HomeMy WebLinkAbout04-11-07
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SIMPLIFIED FAMILY SETTLEMENT AGREEMENT IN LIEu OF-::-
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FORMAL ACCOUNTING: AND RELEASE. INqEMNIFICATION.
AND RECEIPT
WHEREAS, Joyce U. Adams departed this earthly life, tes te on November 5, 2005,
she then being an unremarried widow, survived by one child, a son, arry E. Adams; and
WHEREAS, her Last Will and Testament was duly probatef and Letters Testamen
thereon were duly issued by the Register of Wills of Cumberland C~unty, Pennsylvania, on
December 27,2005, to the said Larry E. Adams and to PNC Bank, *ational Association, as C -
Executors, all of which appears more fully at large in the Estate file Ifound at Docket No. 21-0 -
1023; and
WHEREAS, the said Larry E. Adams is the sole benefici under the said Last Will d
Testament and, as Co-Executor aforesaid, has been both familiar wi and involved actively .th
the settlement of the Estate of his said late mother; and
WHEREAS, both the said Larry E. Adams, in his aforemen ioned capacities as
beneficiary and as Co-Executor, and PNC Bank, National Associati{m, as Co-Executor afores id
are desirous of working toward a prompt and efficient final settlem~nt and distribulion of the
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said Estate without the filing of a formal accounting with the Court, I in order to sav~ time,
expense and publicity; and
WHEREAS, the said PNC is willing to do so providing tbi~ Agreement is l.!y execo ed
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WITNESSETH THEREFORE that it is agreed as follows:
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1. The unofficial accounting attached hereto is accepted and adopted the basis of
the Estate Administration, settlement and distribution and it is agre d that its
filing with the Court is waived and it is agreed that the Court may nfrrm the
account attached hereto if subsequently submitted.
2. Larry E. Adams, with assistance of his own counsel, Andrew C. Sh ely, Esq., as
reviewed the proposed Accounting and this Agreement and unders ds and
accepts the same, including any information therein related to affili ted mutua
funds.
3. PNC Bank is hereby requested to distribute the assets in accordanc with the
accounting and schedule of distribution.
4. Larry E. Adams agrees to refund PNC in the event of any erroneou over-
distribution, even if attributable to negligence; agrees the period to imit PNC'
collection of such over-distributions begins only when PNC obtains actual
knowledge; and agrees that, in any event, the period will never be I ss than tw
years after PNC has actual knowledge.
5. This Agreement shall serve as a release of both of the Co-Executor from any
necessity to formally file the said Accounting which is attached her to and fro
any claims relating to the administration of the Estate.
6. In return for the early distribution referred to herein, Larry E. Adam hereby
agrees to and indemnifies PNC, in its corporate capacity and as fidu iary, from
claims against it relating to the administration of the Estate.
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7. Larry E. Adams intends that this Agreement (i) can be executed in ounterpart;
(ii) will be governed by the law of Pennsylvania.
8. This Agreement shall also serve as a Final Receipt and Release of o-Executo
PNC Bank, National Association, by the said Larry E. Adams in bo of his
aforesaid capacities.
IN WITNESS WHEREOF, intending to be legally bound hereby and to b nd their
respective heirs, executors, administrators, successors, and assigns, the parties her 0 have
affixed their hands and seals this
?/( day of
ITNESS
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WITNESS ~
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PNC BANK, N.A., by Linda L
Authorized Signature
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CHARLES E. SHIELDS, III, ESQ., as
of this Family Settlement Agreement
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WITNESS . .
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