semester?
15 A She told me she would get the money from her
16 father, and she would have to take out some loans. That's
17 what she has told me from the beginning, that she said that
18 she wouldn't have to worry about it. That's what I have
19 been going by, that I would have the $15,000.00 and that
20 between she and her father they would make up the
21 difference.
22 Q Now, during the course of your management of
23 this fund, it has earned or has grown in value or will grow
24 in value of maturity over a hundred thousand dollars, is
25 that correct?
65
1 A That's the gross assets, but there have been
2 expenses so that there is a less amount available for
3 distribution today.
4 Q will you direct my attention and the Court's
5 attention to the expenses in your green book, please, in
6 Exhibit No.1.
7 A It's under the folder net assets.
8 Q Net assets. All right. I see that. It
9 begins with less expenses owed to custodian.
10 A It's net assets, and it has listed the 12
11 original zero coupon bonds made in CATS and TIGRS at their
12 current market value with the addition of items 13 and 14
13 which I added to the portfolio from funds provided by
14 Christine's Grandmother Miller in '94.
15 Q All right.
16 A So what I've done is I've added here the
17 current market value of all the assets in the fund. The
18 first bond was due November 15th, '97. That was cashed, and
19 $8,000.00 of that has been distributed to payoff a loan
20 that I took out from my mother to give the initial funds for
21 Chris to start at school at Dickinson.
22 Q Let me ask you this. Why was it necessary
23 for you to borrow money from your mother to give to
24 Dickinson?
25 A Well, I was trying to retain the bond for it.
66
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1 full value. I just have worked very hard over the past
2 fifteen years that I have managed these funds to get these
3 funds to their full face value to get as much money
4 available as possible for education and other expenses for
5 the benefit of the child.
6 Q And that bond did reach face value?
7 A It did, November 15th.
8 Q And that's when -- is that what you cashed to
9 pay back your mother?
10 A Right.
11 Q That's for the monies that you had advanced
12 personally to Dickinson?
13 A Those are the only funds that have been
14 dispersed so far against the expenses that have accrued to
15 the account.
16 THE COURT: Did 8,000 go to Dickinson, ma'am?
17 THE WITNESS: Sixty-five hundred went to
18 Dickinson, a thousand dollar check went to Christine for
19 books and other expenses, a hundred dollars went into cash.
20 Can I have that exhibit, please? All of the money went for
21 the benefit of the child.
22 THE COURT: How much total? That is what I
23 am aSking. Was it 8,000 advanced for Dickinson, 8,000 on
24 it?
25 THE WITNESS: Right. Well, when I said
67
1 Oiokinson, I mean not the college per se, but her attendance
2 at Dickinson which has other expenses related to it. I
3 didn't mean to imply that that all went to th~ college. I
4 should have done that differently. But there's been over
5 $8,500.00 expended
6 THE COURT I Hold on. She is marking
7 exhibits.
8 (Whereupon, Defendant's Exhibit No.2
9 was marked for identification.)
10 BY MR. BACH:
11 Q You have a copy of what's been marked as
12 Defendant's Exhibit No. 2 in front of you, is that right?
13 A That's correct.
14 MR. DELUCE: Which one is that? Okay.
15 BY MR. BACH:
16 Q And we have given counsel a copy of that.
17 And I would like you just for the record to identify what
18 that document is.
19 A That's my handwritten notation of various
20 expenses that I've incurred on behalf of Christine's post
21 secondary education.
22 Q Now, regarding expenses, I'm back into
23 this -- I'm back into your expenses in the green book, okay,
24 Defendant's Exhibit No.1. I want to direct your attention
25 to the Cornell University experience as well as the
68
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1 experience to France tor the trips that Christine took. Is
2 it true, ma'am, that you are seeking reimbursement tor
3 advances from the fund for those experiences?
4 A Absolutely. They are legitimate expenses.
5 Q And how were they educational experiences, if
6 you know?
7 A Well, the France was -- the France trip was
8 . with her camp Hill High school French class, and it was an
9 educational experience in promoting the French languaqe,
10 which she is taking here at Dickinson. primarily it was to
11 help beef up her college application so that she could get
12 into college because she had very low SAT scores, and my
13 objective has been to get this child into college. That's
14 why I sent her to Huntingdon to have an SAT prep course.
15 She had previously gone to sylvan Institute.
16 Q I'll get into the Huntingdon prep course.
17 The Cornell university experience, please.
18 A That was -- Christine wanted to become an
19 architect, and she wanted to pursue a summer curriculum at a
20 college. She had tried to get into the Rensselaer Poly
21 Institute and was refused. She was accepted at syracuse
22 university and Cornell University, and, frankly, I thought
23 it was an excellent idea because if she got in there and
24 could get good grades it would help to get her into a good
25 college for the real thing. And these college credits would
69
1 transfer over because I asked that of Cornell University
2 ahead of time, would these credits they are legitimate
3 college credits --
4 THE COURT I We know they transferred over.
5 THE WITNESS: -- and would they transfer
6 over.
7 THE COURT: Next question.
8 BY MR. BACH:
9 Q Why was it necessary for you to advance the
10 fund and pay for these expenses?
11 A I live from paycheck to paycheck.
12 Q Excuse me. Why was it necessary for you to
13 advance this fund?
14 A Because I'm trying to keep the funds in the
15 portfolio to earn their maximum value.
16 Q Thank you. I'm going to direct your
17
18
19
20
21
22 Q So that was an educational course directed at
23 improving an SAT grade, is that correct?
24 A That's correct.
25 Q And you are seeking reimbursement for the
attention to the Huntingdon SAT exam preparation and
service. What's that all about?
A That was taken because she had scored very
lowly on her SAT's, and I'm trying to get her scores up 80
that she can qualify to get into college.
70
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1 fund for the monies you advanced?
2 A Yes.
3 Q Now, I want to direct your attention to the
4 aotual taxes paid to date. Could you explain why the fund
5 owes you 8,402?
6 A Those are the actual taxes paid to date.
7 Q That is paid on the interest income that the
8 fund has earned, is that correct?
9 A That's correct.
10 Q And this represents the taxes paid over the
11 fifteen years of your stewardship?
12 A Right.
13 Q And you pay this out of your own personal
14 funds, is that right, ma'am?
15 A That is correct.
16 Q And you now seek reimbursement at an
17 appropriate time when the fund has some maturity to pay you
18 back?
19 A I do, and I would like to read something into
20 the record, if I may.
21 Q Wait a second. Just let me finish what I'm
22 doing. You'll get your chance.
23 A Okay.
24 Q And you're also seeking interest on taxes
25 paid into the fund at 9 percent per annum?
71
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1 A That's correct.
~ Q And that again represents payment over the 15
3 year life of the fund?
4 A Right. And I would like to, if you would
5
6
7
8
9
10 This is a fee that you're seeking for your stewardship and
11 management of this fund?
12 A That's correct. I prepare four tax returns
13 for each girl each year, one of which I do have a tax
14 accountant--
15 Q Next, ma'am, next. The tax accountant
16 expense, ma'am, $650.00, you pay this out of your pocket, is
17 that right?
18 A That's right.
19 Q And you're seeking reimbursement from the
20 fund at an appropriate time, is that right?
21 A That's correct, and I'm not asking for any
22 interest on that.
23 Q Now, the next entry you show is legal
24 expenses estimate $6,500.00. What's that all about?
25 A Those are the expenses that have accrued as a
want me to, describe the reason for 9 percent. I would be
happy to do that.
Q Ma'am, next is the custodial fee?
A Right.
Q At $175.00 a year for 14 years, $2,450.00.
72
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1 result or. this case because Mr. Line, in my opinion, sir, is
2 simply trying to take the money away from me that I've
3 worked tor.
4 THE COURT: Hold on.
5 MR. DELUCE I I'm going to object.
6 MR. BACH I Let me just
7 THE COURTI Hold 011. She told me why she
8 thinks she is entitled to 6,000 in legal expenses. Next
9 question.
10 MR. BACH: All right.
11 BY MR. BACH I
12 Q This advance for Dickinson College, you show
13 it as $8,000.00 due you, but that has been paid already, is
14 that right?
15 A out of that $8,000.00, sixty-five hundred
16 went to the college, and the balance went to Christine for
17 college expenses.
18 Q I understand that. But this is money your
19 mother gave you and you paid back?
20 A That's right.
21 Q So that's off the boards?
22 A That has since been compensated for
23 Q Is that off the boards? Is that an expense
24 you're still seeking or is it taken --
25 A No, that's off the board.
73
, ''\
--
1 Q Thank you, ma'am. You're showing car
2 insurance' 95, ' 96, ' 97, ma' am.
3 A Riqht.
4 Q Is that Christine's car insu~ance that you're
5 paying personally?
6 A That's correct. I cannot take out car
7 insurance for myself without covering car insurance for her.
8 Those are the requirements of the insurance companies. I've
9 gone to the insurance commissioner and everyone.
10 Q Let me ask you this, did you pay the 2,000
11 out of your pocket, ma'am?
12 A Yes, I did.
13 Q Are you seeking reimbursement from the fund
14 at the appropriate time?
15 A Yes, I am.
16 Q Thank you. I showed you something marked as
17 Defendant's Exhibit No.2, and you explained, I believe,
18 that that's a document related to expenses that you
19 prepared, is that correct?
20 A That's correct.
21 Q Now, ma'am, I just went over with you certain
22 expenses which you believe are reasonable expenses that you
23 intend to charge this fund sometime. As I understand it,
24 it's going to be when there's liquidity for you to be able
25 to do this, is that correct?
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~ That's correct.
Q You would not be cashing any or these bonds
in prematurely, would you?
A No.
Q Thank you. Now, the second exhibit also
deals with expenses, correct? Now, does that exhibit have
additional expenses that I did not talk to you with a minute
ago?
A It has the expenses on it that have accrued
since Christine started Dickinson this fall.
Q Excuse me. Are they the same expenses that
we just went over?
A To the most part they are.
Q All right. And in addition to listing the
expenses, there are certain cancelled checks and other
photocopies of evidence of your payment out of personal
funds to pay those. Is that what that is?
A That's right. The credit union keeps my
cancelled checks so I don't have that available, but I can
get it if the Court wants it.
Q All right. You heard your daughter testify
when she was asked by Attorney DeLuce a question relative to
a particular note. Do you know what note he was referring
to?
A
Well, what he was referring to was some
75
A
Q
A
Q
Christine?
A
Q
A
Q
note?
A
~
76
,\
1 Q And that is your tather's handwriting?
2 A It most certainly is.
3 Q You are familiar with that?
4 A Absolutely.
5 Q Now, that particular note, is it your view
6 that that belongs in Christine's educational fund, or does
7 that note belong to you, Greta Line, as an individual?
8 A That note belongs to me as Greta Line as an
9 individual, and I would like to tell why it does.
10 Q Excuse me. Why does it belong to you, Greta
11 Line, as an individual?
12 A Okay. Originally, the bearer bonds were the
13 original bonds that my father provided for my daughter to
14 help out with her college education.
15 Q Take that slow, please, so we can digest what
16 you are saying.
17 A That they were given at Christmas in 1982,
18 and dad had some of them folded up as paper airplanes. I
19 really take exception to this invasion in my safe deposit
20 box because they destroyed the paper airplanes.
21 THE COURT: wait a minute. You are oft the
22 scope of the question. Now I have lost track of the
23 question. Ask the question again.
24 BY MR. BACH:
25
Q
Let me ask you the question again. You are
77
~
1 with me on the faot that Lu Lu is your daughter?
2 A Right.
3 Q She says she's Lu Lu, you say she's Lu Lu. I
4 said to you who inscribed Lu Lu on there. You said my
5 father. The question then was this, ma'am, that instrument,
6 that note, inscribed with the word Lu Lu by your father,
7 does that belong to you as an individual or does that belong
8 to Lu Lu or your child's educational fund, and I would ask
9 you to explain that?
10 A The bearer bonds belong to me.
11 Q Why?
12 A Because they were replaced. They were
13 original investments made by my father before he made
14 Q Hold on. When you sayan original
15 investment, you don't mean an original investment in this
16 educational fund, do you?
17 A Well, he gave them as gifts toward my
18 daughter's education, to be used in that regard.
19 Q And did he change that sometime later?
20 A Then he changed that.
21 Q When did he change it?
22 A He changed it in the years '84 and '85 and
23 '82 with the purchase --
24 MR. DELUCE: I object.
25 THE COURT: You have got to wait until I hear
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her answer. That is not a hearsay answer. Next question.
BY MR. BACH I
Q How did he change it, ma'am?
A He purchased the CATS and the TIGR, and he
had them registered with me as custodian and my daughter,
Chriatine, as the beneficiary. He also -- the reason why
these were given to me was that I had a second daughter, and
dad tried to give my second daughter similar funds to my
first daughter. In March of 1985, my father almost died,
and between '85 and
Q Hold on now. I'm going to let you speak.
Let's keep this record clear, please. This instrument with
the notation Lu LU, isn't that a bearer, pay to the order of
bearer, is that correct?
A That's correct.
Q So it is a bearer bond with a pencil
notation?
A Right, and I have been the bearer of the
bonds.
Q And that's been marked as Plaintiff's Exhibit
No. 9 for the Court to look at, is that right?
A That's correct.
Q Now, who has been
A It is Plaintiff's Exhibit No. 10.
Q All right, Plaintiff's Exhibit No. 10. Who
79
A
Q
A
Q
though it's
ma'am?
A
Q
A
Q
'''I
80
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1 A I mean that they were no longer necessary for
2 her oollege education.
3 Q Ma'am, are they in your green book labeled as
4 Exhibit No.1?
5 A They are in the back folder of my --
6 Q Where in the back folder are they?
7 A They are in the back folder separately
8 stapled together.
9 Q Take them out of the folder, and for the
10 record, tell us what their numbers and the amounts are.
11 THE COURTI You are talking about the bearer
12 bonds?
13 THE WITNESS: The bearer bonds.
14 MR. BACH: No, I'm --
15 THE COURT: Am I wrong?
16 THE WITNESS: You're talking about the bearer
17 bonds?
18 MR. BACH: You're talking about the bearer
19 bonds that were replaced by CATS.
20 THE WITNESS: Yes.
21 BY MR. BACH:
22 Q My question went to where are these CATS, and
23 you said they are in the back of the folder.
24 A Yes. But I had something I wanted to Bay --
25 Q Well, go ahead and say it.
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A -- on the bearer bonds.
THE COURT I Hold on, ma'am. Next question.
BY MR. BACH I
Q What is it you wanted to say about bearer
bonds that I didn't cover?
A You didn't cover the fact that I had a second
child, and dad between the time he almost died, March of
1985, tried to bring Jan's account up to be what Christine's
was, and he said in the event I am not able to he said you
will always have
MR. DELUCE I
THE COURT:
I object.
Sustained.
It's hearsay.
It is inadmissible.
Next question.
BY MR. BACH I
Q At anytime while you were in possession of
these bearer bonds with the notation on it Lu Lu or any
pencil notation, if you had a need for a car or a roof on
your house, is it your impression that you could have used
that particular instrument to pay for a roof or a car?
A They are my bonds, and I can use them as I
see fit.
Q Thank you.
A My father gave them to me.
Q And there is no dispute or confusion at least
in your mind as to who those --
82
~
1 A Absolutely not.
2 Q -- bonds belong to, is that right, ma'am?
3 A Absolutely not.
4 Q Now, what is the total value of the bearer
5 bonds that have the word Lu Lu on them or for Lu Lu or
6 anything similar?
7 A I think the total value is $12,000.00.
8 Q That would be the face amount, correct?
9 A Face amount. There were two $5,000.00 and
10 two $1,000.00, but in the copying the two $1,000.00 didn't
11 copy correctly. As I recall, there is a total of $12,000.00
12 with some notation on it.
13 Q And they are bearer bonds from Allied
14 Corporation?
15 A Allied Corp.
16 Q Can you read into the record the number of
17 these bearer bonds that may be in dispute here today?
18 A Well--
19 Q The number and the face amount, please.
20 A Number V 1393 in face amount 5,000 due 1998.
21 Q Slow down, please, nice and slow.
22 A It's number V, as in victory, 1393. The face
23 amount is $5,000.00, and it's due in 1998.
24 Q Next, please.
25 A It's CUSIP number 156884 AF 5, face amount
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5,000, due November 15th, 1999.
Q Next.
A I don't know whioh other two had the
handwriting on because the copying did not pick it up, but
there were two $1,000.00 bonds that had that on.
Q Do we have them in the original portfolio,
ma'am?
A I have the actual bonds.
Q Can you read off the numbers and the face
amounts for the record?
A There is a $1,000.00 bond, number M 356, due
1998.
Q Face amount?
A That was a $1,000.00 bond.
Q And the last one, please.
A The number is M 358, face amount a thousand
dollars, due 1998.
Q Now, Ms. Line, there are four bonds. How
many of those have been inscribed by your father?
A Just those four out of eleven bonds.
Q You say just those four out of eleven. What
was it that he inscribed on those particular four bonds?
A Lu Lu education fund on the two $1,000.00
bonds.
Q Slow down, please. Lu Lu educational fund?
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$5,000.00?
A
And Lu Lu is spelled L-u L-u.
I understand. And what was inscribed on the
The one $5,000.00 bond had Lu Lu's college
fund, and the other one just the word Lu Lu.
Q Now
MR. DELUCE I Your Honor, can I see those
bonds?
THE COURT: Sure.
MR. BACH: Yeah, sure.
BY MR. BACH:
Q Now, just so the record is clear, Ms. Line,
on these particular bonds, you have testified that there's
absolutely no doubt in your mind that these monies do not
belong in that educational fund, is that correct?
A That's correct.
Q And that these monies, even though they are
inscribed Lu Lu and Lu Lu educational fund, their character
change, their purpose change --
A Over the fifteen years, the purpose of those
bonds changed because the purpose of those bonds was
replaced with the registered CATS.
Q Now, the registered CATS, was an equal amount
to replace them in CATS put into the educational fund?
A Yes, actually greater.
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Q Greater. How much greater?
A Well, I think
Q Approximately.
A The total of all those bonds together, you've
got the 12,000 that have Lu Lu written on them, and you've
got bonds totaling over $81,000.00 face value that they were
replaced with.
Q But what I'm saying, there came a point in
time when you were given the replacement bonds and directed
to replace these with the words on with the CATS, is that
right?
A That's correct.
Q Do you remember what year that was?
A Yes, I do. It was in the spring of 1986.
Shortly before my father died, he said, I've done --
MR. DELUCE: objection.
THE COURT: sustained. Next question.
BY MR. BACH:
Q
Did your father give you personally the
bonds?
A Yes, he did.
Q And while we're talking about your father,
did he work with you on investments or managing this fund?
A Well, he prepared a couple of the initial tax
returns for Chris, and we discussed back and forth how much
86
1 there was going to be available for the children.
2 Q On these zero ooupon bonds that you invested
3 in, what is the average rate of return you are getting?
4 A Over 11 percent.
5 Q Is that for the fund
6 A That's guaranteed by the full faith of the
7 United states of America. That's why I have done everything
8 possible to keep these bonds whole because that's a
9 guaranteed investment.
10 Q I understand that. So your investment for
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17 Q Let me ask you this. What is wrong with your
18 plan? Does it fall short because there's not enough cash
19 every year?
20 A There's nothing wrong with my plan. I've
21 done a really good jOb on investing. I've maximized the
22 value of the assets to their fullest, and now we come to the
23 eleventh hour where hex'e's all this money and somebody else
24 wants to spend it for me.
25 THE COURT: Next question.
her under your management is yielding 11 percent per annum?
A Or better.
Q Or better. Or better if you do some
compounding of the interest, is that right?
A No, some of them have higher rates. I've
identified in my exhibit the rates for each bond.
87
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1 THE WITNESS I Can I please have my boarer
2 bonds back?
3 THE COURTI You will get them back. Next
4 question.
5 BY MR. BACH I
6 Q Your husband, Henry Line, in the fifteen
7 years of your watch over this educational fund, how many
8 written requests has he made to you for an accounting of
9 this fund?
10 A The first request I received from Henry Line
11 was in the form of Mr. DeLuce'S July 21st letter to me.
12 Q And that was what year, ma'am?
13 A 1997.
14 Q So for 14 years you heard nothing from him?
15 A Well, I'll tell you about a little
16 incident
17 THE COURT: No you won't. Next question.
18 Next question.
19 BY MR. BACH:
20 Q Relative to your daughter that lives at home
21 with you, has she asked you to provide her at anytime with a
22 written explanation of the nature and the extent of her
23 educational fund?
24 A Not until after I took her to the safe
25 deposit box to show her what I had for her, and that was
88
1 June 15th. That was the morning that she later went into my
2 safe deposit box without my permission. She asked me as I
3 dropped her off to work, mom, how much is there, and I told
4 her, I said, I can't tell you now, I'm on my way to work but
5 I will be happy to go over the portfolio with you.
6 Q Now, do you have any problems with disclosing
7 all of these assets to your daughter?
8 A It doesn't bother me a bit. That's why I put
9 her on the box was to -- as a safe -- as a protection in
10 case anything happened to me. I told her, I said, your
11 education funds that I've been able to put together are
12 here, and if something happens to me, you'll know how to get
13 them. And I didn't want anything to interfere with her
14 ability to get the money that I've been saving for her.
15 Q Very good. As far as your Defendant's
16 Exhibit No.1, does that present a true and accurate picture
17 of the entire holdings of this young lady, your daughter,
18 Christine'S educational fund to date?
19 A Can I please see what Exhibit 1 is.
20 Q Your Exhibit 1 is your green book.
21 A Oh, mine. All right. I thought you said
22 his. I'm sorry.
23 Q prepared by you.
24 A Yeah, this is everything. This is it. I've
25 laid it all on the table here for everybody. I show how the
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bonds mature eaoh year.
Q Ma'am --
THE COURT I She said yes.
BY MR. BACHI
Q Are there any other assets that should be
included in this book that are not there?
A Well, I think what should be known is that I
came to this court
THE COURT: Assets. Are there any other
assets not included here that are for your daughter, that
benefit your daughter?
BY MR. BACH:
Q Is this everything she owns?
THE COURT: wait a minute. I asked a
question.
THE WITNESS: Yes.
MR. BACH: sorry, Judge.
THE COURT: There are?
THE WITNESS: No, I'm saying this is all.
THE COURT: This is all.
THE WITNESS: This is all. I'm sorry, I'm
getting confused.
THE COURT: Next question.
BY MR. BACH:
Q
Do you want to remain as custodian of your
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1 daughter Christine's college fund?
:2 A Absolutely. J am very much insulted that
3 anyone would want to remove me after all of the effort I
4 have put forth to keep these funds whole and to maximize
5 them. It's taken an awful lot out of me personally. I
6 sacrificed in early years.
7 Q Do you feel you've been a prudent manager of
8 this young lady's educational fund?
9 A I've been outstanding. I had a number of
10 people ask me to help them out.
11 Q Do you feel you're entitled to reasonable
12 reimbursements for your expenses made out of pocket?
13 A I do. And I would like to justify some of
14 those expenses, if I may.
15 Q Well, what particular expenses do you want to
16 justify?
17 A Well, the 9 percent rate for the tax loan was
18 determined based on the fact that if I had to borrow money
19 from the Pennsylvania state Employees Credit Union, it would
20 have cost at some period of time 12.9 percent to borrow that
21 money or 15 percent. That is documented under tab three.
22 If I had had the money available for myself,
23 which it was out-Of-pocket money, I would have invested it
24 in my deferred compensation plan at work which has reached
25 an annual return of 17 percent. That is documented under
91
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1 pooket three. And I would like to say that the trustee,
2 according to the Probate __
3 Q That's all right.
4 A -- Estates and Fiduciary Court __
5 MR. BACH I You don't have to read the law.
6 THE COURT I You told me why you want the 9
7 percent. Next question.
8 BY MR. BACH:
9 Q Ms. Line, we're not going to allow you to
10 read that law into the record here. Do you feel your
11 expens$s are reasonable and you're entitled to get paid for
12 them, is that right?
13 A That's correct, because trustees are
14 unable--
15 Q Please listen to me. Please, please, please
16 listen to me.
17 A Okay.
18 Q It is my understanding from you that you will
19 not take any action that will lower the child's return, is
20 that correct?
21 A I haven't to this point in time. That has
22 been my intent.
23 Q As far as your expenses are concerned, you're
24 willing to wait until there is money there to be reimbursed
25 at an appropriate time, is that right?
92
1 would be available for the next years of college on that
:2 sheet?
3 A I do.
4 Q And what would be available?
5 A There's 53,599 at current market value after
6 expenses have been paid, and then it shows for the second
7 semester of '97, '98, seventy-five hundred dollars, and for
8 each of the three remaining coliege years, for a four year
9 undergraduate, at $15,000.00 a year at the sum of
10 $45,000.00. And then for car insurance for three years it's
11 $688.00, it's $2,064.00, leaving a net loss of $965.00.
12 Q Okay. So if this fund were cashed in, you
13 get 53,000; however, it's my understanding that if you go to
14 maturity or face value the fund will yield over a hundred
15 thousand dollars?
16 A It will gain an additional $12,000.00 over
17 what is here tOday after the expenses have been paid.
18 Q All right. An additional $12,000.00?
19 A Take the $53,000.00 represents net assets
20 after the expenses have been paid to the custodian, and that
21 is based on current market value --
22 Q Yes.
23 A -- of the securities, and if those securitie8
24 were held to maturity, the fund would realize an additional
25 $12,206.00.
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1 Q Is it your intent as custodial holder of
2 these funds to seek the maximum yield or the maturity date.
3 on these instruments?
4 A I do. Twelve thousand dollars is a
5 significant sum of money.
6 MR. BACH: Thank you. I have nothing
7 further. You may cross-examine.
8 CROSS EXAMINATION
9 BY MR. DELUCE:
10 Q Can I see the original bonds? I'm still not
11 clear on some things.
12 A Which bonds would you like?
13 Q Both the bearer and the ones with the
14 designation.
15 A For Christine and Janette?
16 Q Not Janette.
17 A These are Christine's, and these are the
18 bearer bonds.
19 Q These bearer bonds -- I'm sorry. 'rhese CATS
20 bonds is your -- in your Exhibit 1 you have an accounting?
21 A Of one through twe 1 ve.
22 Q And these are those bonds?
23 A That is correct.
24 Q These were bonds purchased by your father in
25 the early 80'S, is that correct?
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A Yes.
Q He bought them and had this inscribed, Greta
Line oustodian for Christine Louise Line under the
Pennsylvania Uniform Gift to Minors Act?
A That's correct.
Q And that's numbers one through twelve on this
sheet?
A That is correct.
Q And these have just been held in your safe
deposit box since that time, is that correct?
A That's right.
Q And what ynu've done is some calculations as
to value on maturity by holding these bonds at these
interest rates, correct?
A That's correct.
Q Now, those are those. Now, these are the
other bonds that you said are bearer bonds?
A Well, they are bearer bonds.
Q Now, you identified four of these that have a
designation either Lu Lu or Lu Lu education fund, and it is
the last four here. I'll segregate those. Let's deal with
these first. Now, these funds were purchased when?
A 1982.
Q And these were purchased by your father and
given to you?
,>
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Christmastime?
That is cornct.
Were these ones that were qiven at
A Yes.
Q And in fact --
A Some of them are.
Q I mean, some of them
A Some of these are too.
Q okay. These were given at Christmastime, and
the Lu Lu name or Lu Lu education fund was put on them, and
you kept these with these in your safe deposit box since
that time?
I did have them in my safe deposit box.
And all together under Christine's
A
Q
investments?
A No, that's not correct. I had them in my
safe deposit box.
Q They were not -- you're saying they were
segregated, they weren't kept with Christine's?
A I had them with Christine's. In fact, the
day that I took her to put her on the box as a co-owner, I
noticed I still had them in her folder, and that's why I
told her I had some sorting out to do because I hadn't been
in my box that part of my box for over ten years.
Q NoW --
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A So that had to be fixed up.
Q Of the remaining bearer bonds, there are one,
two, three, four, five, six, sevell of them, and these were
also qifts from your father, were they given to Chris at
Christmastime?
A They were all originally qiven Christmas
1982, to my recollection, yes. Those are all 1982 bonds.
Q All 1982?
A And the bonds verify that.
Q And on some of these, in fact
A There's drawings on some them.
Q On the back of them there are, Bomewhere, it
looks like a Christmas tree drawing?
A That's right.
Q And the word inscribed is Chris?
A That's right.
Q Is that Chris's handwriting?
A I think so.
Q And the same with this. This looks like a
house.
A Well, I drew the house.
Q And is that Chris?
A Yes.
Q And on this one the same thing?
A Yes.
, ,
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1 Q Now, the copies that you supplied to the
2 Court, they are not copied on the baok so they don't have
3 this information, correct?
4 A No, but I brought the bonds. They are right
5 he~e, you know. I'm not trying to hide anything.
6 Q These were all acquired in 1982, correct?
7 A That's correot.
8 Q Now, your position is very clear that these
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14 later replaced and voided out with the purchase of the
15 registered CATS and TIGRS.
16 Q Wait. Did you sell any of these bonds?
17 A No, I haven't sold anything.
18 Q Have you bought any new bonds with the money
19 that your father gave for Chris's education? The '82 bonds
20 have not been sold, have they?
21 A These bonds -- I have bought bonds for Chris
22 and Jan with money that was given to me for them in '94 from
23 my father and from my grandmother, and so I have bought
24 additional bonds and I put them here. Those are Exhibits 13
25 and 14.
bonds belong to you, correct?
A That is correct.
Q Even though you said the bearer bonds were
given to you for Lu Lu's education?
A The original gift in that form which was
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A Am I paying the taxes? Yes, I'm paying the
taxes.
Q Are you charging Chris? As her custodian for
those bonds, are you charging her those taxes?
A Yes.
Q On thosa bearer bonds?
A Well, on some of the bearer bonds between the
time of 1983, which would have been the first tax return,
there wasn't anything to be reported, but then up to after
1986 I had listed them on her tax returns. And at such time
as they are cashed in, I wi 11 reimburse her for whatever
taxes I had charged to her.
Q But you don't show that on your accounting
here today, do you?
A No, I'm just going with gross taxes, sir,
gross taxes.
Q So you've been -- and the interest that
you've been charging on these taxes that you have charged
her account which are not going to be her money, are you
going to delineate --
A It's a minimal amount of money, Mr. DeLuce.
We're talking probably about a little over in tax money le..
than a hundred bucks, I would think.
Q Well, now wait.
A My tax rate was 15 percent for all those
101
1 years except for two.
2 Q We're seeing here eighty-four hundred
3 dollars, and now you've charged interest on that amount
4 totaling fifty-five hundred dollars.
5 A I've charged interest on the CATS and the
6 TIGRS and the Scudder stock, Hr. DeLuce. That's what the
7 taxes are for.
8 Q In your accounting, you have not delineated
9 those out, have you?
10 A Not on my summary sheet, no.
11 Q But it's your testimony that those bearer
12 bonds are yours and have been yours since 1986, at least, if
13 not earlier?
14 A That's correct.
15 Q Let me ask you something. In your divorce
16 action, did you declare those bearer bonds as your assets in
17 1987?
18 A I can't recall, to be quite honest with you.
19 Q I'm going to hand you what is your inventory
20 and appraisement from that 1987 action. Would you tell me
21 if you see those bonds designated in there as one of your
22 assets?
23 A Well, this is a rather lengthy document, Mr.
24 DeLuce. Is there someplace that you can tell me?
25 THE COURT: Hold on. Let's do it this way.
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MR. OELUCEI I can represent, Your Honor, I
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9 Bach. Why don't you just walk back. Take it on back. Next
10 question.
11 BY MR. DELUCE:
12 Q You testified that the initial value of these
13 investments from your father was approximately $13,000.00,
14 is that correct?
surveyed it, and I cannot find those bonds listed anywhere
in there.
MR. BACH I Can I have a copy of that?
MR. OELUCEI You can look at it. This is my
only copy.
MR. BACH I May I see it, please?
THE COURT: Sure, you can peruse it, Mr.
15 A Thirteen thousand six ninety-four from the
16 first 12 bonds, and then there would be a couple hundred
17 dollars from the Niagra share, which was repurchased by
18 Scudder Growth.
19
Q
And those 12 bonds are still in existence
20 today, they've grown over the years, correct?
21 A The first bond has been cashed in. The
22 remaining 11 are still here.
23 Q Now, you said that some additional bonds were
24 purchased in 1994?
25 A That's correct.
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Q And placed under the uniform Gift to Minors
account?
A Yes, I did that.
Q Do you have those here today?
A No, I don't havo them in my purse. They are
held by the stockbroker.
Q And they are listed for Christine, and you
are the custodian?
A That's right.
Q And the source of funds came from your
mother?
A Right.
Q Now, you said that your plan has always been
to contribute 15,000 a year out of this fund to your
daughter's education, correct?
A That's what I told my daughter.
Q I'm going to hand you what's been admitted
into evidence as Plaintiff's Exhibit No.1. Did you prepare
that document?
A Yes, I did.
Q How much are you contributing there out of
the investments on Christine's behalf?
A This wasn't prepared in that regard, Mr.
DeLuce. This was prepared July 5th, Saturday, July 5th.
After putting Chris on the safe deposit box, I came home and
104
1 found the first bill from Dickinson College. It had an
2 August 7th due date.
3 I made a copy of it at the West Shore Public
4 Library and dropped it off to Henry. I said to him, I said,
5 here'S Chris's first college bill; I know that I'll be able
6 to come up with about $15,000.00; will you be able to come
7 up with the rest? He went into a tirade, shouted at me,
8 accused me of stealing --
9 Q You're not 3nswering my question.
10 A I'm getting to it.
11 THE COURT I stop. Just answer the questions.
1:2 When you get into that, yelling back and forth, it does me
13 no good. I have got to get the facts. Next question.
14 THE WITNESS: He demanded to know --
15 THE COURT: stop, ma'am. I am going to have
16 him ask you another question.
17 THE WITNESS: Okay.
18 BY MR. DELUCE:
19 Q How much are you contributing out of the
20 investments towards your daughter's education as shown on
:21 this sheet?
22 A Exactly what was put in by my father.
23 Q And what is that amount?
24 A Half of the first year bond, which is sixteen
25 hundred and ninety dollars.
105
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Q And that's it?
A That's it. That's all he contributed.
Q That was your position on July 5?
A Pardon me?
Q And that was your position on July 5, 19971
A No. He wanted to know how much my father had
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7 put into the bond, and this showed it to him. And I dropped
8 this off to his house -- actually, I gave it to Chris to
9 give to him July 18th.
10 He demanded to know how much my dad had put
11 into the bond, demanded, not requested, and so I showed
12 him -- I responded to his demand, and I showed him exactly
13 how much money my father had put into the bond.
14 Q What happened what did you prepare on July
15 5 then? I thought you said you prepared this.
16 A No, I just took over a college bill to him
17 and said I would be able to come up with $15,000.00, and
18 then he said, well., we would pay according to our income.
19 So I broke it out according to our estimated income.
20 Q Well, what you're saying on this sheet is you
21 are willing to contribute $1,690.00 per semester as a
22 contribution from the investments, is that correct? That's
23 all I'm asking.
24 A That was to show him how much my father had
25 put in.
106
1 Q But this sheet --
2 THE COURTI Well, the document speaks for
3 itself. Next question.
4 BY MR. DELUCE I
5 Q I'm handing you what's labeled Exhibit No.8.
6 Did you prepare that document?
7 A Yes.
8 Q And that, as far as the expenses are
9 concerned, pretty much mirrors the document you testified to
10 today? I'll let you find it.
11 A Yeah, it's right here.
12 Q That pretty much mirrors this document?
13 A Pretty much.
14 Q The only differences are the additional
15 $1,500.00 in attorney's fees that you want to charge and now
16 $2,000.00 in car insurance?
17 A Plus the addition of some money and taxes
18 paid because there was another $200.00 in taxes paid since
19 then.
20 Q Okay.
21 A That was due September 15th.
22 Q The interest went up from thirty-three
23 forty-nine to five thousand
24 A No.
25 Q -- eighty-eight dollars?
107
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1 A The interest on this statement was prepared
2 by my former legal counsel, and they qave me that figure and
3 it waa not according to my reoords. So I have corrected the
4 intereat according to what I expect to be paid.
5 Q When you paid the taxes on these returns --
6 strike that. These investments, are they registered with
7 the IRS under your daughter's social security number or your
8 social security number?
9 A Under her social security number.
10 Q And do you prepare or have prepared a
11 separate tax return for her each year?
12 A Yep.
13 Q And you say you do it on your own?
14 A I do it with the assistance of a tax
15 consllltant, tax accountant.
16 Q Is that the $50.00 per year that you are
17 charging?
18 A That I have to pay.
19 Q Is that what you pay for Christine's and
20 Janette's or is that segregated?
21 A No, that's $50.00 each.
22 Q 1(ou get separate bills for each of them?
23 A Yes.
24 Q Do you have those bills?
25 A No, I don't have those bills
lOB
1 Q Do you have the tax returns from 1984 to 1997
2 for Christine showing all of these amounts that you've
3 listed here in summary form?
4 A Yes, I do. I don't have them with me, but I
5 have them.
6 Q And you can produce those?
7 A Absolutely. That's a matter of record. It
8 was filed with the IRS.
9 Q Is it your position that the France trip in
10 1996, the twenty-seven eight-five which you have itemized
11 here on this sheet -- strike that. You prepared this for
12 today's hearing, did you not?
13 A No, those were just some of my notes of
14 expenses that I simply copied as backup information for
15 today's hearing. I did not prepare them for today's
16 hearing.
17 Q These expenses for -- let's start with
18 France. Mr. Line contributed $2,500.00, did he not?
19 A No, he did not.
20 Q I'm sorry, he contributed that to Cornell?
21 A Right.
22 Q strike that. Let's go back to France. The
23 money that was spent on Chris's behalf in France, was that
:24 all solely your money?
25 A Yes.
109
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1 Q Was any contributions made by Jim Kaneen?
2 A Jim had given me money to buy a car with, and
3 instead of putting the money toward the car, I financed the
4 car so I would have the funds available to send Chris on
5 this trip and to pay for Cornell because I had no money
6 myself. So that's why I had her write a thank you note to
7 him because it was because of the fact I had the funds
8 available that she was able to go, but they were my monies.
9 I live on a very, very tight budget. That's why I came
10 Q You're living in the former marital home in
11 camp Hill, are you not?
12 A I'm living in my house, Mr. DeLuce.
13 Q You get child support when you have two
14 children in your house?
15 THE COURT: Wait. You do not have to get
16 into any of that. All I am worried about and have to deal
17 with are these funds vis-a-vis this daughter.
18 BY MR. DELUCE:
19 Q Now, the car insurance that you're now
20 charging, you didn't initially charge that in the September
21 accounting. How come you are now charging it for three
22 years back, but you didn't know that in September of '97?
23 A I didn't have the figures at that time, Mr.
24 DeLuce, from my insurance company to verify it, and I was
25 still waiting for a decision from the insurance
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19
20
21
22
23
24
25
oommissioners.
insurance
Q
A
Q
three cars?
A
Q
A
Q
she?
'.,
I have to pay for christine's car
I just asked you a question.
-- to get my own.
The car insurance is for one car, two oars,
One car.
That's the car you drive?
Right.
She doesn't have a car here at school, does
A No. But because she lives and has my
residence as her domicile, I am obligated by the provider of
insurance to cover her on my policy; otherwise, I don't get
car insurance.
Q Do you have it delineated out how much is her
additional cost to have car insurance versus yourself?
A Yeah, I have a letter to that effect.
Q Do you have that from the insurance company?
A Yes, I do. It's under folder three. There'.
a letter under folder three that documents how much it
costs.
Q And you feel it's appropriate to charge her
education fund for that?
A It's not education fund. There's nothing
111
1
:2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
--
~
written on these bonds that indioate it's for eduoation
fund. They are for the benefit of the child. These are
expenses of the child. It's all being spent for the child.
Not one penny of these funds have ever been spent for me for
my personal benefit. It's all been spent for the child's
benefit. And do you
Q I didn't ask you a question.
A Well, you have raised the --
THE COURT: Ma'am, stop, stop. Next
question. I cut off the support question. Next question.
BY MR. DELUCE:
Q Now, you testified that you're willing to
contribute out of these funds 15,000 a year. You've also
had testimony regarding ~laintiff's Exhibit No. 1 which has
one amount. Admitted into evidence is Plaintiff's Exhibit
No.5 wherein you are offering 10,000 a year, correct?
A Yes.
Q And then admitted into evidence is
Plaintiff's Exhibit No. 6 where you paid sixty-five hundred
for the fall and said the balance is Mr. Lines', is that
correct?
A Yes.
Q For the fall semester?
A Um-hum.
Q Now, you also testified that you cashed in a
112
Q
A
account.
Q
account?
A
account, and I
113
,
1 THE COURT I Hold on. She answered. Go
2 ahead. We know where the money is.
3
4
5
6
7
8
9 REDIRECT EXAMINATION
10 BY MR. BACH:
11 Q Just so the record is absolutely clear, on
1:2 this entire fund during your management, did you at anytime
13 use one penny, one nickel, one dime, or one dollar for your
14 own personal use?
15 A No.
16 MR. BACH: Thank you. Nothing further.
17 THE COURT I You may step down, ma'am.
18 THE WITNESS: Thank you.
19 THE COURT: I have the original Exhibit 1, I
20 guess, but I do not have any other exhibits. Let's be sure
21 she dqes not take any of the other exhibits.
22 THE WITNESS: I gave those back.
23 MR. BACH: I wanted to just make -- we had
24 two exhibits. I would move for their admission. We have an
25 agreement that number one could go in. Do you have any
MR. DELUCE I I beg the Court's pardon for one
moment, Your Honor.
THE COURT I Sure.
MR. DELUCE: I have nothing further, Your
Honor.
THE COURT I Any redirect, Mr. Bach?
114
1 problem with number two?
2 MR. OELUCEI I didn't have an agreement that
3 number one could go in. I said she could testify to those
4 things.
5 THE COURTI Hold on. You can step down,
6 ma'am. Let's get her down, and then we will take the next
7 step.
8 MR. BACH: Your Honor, with the Court's
9 permission, we will not be calling any other witnesses. I
10 would like, however, at this time to formally move for the
11 admission of Defendant's Exhibit No.1, which has been
12 referred to throughout as a green bound portfolio.
13 THE COURT: Any objection?
14 MR. DELUCE: Your Honor, I guess I would
15 object. In slot number one where she has gross and gain,
16 the first page I don't object to. I don't recall any
],7 testimony on the second page. Then behind net assets, the
18 first page, while we dispute some of the expenses and some
19 of the things that are on here, I don't object to it being
20 admitted. And then the rest of the documents I would Object
21 to. A lot of them pertain to Janette. I don't see how they
22 are relevant.
23 THE COURT: I am going to admit the exhibit.
24 I won't deal with anything that involves Janette. She put
25 it all together as a package. The documents with respect to
115
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they mature shall be used by the successor custodian to pay all principal and Interest
on loans or fee deferrals made by Dickinson College or any other lender for the
college educational expenses of Christine Line, and for all such future college costs
and expenses as Incurred,
(7) A hearing shall be conducted In Courtroom Number 2, Cumberland County
Courthouse on Friday, March 6, 1998, at 10:00 a,m" for a final accounting by Greta
M, Line, At said hearing additional evidence will be taken pursuant to her claims for
expenses not otherwise resolved in the within opinion, Following the hearing, a final
order will be entered that will Include a resolution of all expenses claimed by Greta M.
Line and a directive to how and when such expenses that are approved shall be paid.
(8) Additionally, at said hearing Greta M. Line shall account for the other
assets set forth in Section IV of the within opinion, Pending a final order of this court,
Greta M. Line shall not divest any of these assets, Following the hearing, a final order
will be entered with respect to said assets.
(9) At the aforesaid hearing, Greta M. Line shall produce all documents and
evidence as set forth In the within opinion.
By the Cou",'~ .
( II .~
~J
Edgar B, Bayley, J,
,
David W, DeLuce, Esquire
For Petitioner
- ('~UN m\-O.A.lUd.., ~ I.J S / "d' .
James M, Bach, Esquire A. f.
For Respondent
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97-4534 CIVIL TERM
a determination whether expenses claimed by Greta Line as custodian may be legally
charged against Christine's estate.
Henry Line, III, and Greta M. Line were separated In Novernber, 1965, and
divorced In March, 1990. Along with Christine, whose nickname Is LuLu, they have
another daughter Jeannette, age 13. Christine matriculated as a freshman at
Dickinson College In the fall 011997. The cost 01 room, board and tuition lor a full
academic year Is approximately $28,000.
Starting In December, 1982, Edward Miller gave gills 01 eleven bearer bonds to
his granddaughter, Christine. Ten 01 the bonds were Issued by the Allied Corporation
and one was issued by CATS (Certificate 01 Accrual on Treasury Securities). The
bonds have maturity dates starting 1998 through 2000 which coincides with when her
grandfather anticipated that Christine would attend college. The bonds were given to
Christine at Christmas. They were creatively packaged, some like airplanes, and used
as tree omaments. Four of the bonds have either 'LuLu" or "LuLu education fund'
written thereon. Some of the bonds have drawings on the back such as a Christmas
tree or a house with the word Chris. Greta M. Line has kept the bonds In a safe
deposit box.
In the spring of 1966, shortly before he died, Edward Miller purchased eleven
registered CATS bonds (Certificate of Accrual on Treasury Securities), and one
registered TIGR bond (Treasury Investment Growth Receipt). One CATS bond
matured In 1997, and the remaining bonds will mature between 1996 and 2003. Each
-2.
97-4534 CIVIL TERM
bonds should be kept to maturity. Christine and her father want the proceeds from
the bonds first applied toward her room, board, tuition and expenses at Dickinson
College. They also want the custodianship of the UTMA bonds transferred to
Dickinson College. The college has agreed to act as the custodian. The father is
willing to make up the dlHerence, II any, in the cost of Christine's college education
from the amount the bonds will ultimately cover, Including any Interest charged by
Dickinson on unpaid costs pending the maturity of tile bonds. The mother Is willing
to apply only $15,000 per year toward the college education expenses of Christine at
Dickinson. The first CATS bond matured at $16,000 on November 15, 1997. The
mother paid $6,500 to Dickinson College toward Christine's first semester costs and
provided Christine $1,500 toward books and expenses. She placed the remaining
$6,000 in an account in a credit union In her name alone.
The mother maintains that In 1966, when her father purchased the eleven
CATS bonds and one TIGR bond and placed them in her name as custodian for
Christine under the UTMA, that the other eleven bearer bonds no longer belong to
Christine but rather reverted to her. Christine and her father maintain that the bearer
bonds which were given to her as Christmas gills are Christines.
In a plurality opinion in Sutliff v. Sutliff, 515 Pa. 393 (19B7), the Supreme
Court of Pennsylvania stated:
The purpose of the UGMA is to provide an inexpensive, easy
mechanism for giving property to minors. Belore passage of the UGMA,
a trust or guardianship was required. These methods were unwieldy,
raised federal tax problems and were often prohibitively expensive for all
-4-
97-4534 CIVIL TERM
but large gills. The UGMA seeks to solve the problem 01 administrative
expense and complexity while preser/lng certain laderaltsx benefits lor
the donor. Unllorm Gifts to Minors Act, Prelatory Note, BA U.L.A 318
(1963). Property transferred under UGMA Is owned by the donee-minor;
the minor Is vested with full and Indeleaslble title. 20 Pa.C.S. ~ 5304. A
custodian holds, manages, invests and dispenses the property during
the child's minority, 20 Pa.C.S. ~ 5305(a), bu1 must deliver the property
and proceeds, plus accumulated interest and profit, to the minor when
he reaches the age 01 twenty-one.e 20 Pa.C.S. ~ 5305(d). Unlike a trust
for support or education, the proceeds 01 which must be used lor the
stated purpose, the UGMA property and proceeds may generally be
used by custodians lor the child's support. It Is, however, the
custodian's duty to use the property lor the child's benefit. 20 Pa.C.S. ~
5305(b). We have stated that a custodian may not use UGMA property
to benefit himself, Schwartz Estate, 449 Pa. 112, 117,295 A.2d 600,
603 (1972) (Opinion Announcing the Judgment 01 the Court), and
suggested that a custodian may not use It to lulfill an existing support
obligation. Id., at 115 n. 2, 295 A.2d at 603 n. 2.
The mlnor-custodian relationship under UGMA Involves at a
minimum the fiduciary obligation of an agent. The custodian Is expected
to use the property lor the minor's benefit and act In the minor's Interest.
20 Pa.C.S. ~ 5304. An agency relationship Is a fiduciary one, and the
agent Is subject to a duty 01 loyalty to act only lor the principal's benefit.
Restatement (Second) 01 Agency ~ 3B7 (195B); Sylvester v. Beck, 406
Pa. 607, 176 A.2d 755 (1962). A custodian under UGMA should be held
to a no less rigorous standard. Indeed, a custodian's du1les may be
more property analogous to those 01 a trustee with the broadest
possible discretionary powers. A trustee owes a fiduciary duty to the
beneficiary. Restatement (Second) 01 Trusts ~ 170 (1959); Holmes
Trust, 392 Pa. 17, 139 A.2d 54B (195B). He violates that duty when he
has a personal interest In trust dealings that might affect his judgmtlnt.
Restatement (Second) 01 Trusts ~ 170, comments b, c (1959); Banes
Estate, 452 Pa. 36B, 305 A.2d 723 (1973), appeal after remand, 461 Pa.
203, 336 A,2d 248 (1975).
e. This also distinguishes a minor given assets under UGMA Irom a trust
beneficiary. Though a ben'lliciary of a trust enjoys the Irults of the
corpus, he mayor may not eventually own It; a beneficiary does not
have title to the corpus. The minor actually owns the property.
.5-
97-4534 CIVIL TERM
I. DISPOSITION OF THE BEARER BONDS
The mother, father and Christine all agree that the eleven bearer bonds were
given to Christine as Christmas presents by her mate mal grandlathor. Christine Is the
bearer of the bonds. There is no admissible, credible evidence that the grandfather
somehow rescinded his gills to cr,ristlne when he purchased the eleven CATS bonds
and one TIGR bond which were registered In the name 01 'Greta M. Line, custodian
for Christine Louise Line under the Pennsylvania Unllorm Gills to Minors Act.' To the
contrary, the mother acknowledged that as income taxes have accrued on the bearer
bonds, as they have on the registered bonds, she has advanced money for the
payment 01 the taxes each year on returns filed In the name 01 Christine. She also
acknowledged that during her divorce proceedings she did not declare the bearer
bonds as her property. Accordingly, we find that the bearer bonds are Christine's
bonds. The mother does not even hold those bonds as a custodian lor Christine
under the UTMA. She simply held them for Christine, and since Christine has
reached her age of majority, which in Pennsylvania is age 1B: the bonds are hers
and the mother must turn them over to her immediately.
II. DISPOSITION OF THE REGISTERED CATS AND TIGR BONDS
Section 5314 of the UTMA provides that 'A custodian may deliver or pay to the
minor or expend lor the minor's benefit so much of the custodial property as the
custodian considers advisable for the use and benefit of the minor, without court
4. 23 Pa.C.S. ~ 5101.
-6-
97-4534 CIVIL TERM
with her not cashing any bonds belore their maturity dates. The bonds all eam
interest at rates varying from a low of 103/6 percent to a high 0114 percent. Other
than distributing the proceedo 01 the bond that matured at $16,000 In 1997, $8,000 of
which she Impermissibly commingled In an account In her own name, the mother has
had to do only two things to protect the UTMA estate that has Increased in value on
Its own. First, she has had to keep the bonds sale, especially the bearer bonds,
which she has accomplished by placing them in her salety deposit box. Second, she
has had to Insure that the Interest accumulated on the bonds each year Is declared
on Christine's simple federal and state Income tax retums. She testified that she has
done that.
The mother seeks legal expenses estimated In the amount 01 $6,500. She
cannot recover any legal fees lrom the UTMA estate. Sutliff v. Sutliff, 339 Pa. Super.
523 (1965), as affirmed with respect to the payment of legal fees at 515 Pa. 393
(1967). When she Is not In college, Christine lives In the home of her mother. Her
mother owns an automobile in her name. The insurance on the vehicle is higher
because Christine drives that car. The mother seeks to charge the UTMA estate
$2,064 for Insurance on her vehicle. Christine does not have a car at college. This
claim, besides being unreasonable, defies credulity.
The mother testified that she has paid $650 over the years to a tax accountant.
There Is nothing exotic about claiming interest on income tax returns. If the tax
accountant prepared tax returns for Christine the claim is reasonable. We will
.9.
97-4534 CIVIL TERM
appropriate bond.
In addition to the mother breaching her fiduciary duty to Christine by her
outrageous attempt to appropriate to her own use the eleven bearer bonds that
Christine's grandfather gave to Christine as Christmas presents, the mothor has
violated three provisions 01 the UTMA with respect to her custodianship of the CATS
and TIGR bonds. First, Section 5312(e) of the UTMA titled 'Records,' provides:
A custodian shall keep records 01 all transactions with respect to
custodial property, including Information necessary for the preparation of
the minor's tax retums, and shall make them available for Inspection
at reasonable Intervals by a parent or legal representative of the minor
or by the minor If the minor has attained 14 years of age.
After Christine was accepted at Dickinson and sought from her mother inlormatlon
pertaining to the value of her UTMA estate, the mother refused to provide her the
Information In violation of Section 5312(e). Second, Section 5312(d) of the UTMA
titled 'Segregation of custodial property,' provides:
A custodian at all times shall keep custodial property separate and
distinct from all other property In a manner sufficient to identify It clearly
as custodial property of the minor.
When the first CATS bond In the UTMA estate matured In 1997, and the mother
obtained the $16,000 maturity value, she placed $6,000 In a personal account at a
credit union. This conduct violated Section 5312(b). Third, as previously set forth the
mother violated Section 5315(a) and (b) of the UTMA with regard to certain of her
claims for expenses and compensation from the UTMA estate.
Given these transgressions along with the mother having unreasonably sought
-13-
97-4534 CIVIL TERM
Christine Line created under the Pennsylvania Unllorm Translers to Minors Act.
(4) As soon as David W. DeLuce, Esquire receives the assets of the UTMA
estate, he shall turn such assets over to the successor custodian.
(5) The successor custodian shall retain to maturity all bonds In the UTMA
estate.
(6) Tho current cash In the UTMA estate and the proceeds 01 the bonds as
they mature shall be used by the successor custodian to pay all principal and Interest
on loans or fee delerrals made by Dickinson College or any other lender lor the
college educational expenses 01 Christine Line, and for all such future college costs
and expenses as Incurred.
(7) A hearing shall be conducted In Courtroom Number 2, Cumbertand County
Courthouse on Friday, March 6, 199B, at 10:00 a.m., for a final accounting by Greta
M. Line. At said hearing additional evidence will be taken pursuant to her claims for
expenses not otherwise resolved In the within opinion. Following the hearing, a final
order will be entered that will include a resolution of all expenses claimed by Greta M.
Line and a directive to how and when such expenses that are approved shall be paid.
(6) Additionally, at said hearing Greta M. Line shall account for the other
assets set forth in Section IV 01 the within opinion. Pending a final order of this court,
Greta M. Line shall not divest any 01 these assets. Following the hearing, a final order
will be entered with respect to said assets.
(9) At the aloresald hearing, Greta M. Line shall produce all documents and
-15-
97-4534 CIVIL TERM
a determination whether expenses claimed by Greta Line as custodian may be legally
charged against Christine's estate.
Henry Line, III, and Greta M. Line were separated In November, 1965, and
divorced In March, 1990. Along with Christine, whose nickname Is LuLu, they have
another daughter Jeannette, age 13. Christine matriculated as a Ireshman at
Dickinson College In the lall of 1997. The cost of room, board and tuition lor a full
academic year Is approximately $2B,000.
Starting in December, 19B2, Edward Miller gave gills of eleven bearer bonds to
his granddaughter, Christine. Ten 01 the bonds were Issued by the Allied Corporation
and one was Issued by CATS (Certilicate 01 Accrual on Treasury Securities). The
bonds have maturity dates starting 199B through 2000 which coincides with when her
grandfather anticipated that Christine would attend college. The bonds were given to
Christine at Christmas. They were creativeiy packaged, some like airplanes, and used
as tree ornaments. Four 01 the bonds have either "LuLu" or "LuLu education fund"
written thereon. Some 01 the bonds have drawings on the back such as a Christmas
tree or a house with the word Chris. Greta M. Line has kept the bonds In a safe
deposit box.
In the spring of 19B6, shortly belore he died, Edward Miller purchased eleven
registered CATS bonds (Certilicate 01 Accrual on Treasury Securities), and one
registered T1GR bond (Treasury Investment Growth Receipt). One CATS bond
matured In 1997, and the remaining bonds will mature between 1998 and 2003. Each
-2-
97-4534 CIVIL TERM
but large gifts. The UGMA seeks to solve the problem of administrative
expense and complexity while preserving certain federal tax benellts for
the donor. Unllorm Gills to Minors Act, Prclatory Note, BA U.L.A 316
(1963). Properly transferred under UGMA Is owned by the donee-minor;
the minor Is vested with lull and Indeleaslble title. 20 Pa.C.S. ~ 5304. A
custodian holds, manages, Invests and dispenses the property during
the child's minority, 20 Pa.C.S. ~ 5305(a), but must deliver the property
and proceeds, plus accumulated Interest and prollt, to the minor when
he reaches the age 01 twenty-one.' 20 Pa.C.S. ~ 5305(d). Unlike a trust
for support or education, the proceeds 01 which must be used for the
stated purpose, the UGMA property and proceeds may generally be
used by custodians lor the chlld's support. It Is, however, the
custodian's duty to use the property for the child's benelit. 20 Pa.C.S. ~
5305(b). We have stated that a custodian may not use UGMA property
to benelit himself, Schwartz Estate, 449 Pa. 112, 117, 295 A.2d 600,
603 (1972) (Opinion Announcing the Judgment of the Court), and
suggested that a custodian may not use it to lullill an existing support
obligation. Id., at 115 n. 2, 295 A.2d at 603 n. 2.
The minor-custodian relationship under UGMA involves at a
minimum the fiduciary obligation 01 an agent. The custodian is expected
to use the property lor the minor's benelit and act in the minor's Interest.
20 Pa.C.S. ~ 5304. An agency relationship Is a fiduciary one, and the
agent Is subject to a duty of loyalty to act only lor the principal's benefit.
Restatement (Second) 01 Agency ~ 387 (195B); Sylvester v. Beck, 406
Pa. 607, 17B A.2d 755 (1962). A custodian under UGMA should be held
to a no less rigorous standard. Indeed, a custodian's duties may be
more properly analogous to those of a trustee with the broadest
possible discretionary powers. A trustee owes a liduciary duty to the
beneficiary. Restatement (Second) of Trusts ~ 170 (1959); Holmes
Trust, 392 Pa. 17, 139 A.2d 546 (195B). He violates that duty when he
has a personal interest In trust dealings that might affect his judgment.
Restatement (Second) 01 Trusts ~ 170, comments b, c (1959); Bin..
Eltele, 452 Pa. 3B6, 305 A.2d 723 (1973), appeal after remand, 461 Pa.
203, 336 A.2d 248 (1975).
5. This also distinguishes a minor given assets under UGMA from a trust
beneficiary. Though a beneficiary of a trust enjoys the fruits of the
corpus, he mayor may not eventually own It; a beneficiary does not
have title to the corpus. The minor actually owns the property.
-5.
97.4534 CIVIL TERM
I. DISPOSITION OF
The mother, father and Christine all agree that the eleven bearer bonds were
given to Christine as Christmas presents by her maternal grandlather. Christine Is the
bearer of the bonds. There Is no admissible, credible evidence that the grandfather
somehow rescinded his gifts to Christine when he purchased the eleven CATS bonds
and one TIGR bond which were registered In the name 01 "Greta M. Line, custodian
for Christine Louise Line under the Pennsylvania Uniform Gills to Minors Act." To the
contrary, the mother acknowledged that as income taxes have accrued on the bearer
bonds, as they have on the registered bonds, she has advanced money lor the
payment of the taxes each year on returns Illed in tl1e name of Christine. She also
acknowledged that during her divorce proceedings she did not declare the bearer
bonds as her property. Accordingly, we lind that the bearer bonds are Christine's
bonds. The mother does not even hold those bonds as a custodian lor Christine
under the UTMA. She simply held them lor Christine, and since Christine has
reached her age of majority, which in Pennsylvania is age 1B," the bonds are hers
and the mother must turn them over to her immediately.
II. DISPOSITION OF THE REGISTERED CATS AND TIGR BONDS
Section 5314 of the UTMA provides that "A custodian may deliver or pay to the
minor or expend for the minor's benefit so much of the custodial property as the
custodian considers advisable for the use and benefit of the minor, without court
4. 23 Pa.C.S. ~ 5101.
-6.
97-4534 CIVIL TERM
with her not cashing any bonds before their maturity dates. The bonds all earn
Interest at rates varying Irom a low of 10 3/B percent to a high of 14 percent. Other
than distributing the proceeds 01 the bond that matured at $16,000 In 1997, $6,000 of
which she Impermissibly commingled In an account In her own name, the mother has
had to do only two things to protect the UTMA estate that has increased In value on
Its own. First, she has had to keep the bonds sale, especially the bearer bonds,
which she has accomplished by placing them in her salety deposit box. Second, she
has had to Insure that the interest accumulated on the bonds each year is declared
on Christine's simple federal and state income tax returns. She testilied that she has
done that.
The mother seeks legal expense:,; estimated In the amount 01 $6,500. She
cannot recover any legal fees Irom the UTMA estate. Sutliff v. Sutliff, 339 Pa. Super.
523 (19B5), as affirmed with respect to the payment of legal lees at515 Pa. 393
(1967). Wtlen she is not in college, Christine lives in the home of her mother. Her
mother owns an automobile in her name. The insurance on the vehicle is higher
because Christine drives that car. The mother seeks to charge the UTMA estate
$2,064 for Insurance on her vehicle. Christine does not have a car at college. This
claim, besides being unreasonable, defies credulity.
The mother testified that she has paid $650 over the years to a tax accountant.
There is nothing exotic about claiming interest on income tax returns. If the tax
accountant prepared tax returns lor Christine the claim Is reasonable. We will
-9-
97-4534 CIVIL TERM
Christine Line created under the Pennsylvania Unllorm rranslers to Minors Act.
(4) As soon as David W. DeLuce, Esquire receives the assets of the UTMA
estate, he shall turn such assets over to the successor custodian.
(5) The successor custodian shall retain to maturity all bonds In the UTMA
estate.
(6) The current cash In the UTMA estate and the proceeds 01 the bonds as
they mature shall be used by the successor custodian to pay all principal and Interest
on loans or lee delerrals made by Dickinson College or any other lender lor the
college educational expenses of Christine Line, and for all such luture college costs
and expenses as Incurred.
(7) A hearing shall be conducted ill Courtroom Number 2, Cumberland County
Courthouse on Friday, March 6, 1998, at 10:00 a.m., for a final accounting by Greta
M. Line. At said hearing additional evidence will be taken pursuant to her claims for
expenses not otherwise resolved In the within opinion. Following the hearing, a final
order will be entered that will include a resolution 01 all expenses claimed by Greta M.
Line and a directive to how and when such expenses that are approved shall be paid.
(6) Additionally, at said hearing Greta M. Line shall account lor the other
assets set forth in Section IV of the within opinion. Pending a final order of this court,
Greta M. Line shall not divest any of these assets. Following the hearing, a final order
will be entered with respect to said assets.
(9) At the aforesaid hearing, Greta M. Line shall produce all documents and
-15.
."
V.
GRETA M. LINE.
Respnndllllt
IN rill' COUIH 01 COMMON PIJAS OF
CUMBEllLAND COUNTY. PENNSYI VANIA
CIVIL ACTION - LAW
HENRY IINf, Ill.
Prt i t ilHwr
NO. CJ7HII'i511 CIVIL TERM
ORDER OF COURT
AND NOW, this 23nl day of Morell, 1998, this matter
having been collerJ for 0 heoring pursuant to this Court. 5
interim order dnted Februory ?4, 1998, and the partIes hoving
entered into on agreement to resolve all Issues in the cose, IT
IS ORDERED:
1. Grpto M. Une waives reimbursement for all monies
she advanced for the payment of income taxes and any interest
thereon and for the preparation of tax returns for the UTMA
estate of Christine Line.
2. Greta M, Line will forthwith resign os custodian
for the entire UTMA estate of Christine Line.
3. Dickinson College is appointed successor custodian
of all assets of Christine Line created under the Pennsylvania
Uniform Transfers to Minors Act.
4. The successor custodian shall retain to maturity .
all bearer bonds and zero coupon bonds described in the opinion
in support of the interim order of February 24, 1998.
5. Greto M. Une sholl forthwith turn over to the
successor custodian:
(0) A $10,000.00 face bond of Pittsburgh PA S
Series A MBIA INSD.
(bl A $5,000.00 foce bond of the Pennsylvania
State Turnpike Commission OIL.
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(c) 1\ tWllll ~iltll U fno' vulup ~l1tll Intprt!st OS of
this dote in tile Olllolll'lt of $11/17.08 or M[r PA MUfTI Stotfl 4 L.
(rf) A lIIutl/ul fllncl !-ll I'll t1w current volull of
$9,095.70 .. Scudder Growth l/11I.I 111l:o/llt! Fund.
(e) $118.00 In (J PSUII cU!itodlol occuunt.
6, nle part1p'5 ockno!-lledgfl Grato M. Il/'ll? hos cOllIPlied
!-lith porogropll 1 or the Intorllll ordor or Fehruary 24, 1998,
7, Greto M. LItH) sholl. except os lJnler!-llse set forth
in paragraph 1 of this order, receive reimLJUl'Semllnt for thn
expenses os set forth in the opinion in support of tile order of
February 24, 1998. The ponies agree that this reimbursement
totals $5,180.60. Payment of tllis amount to Greta M. Line by
the successor custodian sholl be !-lithin 60 cloys of this dote,
8. Greta M. Line shall forth!-li tll turn over to David
W, DeLuce, Esquire, all documents necessary for the preparation
of 1997 income tax returns for the UTMA estate of Christine
Line.
9. The OPINION in support of the interim order of
February 24, 1998, IS SEALED. Counsel far tile parties, Henry
Line, III, Greta M. Line, Christine Line, and Dicktnson COllege
may retain their copies of the opinion but shall not distribute
same. This sealing order shall not affect the interim ~rder
doted February 24. 1998, or this order.
10. All parties shall cooperate fully In prOViding 011
documentation and information necessary to implement this order,'
11. Upon Greta M. Line's fulfIllment of all her
obligations under this order, she is released from all liability
claims or Cduses or octton os 0 custodtnn of the UTMA estate of
Chrlstinf' I irlfl.
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By the
Dav1d W, DeLuce, ESQUire
For Pet 1t loner
Edgar
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,
Jennifer M, McHugh, ESQu1r,
For RlIspondent
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GRETA M. LINE, CUSTODIAN FOR CHRISTINE L. LINE - ACCOUNT SUMMARY
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A B C 0 E
Fundi AVllllble If 1888
1.0. Court Rleommlndltlon
Nunllle' Mlturl~ Olte Flel Amount Current Mlrket Velu. Hid Blln Impllmlnted
1 11/15/87 $16,000 $16,000 $8,911
2 5/15/98 $1,000 $962 $511
3 5115/98 $5,000 $.4,808 $2,718
4 11/15/88 $1,000 $933 $498
5 11/15/98 $11,000 59,649 $5.294
8 11/15/88 $3,000 $2,632 $1,521
7 5/15/00 $13,000 $11,052 $6,007
8 11/15100 $1,000 $823 W17
9 11/15101 $10,000 $7,723 $3,944
10 5/15/02 $5,000 $3,741 $2,062
11 8/15/02 $5,000 $3,664 $2,088
12 11/15/03 $10,000 56,787 $3,709
$81,000 $68,794 $37,671
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$81,000 Value of Bondi If Held to Maturity
($37,671) Llle Future Value of Bonde If Sold In 1988
$.43,329 Net Gain by Holding Bonde to Maturity
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ORETA M. LINE, CUSTODIAN FOR JANETIE A. LINE. ACCOUNT SUMMARY
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A B C 0 E
Fundi AVllllble If
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Recommlndltlon
I.D. Hid BMn
Number Mlturity Dlt. Flcl Amount Cumnt Mlrklt Vllul Implemented
1 1/15102 '15,000 '11,051 '8,472
2 8/15102 '15,000 '10,:ue $5,818
3 11/15103 '1,000 '878 $373
4 8/15104 '10,000 '8,451 $3,040
5 1/15/04 .5,000 $3,225 '1,803
8 11/15108 '7,000 $4,143 '2,324
7 11/15108 .8,000 $4,738 '3,533
'81,000 '40,832 $23,113
'81,000 Value of Bonda If Held to Mlturity
($23,183) L... Future Vllue of Bondi If Sold In 1888
$37,837 Nat Ol'n by Holding Bondi to Maturity
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When It Comes To Portlolio Performance...
Annual Return Isn't Everything
Wh(n mighlll III percent inve,I,
menl rclUm he superior hIli 12 percenl
retum'l 'Il1e an,wer: If Ihe III percent
invesunelll WIIS al'l'omplivhed wilh far
k" ri,k Ihan the 12 percelll illvcsl'
men!.
While relum iv imponlllu, il
shollldn'l he your sole crilerilln fur
juJging inv~slmcnl success-cspcM
dally If YllU're illvesling for a long.
lenn goal sUl..'h as r~tirell1cnl.
By keeping your sighls on the "hig
piclure," you'll he heller prepared 10
endure allY markel fluclualillns which
llIay occur. 'Ii) stay f,,,,used. periodi,
cally a,k Ihese queslions:
r-'
I
I
Whlll's my risk lolerllne~'!
Rememher Ihllllhere lire dilTererll
lyllC' III' risk; III avoid one mllY melln
e\pw~in~ yourself hi anolher.
lIow 111111 dherslfl~d'! lIy
divcrsifying, y"u help ensure Ihat al
lensl ""ue of y"ur mllney canlllke
IIdvalllage of cUlTenlmarkel condilillns
1111 oflhe time,
Whlllllre Ill)' ROllls'! Finally. II'}
nOltllluse sighlof YOllr hmg,lerm
ill\'l'slnlenl ~oab, even ",hell your
l'irl'umslanl"l'S change,
"\(Iid lhl' h.'mptatillll hll'tllllparC
}our il1\'cslJlll'1I1 return v.ith Ihat of
YlHlr IIl'ighhor\. A, Inng as your
IFor I",rlods ended 9/.10/971
.\I0~TIII.\' Ill' ITIl~S
(,()\II'()l'~lIt:1)
,\~~t:'\I.IZEII
Il.\n: 01' IlETl'llN
~ hltl"'ll)r Sine"
I \t'.lUI Innplhml Imtpllonl
Jul, \u~. St'pl. Ill)
o.t.~" II ,I~'; o+p; " 00'.
2hl)'; I) Xh"; 1 .Ih'; ~ 7~',
h9ft'; ..t,.'I'; .107'; 16,,'11'"; ~,l.l.t'; S/..,
7..HI'( 102'; h~')'~ ~h 7t"Ol _,~ h7'; NIt'
I ~fl'; .7 h2" ~ .'1oI'; II '}~'; II .I"i ~/"
71t"; .~ .~tl'; ~ .n', ~1'i S2'; "j 11', PI '~n';
I~\f$rm~l' ITM"
Shnrt T...nn MM Fund.
Anre~alC: fJund
Ind..., Fu/ltt-'
hlhann'd l' S T,Klh:al
A\'~cl Alh"K:i1110n'
t:\ll'ndcd Mar"-I.'I fund'
EAH;. ":'quil)
Illde\ hllld
Sltll.:k Indc\ hllllf
:'i ,'2'; ., .'i~'; .'i\=';
l'\ Hr,'; II ,III'; H ~'l';
I~,~V;
211.N'(
7,'''1
171J~li
rile _'nJ Quarter flll'ndeJ AllnUah/l.'lllnh,'fl'\1 Hilllo: hlf the Sluhh.. \'uhlt' .'und ~Ol\.~ lJh';
The .tIll ()uartl'f E\llIllilll'll ""..'nl1lo:d ,'nnuilli/l'd Illllo:rl'\1 Hiill' Illr !Ill' SIuhll' \'uhu' .'und 1\.... 71';
p<lnfoliomeels your gOllls,lhal's 1111
thaI mlllle",
'Ii) dis~'uss how 10 heller
Iilllllldally prepllre lor relirement, and
the rest of your life, COlllaet your
ClIpeland Account Exeeulive ahoullhe
Deferred Compensalioll Program,
We Want
To Know
What You Think!
Enclosed is a ,hon ,urve) for
y"u 10 complele and relum 10 The
Copeland Companies, The currenl
contracl with the Third Party
!.dminislrulor, The Copeland
Companies expires on July 31,
1998. The Board is ,eeking Ihe
participam's view of Ihe Program
prior to issuing a new R~'<lUesl for
Proposal for recordkecping. enroll,
menl, and olher administralive
services.
Your inpul is imp<mant. Please
complele Ihe survey, fold the fonll
so that the return address is visihlc,
ilnd mai I. No postage is necessary.
The survey must he relumed hy
Novcmher 19, Thank you fur taking
the lime IInd effort In com pie Ie Ihe
survey.
411 HI"'l'lIh'JnmMI )'lcltl'IO~1 m\\'\h.'tldtlrHl~ It1l' r'l:1 II ,,-I
j!1 Inl'rplllln IJalC: 10/11I'11'1.
l'l Inl'l'pti.lIItJi.lh' .1/1/'1,1
I. P,,:,I,JWrfo~.Iml'r I~ .nOlo un I~dll'ullon or rUllIr\' pt'rfllr!lJlm\'",
nll~ ",'It 1/"rT'" 1/'111'1 "".'ml,If/,'" ltJr" lIlt Im,ll,"',/I,' Itd/ rll/' p,"'h '/l,mll 11'11'/ 1IIIIIh'I./lllI ", 1".1/',/1 ,,,hlll../'/"lI'" Ill' \0'" Iml \/" ", I ",mi",/,IIIM"
1/,., ,IWlllUII ",lul,' In'.''' ,11/1"'11"/10 11,.1/1 'n,/I \"11 11/' "','''/1' ,," 1"Ut r,.tlft 11I,"'/ "/IIff,I/'\. ,,,,/1'''',1/ Ifl ,JII\ Ill'll ~11'11t'r. ,m .I"",}/I' tlr.. /1""11 ,,' ,/Ill P"',I/'I.m, III
11I11.1/11"",. ",,/1,/11 Nfl 1'/ /\J /1 ,j "'fl It I m.,,' ", (',I/'d,m.J ;\1\rIIIllI,.I, h..
,
.J
III TIlE ('OI'EI.,\~1l ('O:\II''\~IES'
1\'/'\I!/I.i1RI'/IYI'mt'''' "f,II/11ml! \/lt.,/"I/I/\
1\-\" r"\~l'f (','III...r . 1'1) Ii,,, Illl', \ . I ,1,1 1l,,1tl\~ld., ~I'~ kf'l'\ IIHHI', I'll', I
('''PHlllhl ',"I'~n ("'11('1.111<1 \",'<.1,111" 111< ('''l't.'I.tllll "\~''''I,lh'\. 1111 . (."l't.'I,lIld I 'lUlht'~. rill '\llll.,hl\ H'WfH'd I'lmll.t! mllw I' " 1\
DEFERRED COMPENSATION PROGRAM
('ommonwl'ullh
of 1'l'nrl~yl\'UJliu
SECURE YOUR FUTURE, TODAY.
October 1997
Spotlight on Mellon Bond Associates
Aggregate Bond Index Fund
r-r---n,- he Aggreg:llc B"ll<lllIde\
Fund j'l a li\l'd I/lt,.'llllll' fund
I whkh rl'plit..'utl.... Il1l' in\,,'llllH.'
--- , .--, IInd rrkL' n,'turn lllthl'
I.l.'hl1\:l1I Aggrq!;ill' Bond IndL'\. Thl'
I.l.'hlllan AgJ.!rl'g;lh: Blind IlldL'\ i... a
puhlbhl.'d hund indl'\ thai
Ir.h.:1\:-. till' rl'llIrn and
dlar:ll'h.'ri...til..... Ilf a
uni\l,.'r.'Ic of Ji\t.'d raiL'
llt'hl [......L1e... rall'd
ill\l'...ll1ll'rtl graJl' tlr
11Igher hy M".I,"
Iml'slllP" Sl'r\il'l.'.
SlandanJ & POllr" (\ Irp(\~
ratioll tlf Hll..'h 11l\l'\hlr...
SI,.'rvIl'l'. in IhallJrdl'r. All i.....ul''I ha\l.' at
!I.'a." Olll' )l'J.r 10 IIl.JllIril).
Thl' ll'nn lixcJ illl..'OIlll..' n.:fl,,'p, to a
M..'l:uril) thai ray... a li\L'd rail' of n..'lllrn
IOf(,tlUpOI1I. T)PII..'all) Ihi,lI\l'd rail' I'"
p.lId "'l'lIliallllu.lIl~. ('tlllllllllll i......lIl.r...llf
fi\l'd inl'olllt.' ~Il'hl Ml' 1 '.S. Trl'a...ur~ and
gtl\l'rI1llll'J11 i1gt.'nl'il..'.... alld l'III'Pllratillll....
Thl' Aggrq!all' Blind Indl'\ hmd ....llIhl..."
Ilf .t..~,f; Trl'<l",ur~ ...l'l'UriI Il..... ,H' f 1 '.S,
gO\....f1l1llt.'Il1 i1t!l..'lIl') ...l'I.'unlil..'''' illld Il)';
l't1I'pllr:Jlt.' ...I..l.untll.....
Thl' "g~'n..'~iHl' Bond (udl'\ runt! i... il
l't III 1111 i Ill;! It.'d fund. Thl..'rt.' IIrl' Illany
partil.'irant... illlhl' fund. Pooling of a......t.'''
hl'lp~ "1.'I.'p l'1I'I" 10\\ ;lnd fund rl'lLlrn...
11Igll. ()i\ l'r...i lil'lIlion of \I.'l..'uritil..'''' j.., a"o
t!rl'all'r.
1 'nlih' allr.'lluIIY ;ndt.'\ fund lhat
hllld~ a l1larl\t.'t wt.'ightl'd pl'rl'l'lllagl' of
r.'i!l'h ...tod:. illlht! indr.'\.tht.' Ll.'hllliln
^l:!!.!rt.'gatt.' Bond Illdl'.\ ~:ol1~bt~ of
0\1..'1' h,2fHI hOlld.... /\ htllld
illde, fund will hold a
r:llldlllll....Ullplt.' nflht.''1l'
I'hllllh \\hit..'h 1l1t.ltl..'h
thr.' hl'nl'illllar" indt.'\
in 1\....Ilr.'I.:ttl.l duratioll
(ri...l-.l. "'l.\,.tllr. qlJall1~.
1l1atuflt! and l'lHJr~1l1,
TIlr.' prill~:iral ri..k 10
fi\t!d jn~tllIll' ill\l'...lor... i...
inll.'l'l''''' rail' ri...lo., 1"- inll'l'l',,1 rail....
l'i...r.'. Ihl' fll'il..'l' nl';I ri,...'d 111...'tJllll' '1l'l'uril!
\\illlall. All illl..'l"l'il'll' in ink.I'l....' rail''''
\\il/ 1llt,,'i11l till' I'l';lIi/iltloll of ;,ll';.pilillln......
I'll/" hlllld hllldl'l".... Jft}\\l'\l'r, 11\ pl'nlld... Ilf
filllillJ:! inll'rl....1 r;lIl.... ilnd Ill\\ Inll;IIII)I1.
\\ IHdl \\ l' hil\l' l'\j1l.'I"il'IIl'l'd O\l'r Illl' 101...1
k\\ ~l.'al""', fi\l'd ir1l'llllll' pri...,l..... in....rl'a...l.
rl'...ulllIIJ:! III \,:;11111;11 !-!illll... lor l'1\l'd
11h...lllllt.'llI\l'...IIII....
(hl'rlillll'. fi\l'd il1\,'llIlIt,'III\l,...llllt.'IJl...
ha\l.' hl'l'tlllll' an illlptlrtillll pilrt tlf iln
ill\l..'\lor.... a~"l'l ,t1It1l'illioll in o!"dl'J' (II
111;l\iml/l' l'apital I'l'l II II,....
D8 TIlE (,OPH...\'W (,OMI'A:"OIES'
/1"'\/J!J(// Nt'lfI'l'fIIl'11I11/,u/fJ/lIt! S'lt 1'/,11/\1\
u m _H'. __~_'H_'___'_.'__I
Plan Trust
Legislation '
Drafted
We arc pleased 10 allnounce Iha'
Ihe Commonweallh of Pennsylvania
has drafled legislalionlhal would
adopl :I planln"l,
The change re'iuired hy federal
la" and effeclile hy Janll'''y I. 1999
is thai c.:'mployl'!"'" who O\'cr~cl'
Seelion 457 plans .1111'1 eSlahli,h.l
plan lrust or a r.'witoJiill al.:l.:ounr, or
l11w,t lht.' an annuily t,'ontrw.:t so that
all plan amollllls arc held h>r the
l',l'Iu...i\l~ hc.'nl.'fil of plan partkipanls
and rtll'lr hcnl'lil'i;lril....
l'nder Ihe ellrrelH la". all plan
illlIOllnt... ;lfl' Iht.' ..ole property of the
1'lllplO)l'r and ...uhjl'l.t ltlthl.'
l'lllph)~l'r's !!l'lIt.'rall.'redilurs. If
pus."tl'd, plan amounts would no
Illlll!l'r hl' ...uhjel'l 10 Ille daims of the
l.'lllphlYt.'r''1 (('tlllllt1tHlWeuhh of
Pt,'nn'l) Ivania) J:!l'lleral l..'l'l'ditors.
Wall'h for hUllr.: b'lu,:", of this
Jll'w...krll'r flU' furthl,'r Updafl.''1.
.J
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i " M.~i'iAildre5~: 'Cr~~1 Urion~. Harrisbur1, PA 11110-2990, (717/ ~J4Me4' (eoo)~31.ms'
: }.l~ll:ngM~'Q~t ~:o: eox ~lon~~~b~rG, PA 11196ry13 .q1/) m:~j()o(TOD)' (eOOl472,lij6~ (TOO)
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Christine L. Line. Fall \997 Dickinson Bill $13,820.
$13,820 Total ChBrges
_\ ,200 Stafford LOlm . Christine's Contribution
-1,690 1/2 E.A. Miller 1997.98 Contribution (Total Investment $3,380)
$10,930 Balance to be Split by Christine's Parents
Oretn's Estimated Share ofTolal Parental Income 35%
Henry's Estimated Share of TJtal Pnrenlallncome 65%
$10,930 x 35% ~ $3,825.50 Greta's Contribution
$10,930 x 65% ~ $7,\04.50 Henry's Contribution
Oreta's ShBre
$ 3,825.50
-100.00 Freshman Deposit from OML
-\,2\5.00 PHEAA Grant Based on GML Income
"
$2,510.50 Balance Due From Greta to Dickinson
Henry's Share
$7,104.50
-100.00 Freshman Deposit from HL
$7,104.50 Balance Due From Henry to Dickinson
1)1
~
I
David W. DeLuce, Esquire
Page Two
August 12, 1997
applied to Annual Costs, and the annual parental obligation of the parent
obtalning the grant shall be reduced by the amount of the grant;
4. Under no circumstances shall either Child be required to take out any
loans to pay for any portion of their undergraduate Annual Costs, unless
Annual Costs for said education exceed $40.000.00 per year. All amOlUlts up
to 40,000.00 shall be provided as set forth herein.
6, "Annual Costs" shall Include the following:
a. Tuition.
b. Room and Board,
c. Institution fees including, but not limited to, transcript,
computer lab and Student Senate,
d. Weekly allowance of at least $2'5.00 per week (about
$1,000.00 per year).
e. Up to $2,000.00 per year for books and supplies. For
Christine, William VanAxen Miller Scholarship money, if
received. shall first be applied to reduce this amount,
however, a minimum of $1.000.00 must be made available for
costs beyond the Scholarship,
f. Initial personal costs of $1,000.00 to outfit room, rent
refrigerator, rent voice mail, etc., and
g. Reserve Funds of at least $1,000.00 for clothes, side trips, etc..
6, All funds shall be paid to the educational institution and/or Child by the
earliest semester payment dUel date set by the educational institution. As
Dickinson's due date has passed, all funds set forth herein must be paid by
August 15,1997; and
7. In order to ensure that funds will continue to be available for the education
of the Children upon the death of either or both parents, each parent shall
immediately acquire and maintain life insurance naming each Child as a
Fifty Percent beneficiary of the following amounts:
a. Greta Line - $40,000.00
b. Henry Line - $80,000.00
The Children shall remain irrevocable beneficiaries, as aforesaid, untU the
date of their respective undergraduate graduation from college. Upon
graduation from college, the affected beneficiary shall no longer enjoy an
irrevocable interest.
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CORNELL
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SUIllI1....' ('ulll'Kl'
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SUMMARY OF CI-IARGES
Dale:
-~--'---_._----'----[-'--
~I.I!.[):!!'.:.__ _____ $~ __..,__., _ ~'.'.l.?~.!!.l..~ncloscd:
Line, Chrlsllne L.
SSlJ: 211,58,9757
Poyn,"nlls duelrlllllcdlntely
Paymenl musl be rnadel.Jy money order or cashier's check In U,S, dollars
mode payable to Corncll University oflll mAiled 10 Ihe Addrcss above,
PlcAse return Ihls sccllon wllh pAymcnt
~.........=...==========================================================..........==....
Retain this socllon ror your records
ms&c!ll;
Line, Chrlsllne L.
125 Northgale Drive
Camp Hili, PA 17011
Appllcallon fee
Tulllon Charge
Housing Fee
Acllvlty Fee
$35
$3,350
$1,300
$200
Heallh Insurance WAiver
Deposit Payment
Tulllon Payment
Housing Payment
Acllvlly Payment
.$200
.$3,150
,$1,300
,$200
$0
BALANCE DUE:
Thank You
June 19,1996
Received all JUlie 13, 1996
Received on June 18 1996
Received on June 18, 1996
Recelvel! all Juna 18, 1996
Received 011 June 18, 1996
Received all June 18, 1996
If you hAVe Any quesllons, pleASe conlAct us,
(807) 255.8203
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